The housing market is causing some agents to either leave the industry or choose not to renew their Realtor membership. The number of Realtors on the Central Coast peaked in 2007 with 3440. In 2008, there were 3278 Realtors. This year we’ve seen a bigger decline in Realtors, down to 2917.
Considering 2581 homes sold in 2008, we still have TONS of Realtors competing for these sales. This doesn’t count the agents who are selling real estate and are not Realtors.
If you spread out the sales evenly, no Realtor would be able to survive on 1-2 sales a year. But, you may have heard the expression “20% of Realtors do 80% of the business”. This is the case on the Central Coast too. So while the number of Realtors has declined since 2007, many Realtors had zero or one total sales last year. You can typically find these Realtors sitting at Open Houses to get Buyer “leads” or in the office waiting for the phone to ring.
I’ve also heard that with people losing jobs, some are working on getting their real estate license so that might prevent the number of Realtors from taking a big drop next year. What happens with most new agents is that they get their license and their initial sales are to people they know. I’m not sure if it’s such a great thing to be one of an agent’s first couple sales but some feel obligated to use a friend that has a real estate license.