In a recent study conducted across the United States, interesting statistics emerged regarding the performance of real estate agents in teh previous calendar year. The findings show that a big portion of agents sold only 1 or no homes. As well as detailing that an average of 70-75% of agents sold five or less homes. This highlights the challenge faced by real estate agents in a highly coompetitive market.
Every year an estimated 5-6 million transactions take place., the market is spread thin due to how many agents there are. For many individuals, the real estate industry is a part time endeavor that lacks full commitment. Suprisingly, a good amount of states do not require even a high school diploma to obtain a real estate license, which can cost as little as $600. Often many states have minimal requirements for training and courses that real estate agents must maintain to continue and retain their real estate license. Many firms in an effort to attract new agents even sponsor license costs with the aim to secure the monthly dues from the individual. This influx of agents has prompted many regions to implement specific metrics and standars with seasoned agents advocating for an adoption of nationwide standard to offer an ensured quality of better deals for clients.
Even tho there have been efforts to address these challenged, with statistics from 2021, little change has been indicated in real estate agents performance including those specific to Toronto. As the real estate market evolves, a crucial point is to consider startegies that set standards of professionalism and excelence among real estate agents that can benefit not only the client but the real estate agent as well.
Sources:
1. 49% of agents sold either 1 home or none at all in the past year: CFA
2. 3 Part Report