Did you know that, despite appearances, there is a growing shortage of Realtors? According to the National Association of Realtors, the typical Realtor is 57 years old. With the median age of Realtors nearing the retirement age, there is increasing concern that there will be a lack of real estate agents in the next several years.
Our resident real estate expert at Eighteen21.com, Deb Sarsany of the Deb Sarsany Team at The Real Estate Group, explains how the situation has occurred and what she, and her team, is doing to combat the issue.
These baby boomers are at it again. The reason we’re, and by we’re I mean the industry, going to lose a hell of a lot of Realtors in the next 10-to-15 years is that baby boomers are heading towards retirement. The issue with this is that we simply do not have enough knowledgeable practitioners available to replace those we lose. As a result, the general public, sellers, and buyers will be underserved.
Luckily, the guys at The Real Estate Group have been fast in responding to this as currently more than a quarter of our agents are between the ages of 40 and 49. Of the 144 agents at The Group, more than half are under the age of 50.
I too have recruited below my age in order to develop my team and its skills. Melissa is a millennial and far more adept when it comes to managing our online activity and social media. Social media is a huge part of our marketing activity nowadays and that’s why we need to make sure we remain competitive in this space. Younger buyers appreciate working with agents who know how to use social media and today’s technology. That’s why it’s great to have a younger member of the team.
Only 5% of Realtors are under 30 years of age. Why? Real Estate is often considered a second career and to be completely honest real estate is a risky and expensive ‘job’ – it is one of the few industries with no guarantee of a weekly paycheck. Costs include franchise fees, office fees, MLS fees, national and local dues, marketing, promotional, and advertising fees, sign/lockbox fees, the list goes on and on. An agent can easily spend upwards of $1,500, or more, per month. Established agents can pay two-to-three times that. The cost of doing business often prevents younger millennials from entering real estate and that is why, when the baby boomers retire, we will not have the agents to fill that void.
Those Realtors who are retiring will take the time to train their successors; I know that’s something my colleagues at The Real Estate Group are very proactive about; there are plenty of opportunities provided to us and our teams for further professional development and the acquiring of new skills.
But remember, us oldies still have a lot to give. I personally have more than 20 years’ experience. My two decades in the industry mean I have honed the skills that my younger counterparts are still developing, such as time management, communication, patience to handle conflict resolutions and client relations. As a seasoned Realtor here in Springfield and the surrounding areas I know where you’ll get the best bang for your buck and have my finger on the pulse of the market.
For more information about the Deb Sarsany Team at The Real Estate Group visit: https://www.facebook.com/debsarsanyteam/ or call (217) 313-0580.