Everyone knows someone, who knows at least one real estate agent. Let’s face it…many people have their license.
This recent downturn in the market is causing many agents to rethink their strategy, get part time jobs, or just leave the industry. Some of the larger brokerages are consolidating offices into one in order to create more efficiency and reduce overhead costs.
I was recently looking over the annual statistics for the WVMLS, and was looking at the increase in the sales force reported on the MLS.
- In 2000 agents average 5.37 transactions per year
- In 2001 agents averaged 5.70 transactions per year.
- In 2002 agents averaged 5.87 transactions per year.
- In 2003 agents averaged 6.10 transactions per year.
- In 2004 agents averaged 6.11 transactions per year.
- In 2005 agents averaged 6.09 transactions per year.
- In 2006 agents averaged 4.96 transactions per year.
- In 2007 agents averaged 4.06 transactions per year.
The Oregon Association of Realtors is reporting a 11.5% decline in membership. This is a much needed decrease in the number of real estate agents. As the market turned to a seller’s market, it was easy to make money in real estate. Little skill was needed other than a real estate sign. Knowing what to do to market a home is important. I think you will continue to see a thinning of the ranks over 2008. This is only a good thing for you, as it allows fewer agents to do more transactions thereby increasing the professionalism and experience of agents.
Due to the shift in the real estate market, find out if your agent is working other jobs that might impact their ability to sell your home.