Is it a bad time to become a real estate agent?

Question

With the current state of events it looks like there's going to be a large downturn in housing sales in the coming year/s. I currently work admin for a good brokerage and have been offered to become one of their agents if I get my license. This area is for luxury 2nd home sales primarily. Would it really be a good idea to invest my time and lots of money into this field when there's a downturn happening?

Thanks!

Abel Curiel · Answer

Hello Jean,

Great question!

There are 2 ways to look at things right now.

1. Fearfully - # of transactions will decline, property values will decline and this provides even more uncertainty in an already uncertain position. RE Agents only get paid if a deal closes so 'fear' is a very common reaction during times like this.

2. Opportunistically - The failure rate in this industry is very high. It is widely noted that 90% of agents quit within their first 5 years. I didn't put this under #"1" because there is opportunity written all over this! If only the top 10% stay in the business, that means the transactions are going to less people. In just this short amount of time since the Corona Virus has affected our day-to-day lives in the U.S., I've noticed a considerable amount of negative chatter from other Realtors. Thats great news to me! It means my competition is literally taking themselves out of the ballgame.

Choose which way you want to look at this and take it from there.

Best of luck to you moving forward!

Abel