Real Estate Brokers, Sales Agents, Realtors, Real Estate License

Real Estate Brokers and Sales Agents

Real estate brokers and sales agents often work evenings and weekends and usually are on call to suit the needs of clients.
A license is required in every State and the District of Columbia.
Although gaining a job may be relatively easy, beginning workers may face competition from well-established, more experienced agents and brokers in obtaining listings and in closing an adequate number of sales.
Employment is sensitive to swings in the economy, especially interest rates; during periods of declining economic activity and increasing interest rates, the volume of sales and the resulting demand for sales workers fall.

Job Outlook

Employment of real estate brokers and sales agents is expected to grow about as fast as average for all occupations through the year 2014, because of the increasing housing needs of a growing population, as well as the perception that real estate is a good investment. Relatively low interest rates should continue to stimulate sales of real estate, resulting in the need for more agents and brokers. In addition, a large number of job openings will arise each year from the need to replace workers who transfer to other occupations or leave the labor force.

However, job growth will be somewhat limited by the increasing use of technology, which is improving the productivity of agents and brokers. For example, prospective customers often can perform their own searches for properties that meet their criteria by accessing real estate information on the Internet. The increasing use of technology is likely to be more detrimental to part-time or temporary real estate agents than to full-time agents, because part-time agents generally are not able to compete with full-time agents who have invested in new technology. Changing legal requirements, such as disclosure laws, also may dissuade some who are not serious about practicing full time from continuing to work part time.

This occupation is relatively easy to enter and is attractive because of its flexible working conditions; the high interest in, and familiarity with, local real estate markets that entrants often have; and the potential for high earnings. Therefore, although gaining a job as a real estate agent or broker may be relatively easy, beginning agents and brokers may face competition from their well-established, more experienced counterparts in obtaining listings and in closing an adequate number of sales. Well-trained, ambitious people who enjoy selling—particularly those with extensive social and business connections in their communities—should have the best chance for success.

Employment of real estate brokers and sales agents often is sensitive to swings in the economy, especially interest rates. During periods of declining economic activity and increasing interest rates, the volume of sales and the resulting demand for sales workers falls. As a result, the earnings of agents and brokers decline, and many work fewer hours or leave the occupation altogether.

Source:

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2006-07 Edition, Real Estate Brokers and Sales Agents, on the Internet at http://www.bls.gov/oco/ocos120.htm (visited August 22, 2006).