New Jersey Loses One Third of Real Estate Agents In 2008
New Jersey is losing real estate agents quickly these days. In 2008, they lost a third of the agents working the streets. And that is after losing 17 percent of the agents in 2006 and 2007.
According to my rough math, that would mean that there are only 46 percent of the agents working that were in 2005. Great news for the home buyers and sellers as the level of professionalism should be much better.
New agents only out for the easy money are not going to put in the effort to develop the skills needed to properly serve sellers and buyers in this challenging landscape.
“Last year it really dropped off,” said Jeff Snyder of Moorestown, co-owner of RE/MAX of New Jersey. “I think you’re going to see that trend continue.”
The number of single-family homes sold in New Jersey dipped 18 percent in 2008, while the median sales price fell 7.5 percent, according to the New Jersey Association of Realtors. via NJ.com.
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Comment by Portland Real Estate on 13 April 2009:
This is probably best for all of us. The serious guys and gals will stay in the game because they are good at what they do, and the ones who were just out for the money will walk away by themselves. Less competition for you, more time to focus on your clients.
Comment by Dan Simon - Charleston SC Real Estate on 13 April 2009:
Thanks for the information. In Charleston SC we are seeing a drop in the number of agents as well. We still have a lot of part timers that are doing 1 or 2 (or less) transactions a year. The true professionals will survive and make the market a better place.
Pingback by Daily Digest for 2009-04-13 | Joe Spake - Memphis Real Estate on 14 April 2009:
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Comment by Joshua Dorkin @ BiggerPockets.com on 14 April 2009:
Everyone wanted to be a real estate agent when all you had to do was sign a listing agreement and the property was in multiple offers within days. Now that the job requires a little work, it looks like everyone is jumping ship. That said, those remaining agents have a much tougher job today and are going to have to learn what marketing is once again. I actually got a real estate agent pad in the mail yesterday for the first time in years . . . looks like some people have figured it out.
Comment by Toronto Real Estate Paul Johnston on 15 April 2009:
that’s indeed some scary stuff. I think locally in the Toronto market we’ve seen a much smaller drop-off in overall registration, but certainly some of the newer agents have had a hard time at it.
Comment by Manassas VA Homes on 17 April 2009:
You really wonder at the number… at what level of Real estate agents will be considered normal again?
Comment by Zev on 17 April 2009:
This is a totally normal phenomenon in any industry that goes through tremendous growth followed by a serious correction. I don’t think professional agents need to concern themselves with this, just focus on perfecting your game. As I’m famous for saying… “Just go sell a house… whatever it is than ails you today will be better if you sell another house!”.
Comment by gale jones on 23 April 2009:
Totally normal considering how many unethical agents there were in the market just trying to make a quick buck. Overall this will be a good thing. The good agents will stay in the game (I hope). In the meantime here is a great website about ethical and unethical agents.
Comment by randi on 24 April 2009:
yes, may the best stay in this field or this field will burn out
Comment by Vikas on 13 May 2009:
Thanks for providing such data.Now real estate market is not at its best so it require knowledge and more work for agents. Its not easy to make money as it is before. So Only person with sound knowledge can survive and its also good for other peoples.