Is the “Recovery” Leading to a Boom in Real Estate Agents (in Virginia)?
There’s a sweet spot for productivity. Too few and you’re not (in my opinion) truly competent; in the words of an agent from whom I’ve learned a lot over the years, “if you’re not doing enough business, you’re not screwing up enough to learn.” Experience matters; every transaction, every person, every situation is different. If you’re doing too many, the customer is going to feel (and be treated like) a number rather than a human – a person making a big freaking life and financial decision – the right balance of productivity is critical.
Think about this:
– about 10% of the licensed real estate agents are new, some of whom are likely experienced agents from other states, but in general, new.
– In my opinion, if a new agent is mentor-less, he or she is not remotely qualified to represent a client.
– As the real estate market recovers, more agents will enter the profession.
– Hopefully we never return to 2006 numbers.
– I’m going to cover some of this in more detail in this month’s Monthly Note, focusing on the consumer’s responsibility when vetting and hiring representation.
For some context, in Charlottesville there are about 900 Realtors:
– 672 have done at least a half a side (co-representing either buyer or seller)
– 289 have done at least five sides this year
– 149 have at least 10 sides
– 66 have at least 15 sides
– 44 have at least 20
Credit to Calculated Risk for the idea and Virginia’s DPOR for emailing me the data – quickly!