As the housing market heats up again, the real estate industry is facing a new challenge: finding enough younger agents.
Even though many of the top agents make well into six-figures, a new survey shows real estate executives here and across the country are worried about not attracting new blood.
“Clearly there’s a resurgence in the housing market among the Gen X and Gen Y participants, and that’s the next market,” says Kevin Hawkins, the vice president of Imprev Inc., a Bellevue real estate marketing firm that did the survey. “The concern of brokers is not just for today, but what business is going to look like tomorrow.”
While buyers are getting younger, agents are not. Only six-percent are under the age of 34.
“The average age of a realtor is 57 years old. The average age of an American worker is 41 years old. If you look at the typical age of a first time home buyer, it’s 31. So, there’s clearly an age gap,” he says.
During the housing meltdown between 2007 and 2010, there was a tremendous weeding out process in the industry. Hawkins says it was survival of the fittest, and many of the less-experienced agents got out of the business.
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