The National Association of Realtors (NAR) reported a 2.5% drop in membership in January, marking the third consecutive monthly decline and the lowest Realtor count since May 2021.
NAR’s chief economist Lawrence Yun anticipates further losses through 2025, raising questions about the future of the home sales market.
Several factors contribute to this exodus, including uncertainty surrounding NAR’s leadership, fueled by a series of resignations and allegations; a shrinking housing inventory; and heightened competition between real estate agents.
The Consumer Federation of America (CFA) reports that 49% of agents sold one or no homes in the past year, suggesting there is an oversupply of agents in the current housing market. The CFA believes the mismatch between the number of agents and actual home sales can hurt full-time real estate agents competing for listings, home buyers, and sellers.
To help overcome these challenges, agents relying solely on home sales should consider diversifying into property management, capitalizing on the high rents and unit occupancy rates expected in 2024.
For seasoned property managers, experience is the key advantage. Your proven proficiency in providing tenants with personalized, streamlined solutions and superior customer service will stand you in good stead in a sector gaining in importance.
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