Key Highlights

  • After slight dip during early pandemic, number of people applying for real estate licenses has increased in late spring and early summer
  • Number of people countrywide with real estate licenses holding steady during pandemic

The COVID-19 pandemic has taken its devastating toll on nearly every sector of the economy but InmanNews has found after analyzing data from 32 states that the number of people across the country who hold real estate licenses has stayed pretty much the same. Some states, just a handful, are seeing slight increases in their licensee count.

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Inman also learned that save a slight drop in the number of license applicants at the beginning of the pandemic, there were more people applying to become real estate agents during the late spring and early summer months.

Likely, these numbers will hold for at least a while. There really is no good reason to drop a real estate license even when one’s deal-count goes down as it has for many, many agents.

Mike DelPrete, noted real estate tech strategist, thinks looking at membership numbers with the National Association of REALTORS® (NAR) would provide a more accurate count of agents. Done…NAR’s membership numbers in June showed an increase of +1.7%, an all-time high of more than 1.4M members.

Russ Cofano, former president and general counsel with eXp Realty, sees one source of new agents coming from service industries such as hospitality and travel, particularly since service industries have been so badly hit by the pandemic. However, Cofano believes that the work of an agent is now harder today than it used to be and that most newbies won’t stay with it. Cofano said, within “…five years, there will be a significant reduction in agent count nationally.”

DelPrete agrees even though homes sales are the only bright spot in the economy right now. DelPrete said, “Fact of the matter is, with less deal volume this year, there will be less agents. The pie is smaller.”

Inman found in its research that the states showing slight, and I do mean “slight,” upticks in real estate agent counts included Colorado, Florida, Idaho, Illinois, Indiana, Kansas, Michigan, North Carolina, Oregon, Pennsylvania, Texas, Utah, and Wisconsin.

 

Thanks to InmanNews.

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