It is TOO EASY to become a Realtor10th February 2021
As somebody who takes this in industry and my personal business very seriously I am critical of the low requirements needed to become a licensed Realtor.
Number one, this industry does NOT have the best reputation. Some of it is based in truth.
For example, there are tens of thousands if not hundreds of thousands of people around the country who get their real estate license every year. About 70% of them will NOT renew their license after one year. During their short stint in the industry they might close a couple of deals they might close zero. But what they do is the enter the workforce completely inexperienced but still with the same educational standards that every other realtor has which allows them to assist in the transaction of real estate purchases in the millions. I believe, because of these huge responsibilities there needs to be more rigorous standards for the industry.
No one can expect that someone doing their job for the first time will do it at an expert level.
Here’s the problem, this is an industry that is self governed. The National Association of Realtors depends on its membership and dues to survive. It would not be in their best interest to reduce their numbers because it would then hurt their pocketbook. But if there is one thing that could happen with the snap of a finger is to require more from Realtors before they can “practice“. Now if I’m being completely honest, this will not happen. But it is at the expense of the market itself.
Think of it this way, what if it only took two weeks of class is necessary for a doctor or a lawyer to practice. How many doctors and lawyers do you think they would be?
How do you think you would gauge the quality of work generally?
The same can be said within the real estate market. Luckily, 80% of the market is controlled by a small portion of super successful Realtors. Most of these Agents (ourselves included) have the experience, commitment and record to do their job exceptionally well.
One simple regulation on the market that would GREATLY improve it’s standing is to require that ALL new Agents MUST have a mentor and they must partner with an experienced Realtor for the first 5 deals.