CANDACE ADAMS – ‘A very attractive career’
As predicted, home sales have slowed over the past few quarters. Houses for sale are staying on the market for longer periods of time, and real estate agents have to work a little bit harder to make a sale.
But so far, that does not seem to be deterring people interested in a career in real estate. The number of brokers and agents licensed by the state continues to grow steadily, as does the membership of the Connecticut Association of Realtors.
“Applications are coming in steadily,” said Laureen Rubino of the Connecticut Department of Consumer Protection, which regulates real estate licenses.
Although the DCP did not have formal, year-over-year statistics, the information it does have indicates that the number of licensees is rising. In November 2004, there were 6,618 licensed brokers. That number increased to 6,735 in August 2005 and was 6,896 as of last week.
The number of licensed real estate salespeople has increased even more dramatically. In November 2004, there were 16,922. Several months later, in August 2005, there were 17,507. As of last week, there were 18,441 licensed salespeople in Connecticut, according to Rubino. The deadline to renew a salesperson’s license was May 31, although licensees who let their license lapse have two years to reinstate it without having to retake the test.
The membership of the state’s Realtor association also has grown, and now totals around 18,000, according to Michelle Doyon of CAR.
But many real estate agents are not sure that the numbers accurately reflect the number of people who are trying to become agents. The state is backlogged in processing applications, many said. It can sometimes take from six months to two years to get one, according to Mark Foreman, president of CAR and founder of Cornerstone Capital Mortgage and Real Estate Services in Fairfield. So it is likely there were many students taking courses when the market was hot, and they are just now getting their licenses, he said.
Barbara Pearce, chief executive officer and president of H. Pearce Real Estate Co. in North Haven, agreed.
“You can’t get a license easily,” she said.
It took one of the managers at H. Pearce four months to get an appointment to take his licensing test, she said.
‘Pretty Expensive’
Although homes sales decreased by about 13 percent from the first half of last year to the first half of this year, many dedicated real estate agents will stick it out, according to experts.
“The real pros are staying in,” said Bruce Cagenello, chairman of the Connecticut Real Estate Commission.
The changing market has affected some agents, Foreman said. Some are still busy, but some are having a hard time putting together deals. Even so, most will stick it out, he said.
“I don’t think we’re going to lose mass numbers of agents if the real estate market stays where it is,” he said. “We’ll see what happens.”
Candace Adams, president of Prudential Connecticut Realty, believes that the changing market will leave room for the best of the best, while others will have a hard time selling houses.
“You will see fewer Realtors maintain their license as time goes on,” she said.
According to a story on Inman.com, numbers from the National Association of Realtors have indicated that up to 80 percent of the people who become licensed real estate agents will leave the business within five years.
The truly customer service-oriented, committed people will stay successful, however, Adams said. The people who got into real estate to sell their mother’s house, or who sell only one property a year, will probably be some of the first to go because leveling home prices may not make it worth it to maintain a license.
“It’s pretty expensive to maintain a real estate license,” Adams said.
Even so, she added, there will always be people entering the field. Being a real estate agent offers a lot of independence and can be rewarding, Adams said.
“It’s a very attractive career for someone who is serious,” she noted.
