Realtors Leaving the Market in Droves

Recently, the Illinois Association of Realtors has changed the rules regarding education and licensing requirements for Realtors.  The good news is that even more course credit (doubled from 45 hrs to 90 hrs) is required to become a licensed Realtor in the state of Illinois.  The bad news is that with the extra requirements, there will be a lot fewer Realtors out there who chose to continue to stay in the business with the new licensing.  According to the Realtors Association, there has been a 25% drop in Realtors over the past several years, to just over 1.3 million licensed Realtors.

As in most businesses, it takes money to make money!  Just to maintain a license requires yearly insurance, monthly dues, broker splits and other office fees out of pocket, that can make it difficult for barely breaking even Realtors to afford it.  Combine that with sluggish sales, depressed home values and cheap rentals, and your average Realtor needs to have been in business 5 or more years to survive with a hefty spending tab.

This is not the boom market of a few years ago, that’s for sure.  An experienced Realtor who is educated and on top of the local market is just not enough.  Realtors today have to know how to use the technology available to sell properties, how to find buyers, how to network via the vast social media jungle and still turn a profit to stay afloat.  They need to understand the fax only generation, the Iphone generation and the ones in between.

Are you ready to start house hunting?  Check out Realtor.com for current listings in your area.  Then check with a local expert for details!

When you’re ready for a private showing  on your next Elgin Fox Valley home, email me at Jennifer@ElginFoxValley.com

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