Earlier this week, Jim Dalrymple published an excellent article packed with new agent hiring data over the last few months.
Jim compiled licensing data from 32 states and reported two important trends:
1. Retention is good. The number of people with real estate licenses in the U.S. has mostly held steady during the pandemic.
2. Hiring is better. The data showed an initial drop in the number of license applicants in the first months of the outbreak (perhaps due to lockdowns), but an increase in new applications in late spring and early summer.
So what explains the growth in agent hiring during this time period?
For one thing, it may have to do with people from other industries losing their jobs and opting to give real estate a shot.
There’s always a strong influx of real estate agents when there are higher levels of unemployment. The income opportunity is great and the commitment is low.
It also may be related to the type of unemployment some workers are experiencing.
A lot of people that are in travel, hospitality, and service. They may be thinking, ‘I could sell a couple homes and make 30 grand, so I’m going to get my license.’
As a hiring manager, this influx of agents means you’ll suddenly have more choices and the opportunity to be selective.
Don’t forget: About 10% of those entering the industry now will be top performers in a few years.
If you’re the one who hires the top 10%, there will be a big payoff.
