Is Being a Real Estate Agent Hard?

Have you considered a career in real estate? Would you like to “test the waters” and see if the industry is as lucrative as they say? To understand whether the profession is good for you are not, let’s take a snapshot of recent stats about the industry.

• The Real Estate Tutor says that up to 90% of real estate agents fail in the first five years in business.
• Statista estimates that, as of January 2023, there were just under a million homes for sale in the United States and about 439,000 newly constructed homes. This puts the total homes for sale at below 1.5 million. It’s also interesting to note that the number of homes on the market in the US has been declining since 2015.
• The National Association of Realtors puts the number of its licensed agents at 1,578,077 as of October 2023.

So, just from these simple statistics, you can see that at any point in time in 2023, there is only one home for sale in the US for every registered real estate agent. Furthermore, from the amount of competition in the market, you can see that being a real estate agent in the US is a challenging profession.

A Real Estate Career is Challenging, Yet Fulfilling and Still Incredibly Lucrative

While highly competitive and challenging being a real estate agent can offer a fulfilling path with considerable financial gain for those committed to success. Besides the cutthroat competition and the dreaded real estate license exam, the industry requires agents to navigate fluctuating markets, evolving client needs, and technological advancements.

But by helping ordinary people and their families find their dream homes, most real estate agents find a sense of life fulfillment in the profession. Additionally, experienced realtors usually make over six figures annually helping their clients buy and sell homes.

The National Association of Realtors reported that the median gross income of realtors in the US increased to $56,400 in 2022 from $54,300 in 2021. Newer agents typically earn less, with those having two years or less experience often making below $10,000, but this figure scales considerably with experience.

Agents with more than 16 years of experience frequently earn over $100,000, highlighting the lucrative potential of a sustained real estate career.

Hear From The Experts About a Career in Real Estate

1. Ryan Serhant’s Encouragement to New Real Estate Agents

2. Harvard Business School

Harvard Business School wrote an interesting piece that would motivate new agents and professionals looking to tap into the real estate market. The article discusses key factors that new agents need to be fully aware of before getting into the property market. Among those factors are:

• Having the right mindset
• Being financially ready for the profession
• The importance of networking and upskilling in real estate.

3. Caroline Forsey From Hubspot

Forsey compiled some incredibly motivating quotes from industry giants who have had hands-on experience in building a successful real estate business from the ground up.

The article focuses on tips for the trade from an “insider’s” perspective. It is a must-read for new agents looking to build something meaningful in real estate.

ICONS of Real Estate Can Help You Succeed in Real Estate

As we have seen, a career in real estate is challenging, but overall it is a rewarding and financially viable profession. If you thinking about a career in real estate, ICONS of Real Estate can help you set up the right structure to succeed.

ICONS of Real Estate equips aspiring agents with the tools, knowledge, and community support needed to thrive in the competitive real estate landscape. By offering access to exclusive resources, expert training, and a network of successful real estate professionals, our team is dedicated to ensuring your career not only starts on solid ground but also continues to grow and evolve.

Start your real estate career on the right foot. Schedule a consultation call with a representative today.