Employment of real estate brokers and sales agents is expected to grow about
as fast as average for all occupations through the year 2014, because of the
increasing housing needs of a growing population, as well as the perception
that real estate is a good investment. Relatively low interest rates should
continue to stimulate sales of real estate, resulting in the need for more
agents and brokers. In addition, a large number of job openings will arise
each year from the need to replace workers who transfer to other occupations
or leave the labor force. However, job growth will be somewhat limited by
the increasing use of technology, which is improving the productivity of
agents and brokers. For example, prospective customers often can perform
their own searches for properties that meet their criteria by accessing real
estate information on the Internet. The increasing use of technology is
likely to be more detrimental to part-time or temporary real estate agents
than to full-time agents, because part-time agents generally are not able to
compete with full-time agents who have invested in new technology. Changing
legal requirements, such as disclosure laws, also may dissuade some who are
not serious about practicing full time from continuing to work part time.
This occupation is relatively easy to enter and is attractive because of its
flexible working conditions; the high interest in, and familiarity with,
local real estate markets that entrants often have; and the potential for
high earnings. Therefore, although gaining a job as a real estate agent or
broker may be relatively easy, beginning agents and brokers may face
competition from their well-established, more experienced counterparts in
obtaining listings and in closing an adequate number of sales. Well-trained,
ambitious people who enjoy selling—particularly those with extensive social
and business connections in their communities—should have the best chance
for success.
Employment of real estate brokers and sales agents often is sensitive to
swings in the economy, especially interest rates. During periods of
declining economic activity and increasing interest rates, the volume of
sales and the resulting demand for sales workers falls. As a result, the
earnings of agents and brokers decline, and many work fewer hours or leave
the occupation altogether.
Source: Bureau of Labor
Statistics, U.S. Department of Labor, Occupational Outlook
Handbook, 2006-07 Edition
