Report: More millennials are becoming real estate agents
While many millennials around the Phoenix-area are buying homes, some are deciding to go one step further and becoming real estate agents.
According to a report from the National Association of Realtors, five percent of agents nationwide are under the age of 30. That number is up from two percent across the country last year. It might not seem like a big jump, but one Phoenix-area real estate agent said he is seeing more and more younger agents in the Phoenix market. Still, the job can be tough.
“Often times real estate is seen as something that is very easy and simple to do, and in fact it’s something that takes a lot of hard work [and] advertising,” said Patrick Lewis, a 15-year realtor and treasurer of the Arizona Association of Realtors.
Lewis said that is one reason the turnover rate is high, and many decide not to renew their real estate license. For many, there is no instant paycheck, but he said for those coming out of college — especially millennials with student loans –, they can look for a job with a real estate team that has salaried positions.
“Those types of opportunities, or ones where leads are provided to you, are sometimes a little bit more advantageous to younger people coming into the business, especially if they have student loans,” Lewis said.
He said it can be a great job for those who want to use a lot of different skill sets in one day. He said a new agent can do everything from marketing, public relations and counseling as a real estate agent. Lewis said veteran real estate agents should not be worried about the younger generation coming in and taking their jobs. Instead, for those looking to transition out of the industry, Lewis suggests veteran agents mentor and partner with younger agents.
“Most veteran agents will start to take advantage of some of that because it gives them a way to refer that business while they can start to pull back from the business,” Lewis said.
Lewis said we will continue to see millennials enter real estate, but the question is whether or not the younger agents will stay in the industry long-term.