I know from first-hand experience how difficult it is to earn a respectable living as a real estate agent, especially in the challenging market we now find ourselves in. However, judging by an article I recently read, things could be a lot worse for me if I lived some other areas of the country.
The article cited one Los Angeles-area brokerage that has established a food pantry so struggling agents won’t go hungry in between all-too rare commission checks. The tip of the iceberg? Other brokerages have had a number of agents lose their own homes through foreclosure. In some areas of Florida, homes are selling at the present rate of less than one per agent per year, hardly enough business so that one may remain in business, if you are a real estate agent. And then there are domestic problems -- financial distress is a major contributor to divorce, and anecdotal evidence suggests that there may be more of that coming down the pike.
Apparently a lot of desperation out there in a number of real estate offices. I think I will stay put.