There are over 2 million licensed real estate agents in the United States. Approximately 1.3 million are members of the National Association of Realtors (NAR) known as “REALTORS”.
According to the most recent NAR statistics, 5.3 million homes sell annually (nationwide).
On average, that's 441,667 homes per month.
Which means there are 3 to 4 Realtors for every home sold.
As a Realtor myself, I'll go ahead and say it...we're either falling short on our ability to sell homes or there are too many of us out there!
Now consider this: The best-of-the-best Realtors (the Really Awesome Real Estate Agents... the R.A.R.E. Agents!) sell 4-5 homes per month meaning there are literally tens of thousands of licensed Realtors who sell ZERO homes every month!
I have one last math problem for you: Zero homes sold times 3% commission equals…..ZERO INCOME.
That's not just a math problem...that's a huge problem!
Welcome to the incredibly painful and very real “I-don’t-know-where-my-next-commission-check-will-come-from” world of the average real estate agent.
My home state has 70,000+ licensed Real Estate agents and my home city has about 30,000 Realtors. Sometimes it seems like the majority of them live in my neighborhood!
Most of the time, it’s every Realtor for themselves.
What does all of this mean? Why does it matter? If you really want to know, you have to start with the definitions of two critically important words:
The words RARE and COMMODITY.
Let's see what the dictionary has to say:
RARE is defined as something uncommon, superlative and unusually good.
COMMODITY is defined as a service that buyers can no longer distinguish between competing brands and purchase decisions are based on the lowest price (i.e. who has the lowest commission).
Do you want to be a “RARE AGENT” or a “COMMODITY AGENT?
When you compare the number of licensed Real Estate agents and Realtors with the number of homes that sell each year, it becomes crystal clear that the business of being a real estate agent is a highly competitive, cut-throat, dog-eat-dog business where success is reserved for the strong and mighty.
The Really Awesome Real Estate Agents.
If you are going to have a long and prosperous career in the real estate business, you are going to have to learn:
Of course, there’s much more to it than this…but the 10 items above are a good place to start.
If you're tracking with me, you're a good candidate for R.A.R.E. Agent status.
I invite you to sign up for R.A.R.E Tips -- my daily email subscription. It's the best way I know to help you on your journey to becoming one of the best agents in the real estate business.
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See you soon,
20-Year Veteran Real Estate Broker
Founder of "The R.A.R.E. Agent Movement"
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