This question is on top of every real estate agent's mind, more so today than pre-Pandemic days....
How many real estate agents are there in Los Angeles? Depending on who you ask, the numbers vary. According to one source, there are 43,611; another states there are 25,813 (that's a fairly significant difference in my opinion). You get the idea. For the sake of argument, let’s just say that even if there are only 20,000 real estate agents in Los Angeles, that is still a lot of agents. To put this in a different perspective, I researched the greater Los Angeles area - including the San Fernando Valley and Malibu, quite a vast area, to see how many sales closed between January 1 and August 1, 2023. I covered all 4 types of properties, and these are the closings that I discovered:
Single Family Residences: 4,732
Condominiums: 2,187
Income Properties: 810
Vacant Land: 106
As you can see, total sales were a little under 8,000 in a 7-month period. To give the benefit of the doubt since clearly I did not cover every nook and cranny of the greater Los Angles area, let's round that up to 10,000 total sales. As we all know, some agents had more sales than others; nevertheless, if we look at 20, 000 agents and 10,000 sales, that would indicate that one out of two agents did not sell anything in the past 7 months, and I suspect that number is much higher.
Clearly, these agents feel the pain and are looking for solutions to improve their ability to close sales. Many are contemplating leaving the profession out of necessity and seeking another avenue of a steady income. Some are considering switching Brokerages. There are also those who are looking to join a successful ‘team’. In a nutshell, they are considering different options to improve their situation. I am very grateful that I am not in that situation given that I had numerous sales over the past 7 months and that I am currently listing agent for 10 properties, 1 in Escrow and negotiating 3 others. That said, I understand the frustration of others that are working hard with nothing to show; ours is not an easy business at any time, but in today's market and economy it is even more challenging.
Many agents are still being targeted with emails, phone calls and texts (just as I am) from various vendors promising to give the "magic solution” to generate buyers and close deals. There's catchy phrases such as "Getting more from your farm", "Tricks most agents never do to generate business", "How to boost your income and reach your fourth quarter goals", and my favorite "Wildly effective paid automation strategy to get more business". In my opinion, all this does is take time away from generating ‘real business’ while taking my hard-earned money while I'm 'learning' from them - because of course, these magic solutions are not free!
My best advice is do not fall for these magic solutions, because there aren't any. Rather, if you are not generating income and you are concerned, consider taking a part time job. According to statistics that I come across every day, there are 1.6 jobs available for 1 person looking for a job. While I'm not suggesting this would be a dream job, at least it would be money going into your pocket rather than coming out. I would welcome your comments and thoughts to this post.
Wishingyou a safe and healthy life and I look forward to your comments. If you are looking for a knowledgeable, focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly! If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 ( m) homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com I contribute a portion of my commission to local animal rescue organizations. Endre Barath, Jr. Realtor at Berkshire Hathaway HomeServices California Properties DRE#01238708
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