We’re beginning to see just how much the market shift of 2023 affected every day agents around the country, with new insight provided by Consumer Federation of America. The watchdog found that 49 percent of agents sold either just one home or none in the past year.
In fact, Consumer Federation of America found that nearly three-quarters (70 percent) of agents reported five or fewer sales. The median number of sales was barely two.
Of the firms included, RE/MAX had by far the lowest percentages of agents with five or fewer sales.
Of course the market slowdown is not solely to place. The report puts significant emphasis on so-called “agent glut.” The fact that over 1.5 million agents typically sell 5-6 million homes each year virtually guarantees that most agents cannot support themselves only from sales commissions.
The report also highlights that despite the glut, major firms continually advertise for and hire new agents, then often fail to adequately train these licensees. One result is that most agents sell few or no properties each year or do so incompetently.
You can read the full report here.