The real estate industry is facing a number of stops and starts, particularly as certain sectors in the market rebound quickly – such as the residential market – while other areas remain stagnant. Although market forces, business operations, errors and omissions claims and fluctuating supply and demand are critical factors agents are facing, the majority of industry leaders cite their challenges in recruiting young, new talent as their most pressing concern.
Imprev Marketing Technologies recently released the results of its 2013 Thought Leader Survey, which revealed that top executives and companies are struggling to attract new talent to their ranks, a scenario that could become burdensome as real estate demand climbs and the industry’s aging workforce begins to retire. When asked to list their top concerns – especially those that impact their revenue and profitability – 42 percent said finding young talent was their biggest problem. Citing data from the National Association of REALTORS®, the study notes that the average real estate agent is 57 years old. However, the average American worker is 41 years old and the typical age of a first-time buyer is 31, the report published.
“Over the last five years, the average age of real estate agents has almost moved in lock-step with the calendar,” says Renwick Congdon, chief executive officer of Imprev, a fact that is also supported by NAR research.