As home sales decline, competition intensifies among real estate agents

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Home sales fell in May for the fourth straight month and were down about 9% year-over-year, according to National Association of Realtors data that fell on Tuesday.

But there are still a lot of people who would like to sell you a house. The so-called Great Resignation led many resigners to try their hand at real estate. The United States had more real estate agents in 2021 than ever before, according to the association.

But there may be too many. Online home shopping companies Redfin and Compass announced layoffs last week. So how is the hugely popular pandemic job category doing?

If you are a homeowner in the Greater Sacramento, CA area who actually answers phone calls from unidentified numbers, you may receive a call that looks like this: “My name is Blythe Romo from Coldwell Banker. I received a notice that you may be interested in knowing the value of your home.

Romo started as a full-time realtor last July. She was surprised to learn that this also meant she started out as a part-time telemarketer, buying issues for $35 apiece.

“Oh my God, the first time I did these scripts, I had no business for the first two months because I didn’t know what I was talking about,” she said.

But Romo has improved. Last year she sold a house. This year, she sold seven, including three of these cold calls.

She said she loved being a real estate agent. It kinda stinks that she’s finding her groove now, when her ads are on the market for weeks instead of days.

“It was a challenge,” she said. “I’m just trying to have faith that I’m still going to be able to generate business next year, it’s just going to be different.”

Romo became a real estate agent to be her own boss. Just like thousands of others.

Southern California Officer Kama Burton has worked in Riverside County for 17 years and she has noticed many unfamiliar faces on street signs.

“They are pretty fresh, maybe out of high school. I have even heard of people coming from the restaurant industry.

She said 2021 was quite competitive, but higher interest rates and a cooling market will make this year even more Darwinian. “I believe people are going to get kicked out because it’s not as easy as it looks,” she said.

Burton said this could be an opportunity for more experienced agents like her to pick up even more business.

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