Young realtors can really grow their businesses. It’s like investing in the stock market at a young age. Time is on your side. Getting started in the real estate market at a young age is a great way to make a living and save for the future.
According to the National Association of Realtors, the average age of a real estate agent today is 54 years old. That is slightly down from 57 years old several years earlier. (That is about 14 years older than the typical homeowner in the United States today.)
But it has us wondering: Why aren’t more people getting started young in the real estate industry? Is there a stigma against going to real estate school instead of a four-year college?
31% of all real estate agents today do have a bachelor’s degree. They already graduated college and started other careers. These other careers either didn’t produce a positive cash flow or took too much time out of their lives.
Furthermore, these college graduates began to look for something different. They wanted to find something that could make money, and spend more time with their families. Many of them did not want to have to choose between money or time anymore like their parents had.
Why Aren’t More People Getting Started Young in Real Estate?
Inman reported years ago that real estate never attracted young people to its profession. They found that young people did not like having a job without a steady paycheck at first.
These young folks also expressed concern over a lack of health benefits.
Schools do not teach about being self-employed. Children today are taught to go to college and be somebody or something. They are schooled to become president or work for an established corporation.
If someone does not attend college, they are often frowned upon by their families and/or friends.
What are the Benefits of Young Realtors?
- Technology – This one is a big benefit of getting started young in real estate! Young people have grown up with technology and it is second nature to them to use it. Technology is big today in real estate. Many homebuyers are younger and use this technology to find and sell property today. A younger agent with technology skills will be invaluable in their field.
- Time on Your Side – You have more time to invest in real estate when you are younger. Most young people don’t have the demands of children or aging parents. The younger realtors have more stamina to work more hours to get started. (Did you know the average hours for realtors is 35 hours per week in today’s housing market?)
- Learn Easier – You can learn new things quicker and much easier the younger you are. Young people are not set in their ways.
- No college debt – So many people at that age have huge college debt before they begin a career.
It is important to find a great mentor, as a broker, to get you started in your real estate career. Therefore, if you find someone to take you under their wing, you will be more successful!
More Benefits of Getting Started Young in Real Estate
- Friends – You have many friends when you are young. These are the people that will be buying homes in 5-10 years. Likewise, people like to buy from people they know and trust.
- Investing in Real Estate Young – Chances are if you are selling real estate when you are young you will make a purchase too in real estate vs. renting property. The younger you are when you invest the greater the returns will be for you after making that first down payment.
- Saving for Retirement – The younger you start saving for retirement so you won’t have to work past your 70s! So if you begin making profits from commissions while you are young, you will be more likely to save some of them for retirement.
- Family Life – If you start out young as a real estate agent by the time you have children, you will have more time. Many real estate agents love this flexibility as it is a lifesaver for many people!
Added Bonus to Become A Young Real Estate Agent – TIME!
The time it takes to get your real estate license is not long. You don’t have to be in class for years to obtain your license. You must study hard and pass the test to qualify as a professional real estate agent.
However, the time varies from state to state for classroom hours.
In most cases, the educational requirements to become a real estate agent can be completed in as little as 4-6 months. Many newer realtors can also start on a team to learn from others who are more experienced.
Yes, months, not years! And no college debt.
Why is the Median Age High for Real Estate Agents?
It is because once those younger realtors become agents, they stay being real estate agents at a brokerage. Consequently, most agents don’t want to do anything else and many agents don’t ever retire.
They can work when they want and don’t have to be in an office from 9-5, day after day. As realtors age, they can take weeks off, go down South, travel, or spend more time with their families.
This reason is a testament to the field of real estate. People in the profession don’t often leave for another one. They stay in it forever. They tend not to retire but to work fewer hours after they hit their 70s and beyond.
Interested In Local Real Estate?
Finally, if you are ready to get started young (or old) as a real estate professional in Rhode Island, I’d love to hear from you today.
I have 6 RE/MAX local real estate offices throughout northern Rhode Island for you to choose from. Our real estate offices are like family, that’s what our agents tell us! Please contact me here.