In U.S., around 9 million people were employed in the real estate and construction industry in 2007. Though this number decreased gradually, the real estate market has tanked. People in this business were affected by the slump in the business.
Companies started to lay of their employees. Real estate agents who were making money in this business are finding it difficult to run the business.
However, people working in real estate industry enjoy more flexibility in terms of their job responsibilities as compared to other industries. However, there are less paying entry level jobs in this sector along with competitive colleague and extended, uneven working hours. Also it is also disadvantageous to relocate once established in particular area. As per the reports of National Association of Realtors, average annual income of realtors in 2008 was $42,600. It was $47,700 in 2006 while $49,300 in 2004.
If you want to offer real estate services to customers, you should be certified professional in the state in which you want to do business. In order to be a realtor, one has to pass a written test which is conducted by all states. This test is based on real estate law and transactions. To be eligible for the exam, you should be at least 18 years old as well as a high school graduate. License fess changes according to state which is around $100 to $200 and fee for classes is $400. This license needs to be renewed annually.
As per BLS (The Bureau of Labor Statistics), demand for real estate brokers and sales agents will increase by 11 percent in next 10 years. A increasing growing population will definitely increase demand for housing. There will be constant demand for new entrants as there is comparatively more income in the business.
However, Internet might be an obstacle in the growth as it helps people to search the properties without consulting the professional. Also this industry is heavily dependant on interest rates changes and economic condition. Requirement of employees can fall dawn suddenly because of higher interest rates and economic slowdown.