Realtors hurting as sales slow

From the Arizona Republic:
As our local real estate market has cooled, many new real estate agents are getting out of the business. The number of licensed agents in the state increased from 53,478 in July 2002 to 80,210 at the end of March according to the state Department of Real Estate. Industry sources estimate that as many as 80 percent of new agents quit in their first year and that more than 90 percent quit within three years. Among the reasons given for quitting are long hours, the financial demands of establishing a business and fierce competition. Agents and brokers say some new agents aren't prepared for the demands of selling homes-- the stress, the around the clock hours. Some have never had to deal with anything but a hot market and don't know how to make a house sell when there are now so many for sale. Even with the negatives, the real estate business holds great appeal. People like the idea of working for themselves, and the money is good for those who are successful.

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