With home prices sliding, interest rates falling and worried sellers looking to deal, this may be a good time to become a homeowner. But is it a good time to become a real estate agent?
During the boom, young people -- and those looking for a midlife career change -- were drawn to real estate. Money magazine listed "real estate agent" among the Top 20 jobs for the "young and restless."
As the market slows and competition increases, young agents are feeling the pinch, perhaps more than others. Still, for many real estate agents younger than 30, the keys to success have less to do with age than with experience, knowledge and a guiding hand.
Mike Muren, 24, understands what it takes.
In high school in Frederick County, Muren wrestled with the idea of attending college, considering his grades fit for a future in higher education. But instead of plunging headfirst into a world of lecture halls, midterm exams and all-night cram sessions, he decided to stick to a subject that he had a little more interest in.
Muren describes real estate as his calling. It was something that sparked his interest since moving with his family to Maryland more than 14 years ago.
"At first, I had a lot of thoughts to do college and considered getting that education," says Muren. "I thought that it would be an interesting experience. Education is always valuable, but the business that I ended up building has made me enough money."
To get his foot in the door, Muren completed a high school work-study program at Mackintosh Realtors in Frederick. After earning his license at 19, he began working full-time and in just five years, Muren has racked up almost $120 million in home sales.
Muren is somewhat of a rare case, according to Debbie Hager, director of the Rookie Realtors program for the Maryland Association of Realtors. She points out that the real estate business is usually very difficult for young people to break into, regardless of how favorable the market happens to be at the time.
"You would be hard pressed to find many realtors under the age of 25," says Hager. "It is hard to break into the business at a very young age."
Muren also made the move at a time when the market was on an upswing. But considering the flat-lining real estate market, the likelihood of a younger agent really excelling in the industry is slim.
