"Realtors are starting to realize what they're dealing with. It's definitely not a very good time to get started," says Muren. "For new Realtors, I wouldn't count on it being a real moneymaker."
A little more than two years ago, Muren says, agents were competing for a normal amount of business. Now, there is less business to compete for. Some agents who are not completely committed to the profession are slowly dropping out of the business.
David McIlvaine Jr., 25, of Keller Williams Realty found out first hand that real estate agents sometimes are forced to find additional means of employment.
"Today you see a lot of part-time agents who are bartending, getting second jobs or looking for other avenues or something constant to hold them off until the business goes back up again," he says. "It's like those agents are looking at the real estate business and asking, `where is my two-week paycheck?'"
Youth's disadvantages
Young people entering the real estate business right out of high school or college face more disadvantages than someone who is looking for a second career.
According to Long & Foster agent Erica Solomon, committee member for the Maryland Association of Realtors' Rookie Realtor Program, becoming a Realtor involves taking a big chance on a career that doesn't yield an immediate payoff.
"There's a lot of out-of-pocket expenses from the start," says Solomon. "You're not taking a job, you're starting your own business, which means that there's usually a window of time before closing your first transaction. Some young people don't have that sort of financial stability."
Another disadvantage that a young real estate agent can face is the failure of a client to take them seriously. McIlvaine found out quickly that respect isn't something automatically given.
"When I first got into the business, I learned that you have to earn respect," says McIlvaine. "People respond to confidence and when you come prepared to a meeting and hit your client with every statistic possible, their questions are few."
In addition to a sharp knowledge of real estate issues, Hager says a young person in the business needs a strong mentor.
Early in his career, Muren found just such guidance from veteran broker Buzz MackIntosh, who took him under his wing and showed him the ropes.
All in the family
For a young agent, having a family member in the business is an invaluable asset. Not only do they provide advice and a guiding hand, but they also can provide a sense of inspiration.
