As I prepare my business plan for 2009 and beyond, I can’t help but think what a waste to lose talented people who have sacrificed so much to become a REALTOR®.
This past June the number of licensees with the Real Estate Board of Greater Vancouver (REBGV) hit a high at 9,818.
As a result of a ridiculously over-built supply of new homes (damned builders) causing a buyer’s market, a decline in the number of licensees was predictable and slowly began immediately thereafter; as at the end of October the number of REBGV licensees stands at 9,697.
Considering that 56 new licensees were welcomed in the October 31, edition of RealtorLink, the number of licensees actually departing the industry is difficult to determine.
Under normal circumstances it is expected that only a small number of new licensees make it through the first three years. Since we have just come out of a long, and “hot”, sellers market perhaps we are likely to lose even more licensees who just will not be able to make it under their own steam.
One bold prediction made to me by a local licensee was that we will lose 30% (=2945) of all the licensees before the market turns.
Who knows when the market will turn, but should that prediction become reality we will be at 6873 licensees, which is back to where we were in mid-2003.
Some of the goals I want to take on in my business plan will likely have to wait because I haven’t given enough thought how to leverage, or find someone to help me. Assistance with Web 2.0, Top Producer, showing listings, etc., would really help me get business focused and growing in the North-East sector.
Chances are there are other REALTORS® throughout the REBGV who are going through the same process, thinking about how a few certain skill-sets, such as paralegal or a second language, could help them produce even more business.
Before considering leaving the business and discarding the huge personal investment made to date, I’ll suggest to any struggling licensees that you put some feelers out to some of the established REALTORS®, some of whom just might want to include retirement and succession plans in their 2009, 2010 or 2011, business plan.
Before any licensee makes a decision to leave real estate, try sending out a trial balloon; you never know. Please feel free to post a comment listing your skill-sets, preferred location, and a return email address.
Best wishes to all REALTORS® through the holiday season and for the New Year.