There are currently 37,196 licensed real estate agents in Tennessee. Less than 20% are Brokers.
I got my license in 2008, right about the time the housing market was crashing. When my HVAC went out I used space heaters and waited for my next closing before I replaced it. It was tough times to be in this business.
Fast forward to 2019. It seems easier to be an agent these days, but really it’s not. Everyone has 10 friends who just got their license.
To paraphrase Carl Franzen, editor in chief at Inman News, residential real estate is ultimately a math equation. Sellers want to sell their property for as much money as possible and in the least amount of time. Websites can automate parts of the process, but sellers and buyers have extremely individualized wants and needs.
Add to that the emotional and financial stress of making your largest personal investment, and things get very difficult for machines to accommodate.
Throw in local, state and federal regulations and the intricacies of mortgage lending, and you have a complex transaction that needs a competent human being to navigate effectively.
In the future, real estate will continue to rely on human experts in the same way people rely on accountants to file their taxes and lawyers to draw up wills. You can do those things online, and some people will, but people who want to maintain an edge and take advantage of significant financial gains you will use an expert.
Agents who are not true experts are likely to have a much tougher time in the face of online competition. Meanwhile, those agents who are experienced, dedicated professionals will be in high demand.
That is one of the reasons I got my Broker license. To increase my expertise and maintain my edge for myself and my clients.