I just received two bills in my office mailbox today, one for my Realtor Association dues, and the second for a "Desk Fee," that includes Errors and Omissions Insurance...the total was nearly $4500. It's not a surprise then, that the state real estate commissioner just announced that the number of new license applicants has decreased. Right now, there are 547,311 licensees, which means that one out of every 53 people is a real estate agent!
A few months ago, there were 1,000 applicants a week. That number has dropped to 35 to 40. The reason? When the market weakens, the expenses to do business don't change, and only the good, serious agents will survive the downturn.
A positive result is that many of the "bad actors", will leave real estate, according to Commissioner Jeff Davi. As the number of licensees has gone up over the last ten years, regulatory cases have also increased. He expects that the department will have more than 11,000 violations to handle by the end of their 2007-2008 fiscal year.
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