BrokerageIndustry News

Real estate ‘purging’ has begun

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There are more real estate agents than home sales in some markets -- and simple economics tell us that something has to give, said Jack McCabe, a real estate consultant in Deerfield, Fla. McCabe said that there are already examples of Realtor membership declines in the Fort Myers-Cape Coral, Fla., area, and in Palm Beach County, Fla., as well as real estate brokerage office closures and consolidations. The Realtor Association of Greater Fort Myers and The Beach reported that membership has declined about 7.8 percent year-over-year, to a current total of about 6,000 members. "Those are fairly anecdotal of what's going on in marketplaces all around the country -- especially in housing-bubble markets," McCabe said. Those markets that saw the "most dramatic increases in real estate salespeople and mortgage salespeople and so on are now seeing job losses in the thousands." While some markets have seen declining Realtor membership, the National Association of Realtors reported last month tha...