AgentBrokerage

How to solve the ‘aging agent’ problem in real estate

Industry leaders lay out fears surrounding the imminent retirement of a significant number of agents
  • The retirement of the large generation of baby boomers is going to hit the real estate industry harder than others because of agent demographics.
  • With 30 percent of Realtors likely to retire in the next ten years, new agent recruitment should be a higher priority, according to a leading broker.
  • Broker/owner Mel Wilson said disruptors will come in to the industry if there is a vacuum left.

Mel Wilson At 63, Mel Wilson could be forgiven for simply minding his own business, making the most of the final decade of his real estate career, running his brokerage, sitting on industry committees and then signing off. But the L.A.-based broker and active director of the National Association of Realtors and the California Association of Realtors is concerned about the future of his industry and the fact that when he -- and his large cohort of baby boomer colleagues -- leave the field, it may be in some disarray. The founder of Mel Wilson & Associates-Realtors is calling on the real estate industry to recruit more widely, especially younger agents, as 30 percent of the current Realtor population (those in the 60-plus age range) prepare to make their exit over the next 10 to 15 years. Currently on the executive board of CAR and vice chairman of the Federal Legislation and Political Forum at NAR, Wilson doesn't think the industry is taking the necessary steps for th...