The real estate business in Las Vegas is “much smaller and more competitive” than during the boom years, Vegas Inc. reports. The number of broker and agent licensees, which peaked at 35,800 in 2007 has declined by more than a third, to 23,056, Vegas Inc. said, citing figures from the Nevada Real Estate Division.
Those who remain must have “skill, hustle and a willingness to adapt to a changing, volatile industry.” While prices have rebounded, listings remain scarce. To drum up business, agents are making cold calls, networking, holding more open houses, “and saturating neighborhoods with postcards, newsletters and other marketing material to try to establish themselves as local housing experts.”
RE/MAX Extreme agent Tim Kelly Kiernan told Vegas Inc. he got through the recession selling REOs. Now, 90 percent of his business involves short sales. Source: vegasinc.com.