With Utah being sixth in the nation in foreclosures over the last couple of years, the housing industry has taken a definite hit. Something else that’s happened wasn’t really expected, but it might not be all that bad a deal.
There’s been a drastic reduction in the number of realtors over the past two years as well. Since 2007, about 43% of the number of realtors there used to be have given up the game and gone on to do something else. It’s estimated that there are about 13,500 realtors still pounding out a living helping clients both sell and buy homes in the state.
This could be seen as a mixed blessing by some, but it seems to work better for consumers. Fewer realtors means those who are available will be more dedicated to the needs of those who are looking to buy or sell. Those realtors will have a better handle on what’s going on in their local area than they probably do now, always worrying about someone else’s territory. And those realtors will have a better chance of making a living if they’re now competing against fewer bodies in trying to do something with those homes, including foreclosed homes.
This also means they need to know as much as they can about the market and on the ways their potential consumers can find assistance in buying new homes. They need to know more about the short sale process, which caught many realtors off guard in the last couple of years.
Like other industries have done, the housing industry has had to tighten itself up if realty companies were going to survive. That most realtors who left did so on their own instead of being pushed out made it better for those companies. They’re still needed, and there’s almost no doubt that once things are going in a positive direction many of those realtors might come back. But for now, lean, mean and efficient is the way to go for everyone’s sake.
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Mitch writes on real estate, finance, and many other things. 
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