Is Being a Real Estate Agent Worth It Nowadays?

Is it a good time to become a real estate agent?

You may have been contemplating a career in real estate for a long time, but recent national headlines may have caused you to reconsider this plan. While we understand your hesitation, we want to put your mind at ease. Real estate is and will continue to be a promising career.

As proof that becoming a real estate agent is still a good decision, let’s look at the current Arizona real estate market trends for 2024 (including buyer demand and seller confidence), home prices, and earning potential in Arizona. Then, we’ll discuss how to stand out in what is sometimes a highly competitive field.

Key Takeaways

• Home prices are increasing in Arizona. Despite higher prices and interest rates, homes are continuing to move.
• With increased home prices, the salary of real estate agents continues to rise.
• Flexibility, excitement, and the ability to be your own boss are additional reasons people are drawn to a career in real estate.
• Becoming a real estate agent in Arizona is affordable – and a straightforward process.

Reasons to Become a Real Estate Agent in Arizona

What does the current data say regarding the state of the real estate industry in Arizona? Here are the details.

1. Current Arizona real estate market trends (2024) show growth.

The Arizona Journal of Real Estate and Business provides monthly market trends. The latest issue shows the Median Purchase Price (MPP) for one of the hottest housing markets in Arizona at $501,000, which is a 9% increase year-over-year. In addition, the number of listings increased by 9% since the same time last year.

Home prices are increasing in Arizona – as are commission checks.

2. The NAR shows improved buyer demand and seller confidence.

The latest REALTORS® Confidence Index Survey reports that 26% of respondents expect a year-over-year increase in buyer traffic in the next three months, which is up from 21% one year ago. In addition, 26% of respondents expect a year-over-year increase in seller traffic, which is up from 12% one year ago.

People working in the industry are becoming more optimistic that traffic will improve - regardless of the current interest rates.

3. Real estate earning potential is improving in Arizona.

Increased sales volume and higher prices are good news to real estate agents. The current home price of $501,000 means real estate agents would earn approximately $30,060 on the sale.

It’s also important to note that the average income of a full-time real estate agent working in Arizona is $115,274, according to a Colibri Real Estate study. For comparison purposes, it’s worth noting that the annual mean wage in Arizona is $63,040, according to the Bureau of Labor Statistics. Learn more about a real estate agent’s income in Arizona from this report.

3. Despite the competition, adaptable agents who focus on skill development stand out from the crowd.

In June 2023, the Arizona Department of Real Estate reported 62,571 active agents and brokers. Despite those numbers, higher than normal interest rates, and higher home prices, real estate agents with a go-get-'em attitude continue to do well.

Ask yourself what you can do to stand apart from the crowd. Perhaps you could focus your efforts on a niche, like vacation homes or commercial real estate. You can become a pro at virtual staging and offer this service to your clients. Consider underserved populations and communities and become their go-to source for all things real estate.

Homeownership is still an American goal. Instead of focusing on the bad press and abundance of competition, figure out how to better serve people. And the rest will take care of itself.

Additional Reasons Why Real Estate is Still a Good Career

Let’s not forget some of the most significant reasons people want to become real estate agents.

• Having a flexible schedule can give you a better work-life balance.
• No day is ever the same.
• Although you will work under a broker, you will have a lot of independence.
• Working as a real estate agent is great for those with an entrepreneurial spirit.
• Real estate appeals to people who want to be out and about.
• It’s an excellent career for extroverts who enjoy meeting new people.
• Real estate agents have unlimited income potential.
• Real estate is an excellent side gig – since most client appointments will occur during evenings and weekends.

Becoming a Real Estate Agent in Arizona Is a Straightforward Process

Becoming a real estate agent is a straightforward process that only takes two to three months. Plus, it’s affordable. The application, background check, and exam will only set you back around $200. In addition, the Arizona School of Real Estate and Business (ASREB) has affordable pre-licensing programs. (The cost for this program can be broken down into low monthly payments through Affirm.) Your course will include exam prep materials and networking opportunities that help you connect with hiring brokerages. Plus, ASREB boasts the highest pass rates in the state! We are confident that we can help you pass the licensing exam.

In summary, Arizona is projected to be a hot real estate market in 2024, which means increased earning potential for agents. But these predictions are not a sure thing, and you may be concerned that market shifts or other events will reduce your likelihood of succeeding as an agent.

However, that’s the nature of the industry. If you wait for perfect conditions to become a real estate agent in Arizona, you will enter the field with many others who waited for a sunny day with blue skies. If you join now, you will be able to develop your network and lead-generation skills to build and grow your business. Quit waiting for a perfect world. Get your real estate license in Arizona with the help of the Arizona School of Real Estate and Business.