WICHITA, Kan. (KSNW) – The booming real estate market is not only attracting buyers but also first-time realtors in Kansas and nationwide.
However, even though listed homes are selling quicker than ever, it may be a hard knock for new realtors entering the market.
“We’re seeing, you know, lots of new faces, having to get used to more agents and more people,” said Marcus Baysinger, a real estate agent for At Home Wichita.
Baysinger has been an agent in Wichita for about five years. He said it’s not exactly an easy business to get into, especially in this market.
“I know a lot of agents who are just getting started out, and it’s hard,” commented Baysinger.
Sheila Rumsey is the CEO of the Realtors of South Central Kansas. She said membership is at an all-time high with fifty new members each month. It’s more than double compared to last year.
“The craziness of the real estate market in general right now, so I think that draws people because you know, they see money there,” said Rumsey.
People buying homes doesn’t exactly translate into all realtors making money.
“Our inventory right now is just under 800 homes so when you look at 2,400 realtors — that’s a lot more realtors than there are homes to sell at the moment” added Rumsey.
That breaks down to three realtors per house in south-central Kansas.
“Lately something I’ve noticed as some of those commission rates have been less than what we’ve come to expect around here,” added Baysinger.
Baysinger said agents aren’t fighting over the commission, but many are relying on referrals and returning clients.
“Everybody has to get their own business,” continued Baysinger.
Something not so simple for new realtors in the market.
“That first year is really tough and the reason for that is, people don’t necessarily know and trust you yet for your business,” elaborated Baysinger.
According to the National Association of Realtors, more than 130,000 people became realtors during the pandemic.