Being a real estate agent not easy—especially if you’re new to the industry. There are over 2 million licensed REALTORS® in the country, and it’s estimated that this number will continue to grow at a steady rate over the next decade. Many of these agents are seasoned professionals that have spent years building a loyal and lucrative customer base. How can you break into the industry and success as a new REALTOR? It’s all about location, location, location. Here’s a look at the best growing cities in America for new real estate agent:
Los Angeles, California
Los Angeles is the second largest city in the U.S. in terms of population, and it’s continuing to grow. In 2017, the population in Los Angeles County increased by over 42,000, bringing the total population in this area to over 4 million for the first time. A growing population means there are more buyers looking for homes, but to get a house in this city, buyers will have to be willing to spend big money. The median home sales price in Los Angeles is nearly $600,000, so REALTORS in this area are used to large commission checks. These high prices don’t scare buyers, though. In fact, homes in Los Angeles are only on the market for an average of 64 days. For these reasons, Los Angeles is clearly one of the best cities to work in as a REALTOR
Many real estate experts believe that Austin is going to be one of the hottest housing markets in the country within the next year, and it’s not hard to see why. The population in this city grew nearly 20% between 2010 and 2016, and many of the people migrating to this area are Millennials. This generation is drawn in by Austin’s quality of life, employment opportunities, and low housing prices. Despite its growing popularity, Austin’s median home price is not growing nearly as fast as the median home price found in other major cities. This makes it easier for Millennial buyers to purchase their first home without breaking the bank. REALTORS who move to this area should focus on targeting younger clients to take advantage of this lucrative opportunity.
Fort Lauderdale, Florida
Fort Lauderdale is often associated with Miami, but it’s finally getting the chance to step out of the shadows and into the spotlight. The Urban Land Institute (ULI) ranked Fort Lauderdale as the sixth hottest real estate market, which makes it ideal for up-and-coming real estate professionals. This market is best for REALTORS who are interested in working with developers and new construction since new homes, condos, and multi-family properties are popping up left and right. New properties have fewer issues so they are often easier to sell, which is one more reason why inexperienced REALTORS® should pack their bags and head south!
Las Vegas, Nevada
Las Vegas isn’t just a vacation destination—many people call this city home. The real estate market in Las Vegas was on fire in 2018, and it’s expected to keep burning throughout the next year. Realtor.com recently predicted that home prices in Las Vegas would increase by nearly 8% in 2019, which is the second-largest expected increase in the nation. This means there is the potential for REALTORS to earn sizable commission checks over the next year. Plus, the market is very active compared to other areas of the country, with approximately 2,800 single-family home transactions per month. REALTORS that are willing to dive into the business and juggle multiple listings will definitely reap the rewards of their hard work in Las Vegas.
Another city in the Sunshine State that REALTORS should keep an eye on is Tampa. The population in Tampa is increasing steadily at a rate of about 1.3% per year, mainly due to its affordable housing and low unemployment rate. Tampa’s median home price is approximately $227,000 and its unemployment rate is 3.4%, both of which are lower than their respective national averages. These two factors make it easier for residents to secure the financing they need to purchase homes, so agents who primarily work with buyers should find great success in Tampa. Many developers are investing in the Tampa area as well, so new agents will have the opportunity to sell newly constructed homes that are more desirable and structurally sound to buyers than older homes.
San Jose, California
Los Angeles isn’t the only city in California that is experiencing a real estate boom—houses in San Jose are in high demand, too. The median home sale price in San Jose increased by 18.7% between 2017 and 2018, topping $1.4 million. Fortunately, there are many potential buyers in the area who can afford to purchase million-dollar homes due to the strong local economy and job market. But, it’s not just locals that are trying to get a piece of the San Jose real estate market. Investors from across the country are spending their money on real estate in San Jose, too. This gives REALTORS the opportunity to tap into two very different markets—locals who are looking for new homes and investors who are looking for another source of income.
Salt Lake City, Utah
In 2017, Salt Lake City set new records in the number of dollars spent and square footage added in the real estate industry. All areas of the residential real estate market are booming—especially apartments, where developers are struggling to keep up with the growing demand. There are no signs that the boom will die down in Salt Lake City over the next year. The city has the strongest local economy in the country with a projected 2.9% job growth over the next year. Furthermore, the housing market is still somewhat affordable. Salt Lake City’s housing affordability index is 139, which is significantly better than the national rate. These factors combine to make Salt Lake City an attractive real estate market for both buyers and sellers, and thus for REALTORS as well.
REALTORS® in these growing markets should experience a great deal of success over the next year. But, if you’re working outside of these markets, there’s no need to look for a new job quite yet. REALTORS® across the country can achieve success as long as they are willing to roll up their sleeves and put in the work.