The Best States for Real Estate Agents to Succeed

Real estate agents have many factors they need to consider when deciding where they should start their career. We've compiled a list of 10 great states for real estate agents including Wyoming, Michigan & more.

The Best States for Real Estate Agents to Succeed

Real estate agents have a lot to consider when deciding where to start their career. Factors such as the cost of living, the number of agents in the area, and the percentage of owner-occupied homes all play a role in determining the best states for real estate agents. Wyoming, Michigan, West Virginia, Iowa, Maine, Mississippi, South Dakota, Montana, Louisiana and Kentucky are all great states for real estate agents to succeed. Wyoming didn't perform well in terms of the average value of a home (23rd on the list), but it has fewer agents than many states, placing it eighth on our competitive list.

In addition, Wyoming has some of the lowest taxes in the country and has a large volume of undeveloped land, making it attractive to homebuyers who want to build a home on an area of land. Michigan ranks high on our list due to low agent competition (fourth on our list) and the high percentage of owner-occupied homes (71.6%, making it fifth on our list). The state also has an extremely low overall cost of living, seventh on our list. West Virginia's appeal to agents is rounded off by the state's total cost of living (17th overall).

In addition, West Virginia shares licensing reciprocity with 12 states and Puerto Rico, making it a great option for agents who want to sell real estate in multiple states. Iowa ranks seventh on our list because of the high percentage of owner-occupied homes (70.5% tenth on our list) plus the low cost of living (13th). While agent competition has increased slightly (18th), it's easier to establish and maintain a successful real estate career in Iowa than in most states. Tied for seventh place, Maine offers real estate agents excellent career opportunities due to the high percentage of owner-occupied homes (72.2% and second on the list).

The state also ranks better than more than half of the states in terms of agent competence (19th). This combination makes Maine an excellent choice for new agents. Mississippi is among the 10 best states to live in due to its low cost of living (number 1 on our list). There is also a relatively low amount of agent competition (15th) and homeownership rates (67.3%, ranked 19th).

These factors make it an ideal place for agents to start and establish a real estate career. South Dakota rounds out the 10 best states for real estate agents due to its balance between low agent competence (13th), agent salaries (16th) and owner-occupied housing (18th). While Wyoming and Michigan remained the two best states to be real estate agents, many other states changed markedly. Montana rose 17 places in the ranking due to a significant improvement in agent pay (from 41st to 11th).

Louisiana also rose 15 places due to changes in agent salaries and owner-occupied housing.We measure realtor competency based on data from the Bureau of Labor Statistics (BLS) on the number of real estate agents per 1,000 members of the workforce in each state. This data point is a unique number that represents the ratio of agents in each state to the national average. States with fewer agents and a lower location quotient ranked higher in this study because it shows that there is less competition.Choosing a state with a healthy real estate market and a low cost of living can have a substantial impact on your success as an agent. If you're thinking about moving, visit western states like Wyoming, Midwestern states like Iowa, Michigan and South Dakota, or northeastern states like Vermont, New Hampshire and Maine.Working as a real estate agent allows you to gain diverse experiences.

You won't do the same with different customers and homes every day. You'll meet and work with a wide range of people, you'll be your own boss, and you'll have the satisfaction of helping buyers and sellers overcome one of life's most important milestones.These data were calculated by the Bureau of Labor Statistics (BLS) based on “full-time hours throughout the year” and survey data reported by real estate agents. Some states refer to brokers and sellers with multiple titles, such as Colorado which refers to new agents as associate brokers or independent brokers.Each metric was rated on a 100-point scale where 100 represent the most favorable conditions for real estate agents. While most real estate agents aren't comfortable participating in some marketing strategies, it's proven to be an effective way to increase their revenues compared to amateur skills.Most importantly, you'll want to make sure that the company on the list is objective and that agents can't simply pay to be included in the list.

While low home values translate into lower fees for each transaction, homeownership rates and low competition allow agents to make more transactions.In addition, some states are expected to double their population by 2065 which will have a huge impact on their local real estate market - especially for agents who specialize in new developments.Both Kentucky (48 to 3) and Kansas (36 to 2) experienced great improvements in agent competence and agent pay leading to significant improvements in their overall ranking.That means that total number of realtors doesn't mean much except for NAR's pockets with installments.

Cara Aramini
Cara Aramini

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