Better times may lie ahead, even in real estate careers

Q: I have been thinking about getting my real estate license and becoming a Realtor. Do you have any advice on what it takes to build a successful career, especially here in Southern Nevada with the way the housing market is going these days?

-- Jackie P., Mesquite

A: I'm glad you asked this question. It gives me a chance to share some experiences and dispel some of the myths that I hear from time to time about our profession, the local housing market and related issues.

First, being a Realtor myself for more than 30 years in Nevada and California, I obviously have a certain point of view on this subject. I love my career and encourage people to enter this profession - but only if they share my passion for real estate and helping people achieve the American dream of owning their own home.

A good Realtor enjoys helping people. Like any worthwhile pursuit, he or she should also be prepared to work hard. With homes selling at a historically slow pace and many would-be buyers sitting on the fence wondering when homes prices will hit bottom, this has never been more true than today.

Of course, the first thing you need to do is pass the state exam and earn a real estate license here in Nevada. Once you have your license, you may want to think about what aspect of real estate you enjoy most.

A career in real estate provides flexibility and freedom. Your income is derived directly from your efforts, with no limits on what smart, hard-working men and women can earn. Successful people in real estate are goal-oriented, persevering, self-motivated, ambitious and people-oriented. Even now, good Realtors can make a very good living, enjoy great autonomy and find satisfaction from their accomplishments.

Depending on what you want to do in real estate, you can work with a large or small firm as a salesperson. With more experience and upon passing an additional exam, you can eventually become a real estate broker, who can own a real estate firm and employ other salespeople.

It also helps to have a strong niche. Being from Mesquite, Nev., you may find your niche there, specializing in working with home buyers and sellers in that growing community.

Of course, more people were asking questions like yours and seeking their real estate licenses a few years ago, when the housing market was experiencing an unprecedented boom.

Consider the growth in membership we've seen in recent years at the Greater Las Vegas Association of Realtors, which has become the largest professional organization in all of Southern Nevada.

GLVAR membership peaked in September 2006, at 17,557 members. Our membership more than doubled from January 2003 to January 2007, going from 7,959 to 16,379 in four years.

Today, the association has nearly 15,000 members. This relatively slight decline in membership is to be expected with local housing prices and the homes sold dropping in the past two years.

I'm actually impressed that GLVAR's membership has stayed as stable as it has this year, considering what's happening in the housing market and continued "water cooler" conversation and media coverage that discourages many would-be Realtors from entering the profession.

Despite these challenging times, hundreds of people each quarter are entering our profession and joining the GLVAR. I'd like to think that most of our members realize there are opportunities out there now, with many more just around the corner.

I tell people entering the profession to take advantage of this slower time in the market to hone their skills, build a clientele, get educated and become a Realtor.

It's important to know that there's a difference between simply having a state real estate license and being a Realtor -- someone who has made the commitment to continue their education, adhere to the highest ethical standards and benefit from the experience of joining the national and local Realtor associations.

As for the future, I agree with many local analysts and economists who predict that our local housing market will begin to rebound in 2009 and 2010. One study commissioned recently by the Southern Nevada Home Builders Association even suggested that we could see a housing shortage by 2010, when huge developments on the Las Vegas Strip like Project CityCenter create tens of thousands of new jobs and boost demand for housing.

We may never again see a boom in home sales and prices like we experienced between 2003 and 2005. And we may never again see the number of local Realtors double in just four years.

But, in the next few years, I think we'll see more demand for homes -- and a corresponding demand for the services of good Realtors.

So, if you're committed to a career in real estate, go for it. With hard work, a good plan and the right training, you should find it very rewarding.

Patty Kelley is the president of the Greater Las Vegas Association of Realtors and has worked in the real estate industry for more than 30 years. GLVAR has nearly 15,000 members. To ask Kelley a question, e-mail her at ask@glvar.org. For more information, visit lasvegasRealtor.com.