From the April issue: In the mid-2000s, residential real estate brokerages seemed to be sipping from the fountain of youth; that is, staffing their firms with freshly minted college graduates.
Today, though, firms appear to be going with the more fine-wine approach of “older is better” when it comes to bringing on agents, according to brokers, firm managers and teachers at real estate schools.
This brain drain of fresh-out-of-college talent in New York City’s residential real estate world, which has happened over the past few years, is the result of a perfect storm of forces, sources say.
In a still-tight market, many young brokers don’t have Rolodexes stuffed with established contacts, or the financial wherewithal to last through lean times. Also, recruiting newbie brokers right out of college is harder as they look to other, more stable professions. At the same time, analysts say, some unemployed 30-somethings, disillusioned by their experiences with traditional jobs, are signing up to sell apartments. [more]
