A combination of a red-hot residential real estate market, the rising popularity of house-flipping reality shows, the “great resignation” and the convenience of Zoom-based education are unleashing a flood of people who are looking for training to become real estate agents, according to local industry leaders.
“It’s kind of an alignment of a lot of factors,” said Ann Enos, professional development director for the Rhode Island Association of Realtors. “A lot of people got laid off. A lot of people don’t want to go back to the office anymore. They don’t like being in a 9-to-5 job. They like having their professional and personal lives work well together.”
At the start of 2022, there were 6,153 Realtors in Rhode Island, and the state association says it experienced a 10% growth membership between 2020 and 2021, exceeding the growth rate in prior years.
There are now more than 9,956 people who are licensed as real estate salespeople and real estate brokers in the state, including those who are not members of the organization, said Enos, referring to figures from the R.I. Department of Business Regulation.
Before COVID-19 struck, anyone going through the required 45 hours of pre-license training had to do so in person, but in March 2020 members of the state’s real estate industry lobbied the DBR to allow virtual remote learning classes. The state quickly granted a temporary emergency authorization to accommodate, Enos said.
Then, as of May 1, 2021, the DBR made interactive, livestreamed classes an option on a permanent basis for pre-license training. While other states offer self-paced, online video courses for pre-license training, Rhode Island does not, as a consumer protection measure, Enos said.
Enos said the virtual classroom has played a major role in increasing participation among would-be Realtors in Rhode Island.
“It’s definitely opened the door to more people,” she said. “Everyone had the time to make the effort when we were on lockdown. You can only binge TV so much. For people who were laid off or working remotely 9 to 5, they’re now able to log in at 6 p.m. and take the course. Travel is no longer an issue. Inclement weather is no longer an issue. It has made our industry more and more desirable to get into.”
It was a quick pivot for pre-license training, said Enos, noting that in 2020 the state initially put rules in place that required all classes to be recorded for regulatory review, although that’s no longer the case for the 60 certified real estate education schools throughout Rhode Island.
Enos said the Realtors association must, however, make information available proving that students participated in the 45 hours of virtual courses, and the organization also uses staff to monitor the classes to make sure everyone is paying attention.
“We can be audited at any time to show Zoom reports on when someone signs in or signs out,” Enos said.
The group had to purchase some more laptops for instructors, professional information technology support and a Zoom videoconference software subscription, she said. But it has paid off for the association, said Enos, who credited two instructors, Denise Mancini and Kevin Dumont, for leading the charge, which was supported by Pamela Hanson-Carbone and Andy Goulet.
“All of this technology now has really changed the dynamic,” Enos said. “It has not depleted the quality of lectures. There were a whole bunch of guidelines we’ve had to follow during the Zoom classes.”
Agueda Del Borgo, a longtime real estate professional in Rhode Island and the recently appointed president of the association, says the COVID-19 pandemic came with increased demand for homes amid a shrinking supply of new housing, while buyers looked for houses in the suburbs and others sought more-affordable housing options. This all amounts to more work becoming available for real estate agents, she said.
“COVID drove the demand for homes,” Del Borgo said. “With housing being so tight, it was just magnified.”
Del Borgo says she believes the increased popularity of TV shows about fixing up homes and flipping them for more money has inspired interest in the real estate industry – especially among younger people.
“Many television programs glamorized real estate for younger demographics, and enticed them to enter the field,” Del Borgo said. “It’s becoming more high-tech oriented, too, which also appeals to younger demographics. In some cases, folks are turning hobbies into careers.”
Del Borgo also agrees that the lifestyle of a real estate agent, and being able to work an accommodating schedule, has been attractive to people looking for a new job.
“As folks were furloughed, I think that real estate has been seen as a great second career for many people,” Del Borgo said. “I think a big draw is it’s a flexible career. People like the idea of being independent contractors, and their own bosses. One doesn’t necessarily have to work from an office. I have an office but have always predominantly worked from home for many years.”
While virtual education for pre-license training is here to stay in Rhode Island, Enos says, in-person education courses will return eventually for those who prefer face-to-face interaction with instructors.
“In-person will come back as soon as it’s safe and comfortable,” Enos said. “A lot of people in our industry really miss it.”
Cassius Shuman is a PBN staff writer. Email him at Shuman@PBN.com.