The D.A.N.G.E.R. report, commissioned by the National Association of Realtors, states that a problem with agents is “[t]he knowledge and competency gap from the most to the least is very large, due to the low barriers to entry, low continuing education requirements, and the lure of quickly making big dollars. For decades the industry has held the opinion that it’s a profession, however … professions (doctors, lawyers, etc) require thousands of hours of study, beginning with a bachelor’s degree.” Even non-professional occupations require significantly more instruction. Becoming a manicurist in Arizona requires 140 days of education, verus 90 hours to become a real estate agent.
The result according to the report is “there are too many real estate agents that are simply not qualified to the level they should be. And while this lack of agent knowledge is a significant danger in itself, when combined with a lack of basic competency it could be destructive and harmful.” As stated by one observer: ” I don’t like lawyers, but I rarely work with an incompetent one. I like real estate agents more, but there are a large number of incompetent ones.”
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