Summary:
In the mortgage industry, there is a striking imbalance when it comes to transaction volume, with a small percentage of agents handling a significant majority of the transactions. This trend has raised concerns and has sparked a discussion on the need to establish higher barriers to entry for professionals entering the field.
Key points:
– Imbalance in transaction volume: A mere fraction of agents are accountable for handling a substantial 90% of transactions within the mortgage industry.
– Concerns over the current situation: The overwhelming disparity in transaction volume has prompted a critical examination of the existing system, with a focus on how the industry can be made more equitable and competitive.
– Need for higher barriers to entry: The case for establishing higher and more stringent barriers to entry is being explored, aiming to ensure that professionals entering the mortgage industry possess adequate skills, knowledge, and experience.
– Ensuring professionalism and expertise: By implementing higher barriers to entry, the goal is to raise the quality standards and professionalism within the mortgage industry.
– Balancing competition and accessibility: While higher barriers to entry may improve overall industry standards, critics argue that strike the right balance to ensure accessibility for aspiring professionals remains a crucial consideration. This debate highlights the need to find a compromise that safeguards both industry excellence and opportunities for new entrants.
You can read this full article at: https://www.housingwire.com/articles/datadigest-study-shows-agents-are-aplenty-most-with-few-or-no-sales/(subscription required)
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