Real estate agents that position themselves in the right location have the potential to establish a lasting career in a hot housing market that presents plenty of job opportunities and competition.
A real estate career offers many perks including the ability to "be your own boss, determine your own schedule, earn a potentially high income, and be ready to help your clients buy, rent, or sell properties in just a few weeks or months, depending on your state’s licensing requirements," according to a report from WalletHub. Real estate agents could eventually expand into a larger operation and hire agents to work for them.
However, WalletHub noted that the job is not as easy as it seems. "As most established agents are inclined to admit. It requires real commitment, work outside normal business hours, a likeable personality and financial stability—in case of a tough season," the report stated.
In a study of 150 of the most populated U.S. cities, WalletHub analysts determined which cities are able to provide real estate agents a fruitful career using two key dimensions, “job opportunity and competition” and “real-estate market heat.” The cities' scores are based on a scale of 0 to 100, where 100 is best and 0 is the worst.
According to the data, the best city for real estate agents is Denver, Colorado, with a score of 57.70 points, a job opportunity and competition rank of 3 and a real-estate market heat rank of 6. Irvine, California and Seattle, Washington occupied the second and third spot on the list with scores of 55.38 and 54.24, respectively.
Among the worst cities for real estate investors are Detroit, Michigan (21.67), Columbus, Georgia (23.64), Fayetteville, North Carolina (24.83), Jackson, Mississippi (25.28), Brownsville, Texas (26.92), Aurora, Illinois (27.69), Philadelphia, Pennsylvania (28.01), Mobile, Alabama (28.77), Hialeah, Florida (29.08), and Milwaukee, Wisconsin (29.91).
WalletHub's Top 10 Cities for Real Estate Agents:
- Denver, Colorado (57.70 points)
- Irvine, California (55.38 points)
- Seattle, Washington (54.24 points)
- Austin, Texas (53.80 points)
- Aurora, Colorado (52.56 points)
- Portland, Oregon (52.49 points)
- Indianapolis, Indiana (52.42 points)
- San Francisco, California (51.68 points)
- Colorado Springs, Colorado (50.83 points)
- Boston, Massachusetts (49.82 points)
Click here to view the full report.