The single biggest question surrounding Illinois’ new licensing requirements was how the transition process would impact the number of agents working in the state.
Initially, that was a difficult question to answer, especially with all the last-minute submissions IDFPR received before the old requirements expired. We just got new data from the IAR’s Jon Broadbooks, though, and a number is beginning to emerge, at least regarding IAR membership, on how many agents successfully made the transition.
Here’s what Jon sent us:
- On May 31, 2012, there were 39,396 members in IAR, down from 43,063 members on May 31, 2011 and 45,312 members on May 31, 2010.
- The economy, Broadbooks said, was a “critical factor” in those declines, and, “That makes it very hard to sift out where the fall-off from transition and that of the economy begins and ends. A clearer picture may emerge as IDFPR completes its work on transition.”
- Broadbooks also said that the IDFPR still has roughly 6,000 applications that it is processing right now. “We won’t truly know until IDFPR closes out all the applications,” he said.
- Meanwhile, IAR membership has been growing. On May 1, after the transition, the association had 38,434 members, but as of last week, they had 38,682, a rate of around 10 new members a week.
- There are still 2,758 sales-broker members unaccounted for, and Broadbooks attributes that to IDFPR processing (the number was 7,433 on May 1).
- Once all the licensees are sorted out, IAR expects to lose 5 percent or so of its membership.
IDFPR will not have all the transitionary numbers filed until July 1, so we won’t know for certain what Illinois’ licensee landscape looks like until that point. Once we have that data, though, we’ll let you know!