The real estate profession offers vast career opportunities, whether you’re just starting out or have been looking to reach the next level. But as many agents in the Chicagoland area are finding out, a tight supply of homes and a robust agent population often lead to great challenges as well.
The National Association of REALTORS (NAR) reports more than 44,000 Realtors in Illinois, with most located in the Chicago-Naperville-Arlington Heights Metropolitan Division. But the number of available of homes has seen a significant decrease. Illinois REALTORS recently shared that the inventory of homes on the market within the Chicago Primary Metropolitan Statistical Area in April has fallen by just over 19 percent year-over-year, from 41,558 last April to 33,503 this year. Those homes are staying on the market for 51 days, down from 57 last year. Inventory is down almost 9 percent within the city itself on a year-over-year basis, declining from 8,904 to 8,110.
With so many agents working such a thin inventory, targeting a more specific niche can help them gain a competitive edge. Identifying a particular segment of the population, area, or type of property, and focusing on that segment of the market, can often help agents improve and expand their business. But defining your market can be a difficult task.
Choosing a specialty that fits your style takes a great deal of thought and planning. Here are four Chicagoland real estate agents who have seen the positive impact of finding their own unique path.