The number of people and the number of agencies active in the real estate industry dropped during the 12 months to April.
According to the Real Estate Authority (REA), the statutory body responsible for regulating the industry, the number of licensed real estate salespeople declined form 12,752 at the end of April last year, to 12,153 at the end of April this year. That's down 4.7% for the year.
The number of licensed real estate companies declined from 897 to 866 over the same period, down 3.5%.
Although most real estate salespeople are commonly referred to as agents, that is not the case.
Agents are more highly qualified than salespeople. At the end of April this year there were 1951 licensed agents, down 2.5%.
However there is one group whose numbers have been increasing - licensed branch managers.
This was a new qualification introduced by the REA in 2022, and every salesperson must be supervised by someone who holds either an agent's or branch manager's licence.
The number of branch managers increased from 403 in April last year to 490 in April this year, up 21.6% for the year.
The total number of active licences of all types peaked at 16,902 in September 2022, following an influx of new people into the industry over the previous two years, when the housing market was booming.
Total license numbers had declined by 1442 (-8.5%) by the end of April this year, as the housing market cooled.
According to the REA the total number of active licences and new licence applications are now returning to levels more in line with early 2020.
Note: The Real Estate Authority is an independent government agency that regulates the conduct of the real estate industry and oversees the complaints and disciplinary process, among other things.
It should not be confused with the Real Estate Institute of New Zealand, which is a voluntary, member-based organisation representing the real estate industry.
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