The number of applicants for the real estate agent exam this year fell to the lowest level in eight years. As transactions decreased due to the real estate recession, the number of applicants appears to have decreased.
According to the Korea Real Estate Agents Association on the 15th, a total of 154,699 people applied for the 35th Licensed Real Estate Agent Qualification Examination held on October 26. This is a decrease of 45,360 people from last year (200,059 people), and a decrease of more than 120,000 people compared to 2021 (278,847 people).The number of applicants was the lowest as 2016 (183,867).
As the number of applicants decreased, the number of successful applicants this year decreased to 15,301. In 2021 and 2022, about 260,000 to 270,000 people took the exam, and 26,915 and 27,916 passed, respectively. An official from the association said, “The cumulative number of successful applicants is 550,000, but there are about 130,000 licensed real estate agents in private practice,” adding, “The number of applicants has also plummeted due to the perception that the market is saturated.”
Reporter Choi Dong-su [email protected]
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How can technology impact the future recruitment and performance of real estate agents in South Korea?
Interview between Time.news Editor and Real Estate Expert
Time.news Editor: Good morning, and welcome to our special segment on the state of the real estate industry in South Korea. Today, we have with us Dr. Ji-hoon Park, a prominent expert in real estate economics. Thank you for joining us, Dr. Park.
Dr. Ji-hoon Park: Good morning! it’s a pleasure to be here.
Time.news Editor: Let’s dive right in. We’ve just learned that the number of applicants for the real estate agent qualification exam has dropped considerably this year, reaching the lowest level in eight years. What do you think are the major factors contributing to this decline?
Dr. Ji-hoon Park: the primary factor, as you’ve pointed out, is the ongoing real estate recession. The decrease in property transactions has led many potential candidates to rethink their career prospects.If the market is slow and commissions are low, it’s understandable that fewer individuals would want to enter the field.
Time.news Editor: That makes sense. Actually, there were just over 154,000 applicants this year compared to nearly 200,000 last year. Can you elaborate on the implications of having such a low number of applicants, both for the industry and for aspiring agents?
Dr. Ji-hoon Park: Certainly. A drop in applicants means fewer new agents entering the market, which coudl create a talent gap in the future. While it might ease competition for those already in the field, it could also lead to a stagnation in industry innovation and service quality. Aspiring agents might also find it harder to get a foothold in a market where established agents are already struggling.
Time.news Editor: Interesting perspective. With 15,301 accomplished applicants this year, down from nearly 27,000 in previous years, what does that mean for the job market?
Dr. Ji-hoon Park: It indicates a tightening job market. With fewer new agents, successful candidates may face less competition in the short term. Though, if the market doesn’t recover, those positions may not be sustainable. Companies will likely be more selective, prioritizing experienced agents over newcomers, which could be discouraging for fresh talent.
Time.news Editor: Given this downturn, what do you think the future holds for real estate in South Korea? Will we see a rebound, or are there structural issues that need to be addressed?
Dr.Ji-hoon park: While it’s hard to predict with certainty, I beleive we might witness a gradual recovery as economic conditions stabilize. However, we also need to address structural issues—such as housing affordability and regulatory challenges—that have plagued the market. The industry might need to innovate and adopt technology to improve efficiency and appeal to a new generation of buyers and sellers.
Time.news Editor: Speaking of innovation, what role do you think technology will play in shaping the future of real estate agents?
Dr. Ji-hoon Park: Technology will be crucial.From virtual showings to data analytics in understanding market trends, embracing digital tools can allow agents to serve their clients better. This could attract a younger demographic interested in a career in real estate, perhaps revitalizing the applicant pool.
time.news Editor: Thank you, Dr. park, for your insights on this pressing issue. It’s clear there’s a lot to consider as we navigate these changing times in real estate. We appreciate you taking the time to shed light on these developments.
Dr. Ji-hoon Park: Thank you for having me! It’s been a pleasure discussing these critically important topics. I look forward to seeing how the market evolves in the coming years.
Time.news Editor: And thank you to our audience for tuning in. Stay with us for more updates on the real estate market and other news pieces that matter.