Personal-finance website WalletHub released a report recently on "2018's Best Places to be a Real Estate Agent." They compared 179 U.S. cities on 18 key indicators of a healthy housing market. Each metro was measured by "job opportunity and competition" and "real estate market health."
Ranking 27th nationally, Austin was named the best city overall in Texas to be a real estate professional.
But hold on just a second. Can data alone determine which city is best for you to practice real estate?
There is a lot more to the equation than sales stats. WalletHub's methodology doesn't begin to answer the question because the best location for an agent depends on their own goals and needs.
If you are a career agent, you aren't going to be chasing the latest hot markets. You want to be in a stable place with long-term growth prospects, which might be different from the current hot markets.
If you are a mobile, single millennial looking for fast wealth, then you probably want to go to one of these "hot" markets with plenty of deals to go around with clients who just want transaction execution, not a relationship with their agent.
WalletHub's methodology is totally based on short-term or current metrics. Many of the high-ranking places now were the worst places from 2008-10. What type of property or transactions are you interested in doing? That's a career choice that may lead you somewhere other than one of the mainstream markets.
I don't know if agents do any strategic planning, but I would always recommend that they engage in some deep introspection and strategic planning before picking a market. They need to figure out if the chosen market will meet their personal goals and needs.
I spoke with a land broker near the coast last week. He came to the Center for an education program many years ago. It was where the Center brought in several experts from outside for a few days. He said the most important thing he learned was how to do strategic planning. It wasn't a technical thing related to appraisal but critical for the success of his business.
Keep following the Real Estate Center. You may see more about how to succeed with strategic planning.