Posted on July 25, 2022 at 1:35 PM CDT
Many people left their jobs during the Great Layoff, and many industries are still struggling to hire. This is not necessarily the case in real estate.
The turmoil caused by low interest rates and rising demand has turned it into a seller’s market, pushing up prices. The lure of flexible hours and sizable commissions has drawn even teenagers into the profession, including 18-year-old Gavin Devore of Bloomington.
Illinois lawmakers in 2020 lowered the age to become a real estate agent from 21 to 18. Other requirements include a high school diploma or GED, plus completion of 75 hours of pre-license broker course, background checks, and passing the exam. After licensing, 45 hours of post-licensing education are required, along with 24 hours of continuing education every two years.
Devore’s parents, Steve and Jessica Devore, founded Green Acres Real Estate in Clinton in 2013 and have expanded the business, with a second office in downtown Bloomington.
Devore says his mother encouraged him to seek his license while he was still in high school.
“So my mom said, ‘Once you get your high school diploma, you can become a realtor. I feel like that would be really cool; I mean, I don’t have a second to waste, so I can jump while I can.’”
Devore will pursue his budding real estate career while attending Illinois State University, where he is majoring in business with an emphasis on business studies. He was inspired by watching his mother stir. She started five businesses, with Green Acres Real Estate being her most successful venture to date. Devore hopes to eventually reach that level of success.
“She really has a heart for what she does. She really enjoys helping people and just matching people up with the perfect house and having them satisfied. That’s the whole point of the business she’s built,” Devore said. “So I thought it was really cool. And she is one of the top 7% in the country. All these prizes. She was the president of the Mid-Illinois Association of Realtors in 2022, so yes, I mean all these accomplishments and I want to follow.”
So mom Jessica has been his mentor, allowing him to go to open houses and drilling him on what to highlight when showing a house, condo or apartment. As for her best advice? Devore says it was something he heard over and over again.
“The best advice she ever gave me would probably be whatever you set your mind to, you can achieve it. Whatever you decide, don’t let anyone tell you it’s a stupid idea. And that’s basically what I live with everything.”
The US Bureau of Labor Statistics projects that the number of real estate jobs will grow by just 4% over the next decade, slower than the average for all occupations. Despite limited job growth, about 47,500 real estate agents and sales agents are projected each year on average over the decade due to retirements and departures from the profession for other jobs.
Illinois home sales in June were also down more than 17% from a year ago and 8.7% from May. However, the median price was $286,000 in Illinois, up 5.9% from June last year. This is encouraging for Devore, who is not deterred by naysayers, including those who say shopping online will make real estate agents less important.
Devore believes people still want human interaction when it comes to real estate.
“Yes, online sites really help, but a realtor can go out and show the houses in person. Realtors can give you real estate advice. Realtors guide you through the process of buying a home. They stay with you and stay with you until closing. They will tell you what you need. Basically, I don’t see realtors leaving.”
The technology will evolve to improve the real estate buying process, supporting buyers, sellers and realtors, according to Devore. He believes this is why real estate is so attractive to Gen Z, represented by young tech-savvy digital natives.
Devore is eager to brainstorm a potential start-up business or smartphone app that could be an option for realtors. He anticipates that these plans will be supported by his business studies at ISU.
“Actually, that’s what they do in the entrepreneurship course. I heard they had this whole ‘Shark Tank’ thing where you get ideas. That’s what being an entrepreneur is all about – having ideas that make life easier.”
While she hasn’t sold her first home yet, Devore is optimistic that her first sale is coming, perhaps before the fall semester begins. In the meantime, he’s taking time this summer to dream big.
“Maybe one day I can take over the real estate business my mom created, or I could start my own business because I feel like I don’t want a job that’s set for me. I want a job where there are no limits. So I feel like building a business is perfect for that.”
