T
he National Association of Realtors' settlement has sent shockwaves through the real estate industry, leaving many agents questioning their careers. For Nina Katsov, a Chicago-based agent, the final straw was the new rules that could reduce her commission on sales. Under the settlement, sellers no longer have to offer the buyer's agent's commission, making it harder for Katsov to justify the long hours and constant availability required of her job.

    Katsov recently had a baby and was already struggling with slower business due to a lack of houses for sale and high borrowing costs. She recalled having to bail on Father's Day brunch for a showing, feeling like "a little bit of a heartbreak." With clients giving up after months of searching, Katsov realized she couldn't afford to turn down business.

    In Boulder, Colorado, Eliza Wright quit her job as a real estate agent after more than a decade. She had seen a surge in business during the pandemic but was disillusioned by the rising interest rates and families struggling to afford homes. The settlement's impact was the final blow, making it clear that she couldn't continue.

    Wright is not alone; many agents are leaving the industry due to the changing market conditions and commission rules. A recent study found a sharp decline in the number of agents in California, Texas, Florida, and North Carolina between 2022 and 2023. The National Association of Realtors has projected its membership could fall by as much as 10% due to the cooler market.

    Bo Bromhal, a long-time Realtor in Raleigh, North Carolina, believes the industry is bloated and hopes the commission changes will deter newcomers. However, if interest rates continue to fall and the market picks up, it's likely that many agents who have left the industry may return.