Supply and demand
Supply and demand
One of the best starting points is to examine supply levels, and in Melbourne this particularly relates to auction numbers.
Comparing the average weekly auction numbers from 2023 to 2024 so far, we see a significant improvement in supply. There’s a lot more property on the market, with increases ranging from 17% to 37% per month, according to data from CoreLogic.
While increased supply hasn’t significantly impacted values yet, it’s important to consider how it interacts with demand. The clearance rate held reasonably well through 2023, hovering around 70-75% until November-December, when it dropped to the mid-60s. Leading into the start of 2024, it started strong, following pent-up demand over the Christmas New Year break, sitting at around 70% in the early part of the year. However, it has since fallen back to the early-to-mid 60s due to increased supply.
What affects working hours for real estate agents?
Market trends
The property market is constantly changing, and real estate agents will have to keep an eye out for market indicators that may signal a trend of recession or inflation.
For example, during periods of high market growth, buyers and sellers will be more inclined to make transactions, which in turn drives up demand and work hours for real estate agents.
Seasonality
Historically, market data shows that buyers tend to look at buying a home during the spring or summer seasons. This higher demand often translates to increased property values, which can lead to higher potential commissions that real estate agents are glad to put in additional work hours for.
Buyer interest usually declines in autumn and winter seasons, but those actively searching during these seasons are typically more serious about making a purchase — real estate agents who manage to find such opportunities may find themselves equally busy.
Number of clients and demands
Clients are perhaps the biggest factor contributing to working hours for real estate agents — having more clients naturally translates to more work.
Not only that, but meeting client demands is a big part of being a successful real estate agent. Clients may request property viewings after working hours or public holidays, and real estate agents will need to make themselves available to meet their needs.
Depending on the number of clients serviced and their demands, one real estate agent’s weekly working hours and schedule will look very different from another’s.
Managing working hours as a real estate agent
The path to building a successful career as a real estate agent requires a lot of hard work and sometimes, odd working hours. However, that’s part of the fun! The key to handling the pressure of high working hours each week will come down to finding a balance between work and personal responsibilities, as well as having the right training to effectively manage the demands of clients.