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A new program in the United States aims to increase the number of black real estate agents. According to the most recent data from the United States Census Bureau, Black real estate professionals account for less than 6% of all real estate professionals, compared to 74.6 percent of Whites and 8.79 percent of Hispanics.
NAREB felt something could be done after the 2020 racial justice movement. As a result, the organization teamed up with real estate portal HomeLight to boost the number of Black real estate agents in the United States. The collaboration has launched the Black Real Estate Agent Program, which will provide aspiring agents with financial and educational assistance.
The project aims to close the income and racial disparities in the real estate business. As a result, these activities are aimed at increasing Black homeownership rates.
That is what the two groups’ collaboration is intended to address.
Real estate brokers are on the front lines of homeownership, facilitating the purchase of homes for potential buyers. While the Black Real Estate Agent Program is intended to assist new Black agents in becoming top producers in their communities, it has the potential to greatly increase Black homeownership in the same areas.
For brand-new Black real estate professionals, the program provides financial and business help. Many of the onboarding costs for new agents will be covered by HomeLight and NAREB, including pre-licensing seminars, agent tests, and some technology and marketing needs. Participants in the program will be paired with a seasoned NAREB broker who will act as a mentor and advisor. Benefits of up to $5,000 will be awarded to selected applicants.
Applications are now being accepted for prospective Black real estate professionals that meet the following criteria:
Are you between the ages of 18 and 35?
Are you interested in a career in real estate but haven’t yet established yourself as an agent?
Are you willing to work with a NAREB broker for the first year of their real estate career?
Are you committed to working with mentors or continuing education for five to ten hours per week?
Anywhere in the United States is a good place to start.
The National Association of Real Estate Brokers is attempting to encourage millennials and Generation Xers to view homeownership as a viable wealth-building strategy. It is anticipated that the Black Real Estate Agent Program will assist in increasing the number of new homeowners in this population, allowing them to begin their wealth-building path earlier than current data shows.