We recently posted an article detailing the most difficult challenges real estate schools report facing in 2017, featuring feedback we received from over 300 real estate educators for our 2017 State of the Real Estate Industry report. We also asked that group to take a look into the future and let us know what challenges they anticipate will be of the greatest concern going forward. We’ve detailed their responses across three categories below.
Regulatory Relationship Concerns
A good portion of the challenges schools expect to face in the future have to do with regulatory concerns:
- 23% of respondents feel it will continue to become increasingly difficult to offer continuing education courses that provide practical value to students, while still meeting state requirements.
- 19% feel that deceptive questioning in licensing exams poses a growing challenge for real estate educators trying to prepare students for success.
- As competition continues to get tighter, 18% of respondents feel that insufficient or inconsistent oversight of real estate schools will continue to be a growing problem if not addressed.
- 15% feel that new requirements are not effectively communicated to schools when they take effect, and they see the problem growing in the future.
- With regards to licensing subject matter, 13% cite frequent changes to licensing subject matter as a challenge on the rise.
- 12% of the respondents feel that seat time requirements are becoming a bigger problem for students and educators alike.
Anticipated Technology Trend Challenges
We also heard from schools about the concerns with the changing digital landscape, and how that will affect the way they conduct business and lead classes in the future:
- 26% of respondents feel that technology has had a negative effect on student attention spans, and will continue to chip away at students’ ability to learn from traditional tools such as lectures and textbooks.
- 22% feel that the capabilities of online education will be unable to keep up with the interactivity demands of tomorrow’s real estate students.
- 18% of respondents anticipate challenges with effectively teaching classes to a multi-generational student body and adapting to the various learning needs of all students effectively.
- An additional 18% of respondents feel they are facing a growing appetite for content that can be delivered and consumed by students on a mobile device.
- 15% of respondents are concerned that the growth of technology and the adoption of it in the real estate education process will have a negative effect on the amount of 1-to-1 direct student contact they are able to have.
Tomorrow’s Business Challenges
Finally, we got feedback from real estate educators on the future business challenges they anticipate facing in the coming years:
- 10% of real estate schools responding feel that student recruitment will prove to be more challenging in the future.
- As the market is changing at a faster rate than ever, 10% also feel a growing pressure to keep developing curricula that quickly responds to those market changes.
- Another challenge that 10% of our respondents are anticipating is balancing the need for a compelling course offering against their ever-shrinking budget.
- Finally, 9% of respondents feel it will become increasingly difficult to prepare students to be successful in passing their licensing exams.
While running a real estate school or leading a real estate classroom will never be without challenges, schools report having a good collection of resources they can turn to for help facing these issues. 45% of respondents cite their state real estate commission as a valuable resource. Dearborn, state and/or local boards, and the National Association of REALTORS® round out the list of top resources schools report turning to for assistance.