Real estate is a highly regulated industry. Americans prefer assurance and insurance and the high costs associated with them in exchange for 100% peace of mind

Real estate is a highly regulated industry. Americans prefer assurance and insurance and the high costs associated with them in exchange for 100% peace of mind (or someone to sue if things take an unexpected turn). As such, real estate agents need to be highly informed and often rigorously certified. This has the dual effects of raising costs to offset their own, and it also shrinks the potential labor pool, which has the expected outcome of higher wages.