A recent New York Times article (reg. reqd.) addresses the financial rewards real estate agents are reaping from the real estate boom.  It tells the story of a NY broker who cleared $98,000 in commissions (after splits) in a two week period during which five homes were bought, sold and closed.

The Times article observes:

"Until recently, the neighbors, who drove the best cars, wore the best clothes and gave the best dinner parties were doctors, lawyers, bankers and stockbrokers.  But now, with house prices skyrocketing and homes in the hottest markets selling in a matter of days, some real estate brokers are enjoying incomes and lifestyles that approach those of their wealthiest clients."

The agent noted above owns four Mercedes, two Jaguars and two Range Rovers and 28 pairs of Alain Mikli eyeglasses (whatever those are).

Real estate agents earned $61.1 billion in commissions in 2004 - that's up 43% from 2000. 

Unfortunately for our friends, this rise in standing hasn't resulted in a rise in status.  The Times article quoted a Harris Poll from 2004 which found that real estate brokers ranked the lowest of all professions, likely due to the perception that they will say or do anything to sell a house.

The Times also warns of a real estate agent bubble.  "When you see headlines about median prices continuing to grow it attracts attention," said Richard Haggerty, deputy executive officer of the Westchester County Board of Realtors.  "A lot of people become intrigued by that and go ahead and get their licenses."

I've got to tell you, when I read the headline in the Times I assumed it was referring to mortgage brokers.  And frankly, after reading the article I still think you could replace "real estate agent" with "mortgage broker" and print it almost word for word.  Not that there's anything wrong with that.