Times were good in 2003, 2004 and early 2005, even for agents with little experience, as multiple offers rolled in soon after homes were listed for sale. Membership in the Greater Las Vegas Association of Realtors more than doubled to nearly 15,000 between Jan. 1, 2002, and 2005 and now exceeds 17,500.

But the landscape changed as prices rose and investors dropped out of the market. The number of listings has swelled, and the buyers who remain are exercising caution and waiting for prices to drop.

While some newcomers continue to do well, the housing slowdown has chased away many real estate agents who are finding it's not as easy a career as they imagined.

The Nevada Real Estate Division reported this week that since July 1, nearly 2,700 real estate agents failed to renew their licenses, which requires a fee of less than $300. In Clark County, 26 percent of the more than 17,700 agents don't have their licenses activated to handle real estate transactions.

Realtor Karen Pincock, an agent since 2000, said many newer agents have gone back to their old jobs and careers where they have a steady paycheck. Some newcomers have gone months without a sale, she said. Coupled with expenses that can run $1,000 a month for a cell phone, leasing space from brokers, insurance, gasoline, advertising, putting homes on the Multiple Listing Service and other fees, many agents can't afford to stay in, she said.

"So many agents got into the business when it was crazy, and they thought there was money for the taking," Pincock said. "But it is not that way. When we get up every morning, we are unemployed. You have to make things happen."

Pincock's daughter, Stephanie Lucas, who became an agent full time in August 2005 after working in the mortgage industry, said it's a much tougher profession than people realize because of the amount of time it takes, especially being the mother of a 3-year-old boy.

Lucas, 28, who's handled a dozen transactions in 14 months, said she will continue working part-time on referrals but is attending school to obtain a degree in fashion design.

"It seemed like a good opportunity to be your own boss and set your own schedule, but with the market slowing down, you are a slave to the job and more than anything else and at the whims of buyers and sellers. It's been rough in real estate, You are constantly chasing the carrot, but now it is time to do what I really want to be doing."

Agents who launched their careers when the housing market took off made $100,000 to $125,000 a year based on splitting 6 percent in commission, but some of those same people are struggling to make $1,000 a month today, said Vic Ruybalid, a broker at Liberty Realty. Ruybalid said he's seen that happen to agents who left his firm for smaller companies that don't provide the training needed to be successful amid so much competition. When the market was hot, many new agents didn't bother to promote themselves or build their referral base beyond their families, he said.

"A lot of people think the real estate profession is an easy job, but it's one of the hardest they've ever had. It is literally a 14 to 16 hours, seven-day-a-week job. We had a lot of people working in casinos and wanted to do real estate as a part-time business. If you are going to do it part-time, you are not going to be successful."

Despite the slowdown, there are opportunities to do well in this market, Ruybalid said. There are experienced agents making $500,000 to $750,000 a year, he said.

Tom Brewer is one example of an agent who started three years ago who is continuing to have success despite a market slowdown. Brewer, who has a doctorate in chemistry, had been working as a property manager before pursuing a career as an agent.

Today, Brewer teaches other agents how to run their business and said that with training, new agents can do just as well as experienced ones. Without that training, they will be pursuing other careers, he said.

"If you know what you are doing, now is a great time to be in the real estate business," Brewer said. "I get business from other agents who don't know how to run their business correctly and efficiently. Most agents don't prospect (for clients) correctly and don't know how to treat clients and how to ask for referrals. The biggest thing is that they think in terms of their own pocketbook instead of the client."

The real estate industry saw a lot of new agents during the housing boom because it's a relatively inexpensive profession to join at about $2,000 for education, licensing and other fees, said Linda Rheinberger, president of the Greater Las Vegas Association of Realtors. Many did well during the boom because homes sold just as quickly as they were listed, but she said some of those same agents are discouraged today because they don't know how to deal with a changing market.

"Some people say they are just sitting back and aggressively waiting for business to fall in their lap," Rheinberger said. "You could have gotten away with that the last two years, but you have to go out and work."

There are opportunities with some homebuilders offering buyer's agents as much as 13 percent commissions, Rheinberger said. The sellers of existing homes are also increasing the commissions they pay agents, she said.

"That (increased commission) is keeping some people eating," Rheinberger said. "Before, they needed to sell two to three a month to make it, but now they can sell one unit and have a bigger reward."

The housing slowdown hasn't discouraged Mike Denley from launching a career as a real estate agent. Denley, a barber who owns Mr. Clippers in Henderson, said he has yet to handle a transaction since he got his license in January but doesn't plan on giving up. He said he plans to sell homes part-time until he decides to leave the barber business some day.

Denley said he's spent $3,000 to $4,000 on his real estate career and wants to recoup his investment.

"It didn't take this long to get it going when I started the barber shop, but in sales you have to have a hopeful nature," Denley said. "I knew what it was like coming in, but I knew other people who do it, and if they can, I can. I am going to keep at it, and I am sure it will bear fruit."