Starting out as a real estate agent or lender right now is being pitched as a smart long-game move, good for people willing to grind through a slow market.

• High mortgage rates have pushed many agents and lenders out of the business.
• Fewer competitors means anyone who stays can build a name and a client base cheaply.
• The bet is that rates eventually come down, and by then a four- or five-year head start pays off.
• The catch: it means earning little during the slow years between now and about 2030.

Outlook: Housing stays slow while rates are high, so the payoff depends on rates finally falling later this decade.