There is a chart on the NAR site which shows the NAR Membership Count by Month, 1970 - Current. According to the numbers, membership hit a high in October of 2006 with 1,370,758 members. July of 2008 shows the membership count to be down 113,267 to 1,257,491.

Were they all part-timers or agents who got in the business to make a fast buck and bolted the minute things got tough? Were they agents who got sidetracked due to illness or family matters who found it necessary to take on a full-time job instead? Were they agents who were spending $2 to make $1 and just got in over their heads in terms of advertising and self-promotion costs? Were they agents who were only just getting started and were unable to compete against more experienced agents with a large database of past clients? In this challenging real estate market, what is the difference between someone who will make it through this market and someone who will not?

Truthfully, it doesn't matter whether you are an agent, a buyer or a seller. The current real estate market is challenging to all. Buyers may have many properties to choose from, but getting a mortgage is more difficult. Sellers are struggling with loss of equity and more competition. Agents are finding their expenses to be higher, while their commissions are lower. We can't ignore the realities of the market, but we can choose how we will react to these circumstances, and that may make all the difference.

As an agent, I've gotten creative in managing my expenses, particularly in the area of self-promotion. Keeping close tabs on expenses is one key to surviving this market, and makes us better business people as well. I've also found that many time and money-saving opportunities exist when we are willing to do the work ourselves and put some time into learning new things. It may also be a good idea to stick with what is time-tested and known to work, instead of investing in new or costly coaching, advertising or other programs. Equally important is seeking out like-minded agents to associate with and avoiding those with a negative attitude.

If you are a potential buyer, you should be diligent about the pre-approval process and monitoring your credit rating. I suggest that you choose a mortgage professional who is skilled in mortgage planning, i.e. showing you how your mortgage can be part of your overall financial plan so you can be as financially independent and secure as possible. Cutting out unnecessary expenses so that you have a little extra money in the bank is always a smart strategy and can ultimately mean the difference between qualifying for a mortgage or not. It may be difficult to forego that new pair of shoes or that weekend in Vegas, but you'll be glad you did when you sign on the dotted line and receive the keys to your new home.

Sellers face a different dilemma altogether. If you are in the position of owing more than your home is currently worth, you are in for a tough ride, there's no sugarcoating it. The most important thing you can do is to make sure your home looks its absolute best at all times. At the very least, your home should be clean and well-kept inside and out, which won't cost you much (if anything) if you enlist the help of friends and relatives. Perhaps someone will help you paint (who doesn't have leftover paint in their basement that they could donate?), trim the bushes or wash windows. Maybe you can borrow furniture or use someone else's garage as temporary storage so your home is less cluttered. Don't be hesitant to call in a few favors; after all, that's what friends are for! The key is to remain as positive as possible and do everything you can to increase or maintain your property value. When you give up, your home looks like you have given up, and you will end up making less money when you ultimately sell. If at the end of the day you end up in short sale or foreclosure, you will at least know you did everything you could.

The current real estate market is challenging to everyone. What do you think it will take to make it through?