I entered the real estate brokerage business in the fall of 1987, right after the stock market crash of 87'. I spent a year in a training program working under a senior broker.
When I was finally let loose and was a real agent it was 1989 the market around the country was going through the S & L crisis. Fortunately I was in NYC selling small buildings (residential and commercial) and the national real estate recession hadn't hit us yet.
1989 was great. I sold a few brownstone type buildings all closing in the fall. It was like a windfall. I had more money come in at once than I could imagine (small by todays standards). I was off to a great carreer, I thought.
In mid January 1990 I can remember sitting there with a few of my broker buddies and all of a sudden there was this eerie feeling. I can still picture the moment. Sort of like being in the woods and a mile away everyone lost power. We could feel that something was wrong but couldn't see it. Shivers went up my spine.
I don't know how I did it but I didn't sell another property until May of 1991. I went 18 months without a sale. Then 2 at once. The commissions in NYC can be juicy. I think I went from broke to making $90,000 in 2 weeks. I thought the spell had been broken. Can you believe I then went another 12 months without a sale. Then I hit a big one followed by 3 more and 1992 was a success. The next 9 years were consistant and better every year. I missed the huge boom in brokerage from 2003- 2007 but was able to start my own business.
Now I run a real estate rehab information business called Metrocrete.com. Companies are now hiring me to build them blogs and social networks.
When I look back I see new opportunities that were created. I know agents who got into the investment side of real estate and made millions. REITS were a small business but became huge in the 90's as smart individuals used the REIT vehicle to purchase discounted properties. Brokeragae firms were formed and grew, mortgage brokers thrived.
Todays scenario is the same. Of course there are those who will say it's different and worse. That just means more upside when the market recovers.
Now we're all back at the starting line. Are you going to be one of the new stars or are you going to let negativity eat you up.
Look at the situation. Millions of homes are being foreclosed, yesterdays lenders are gone. Homes and possibly commercial properties are at a discount. They are being neglected and falling into disarra.
During the next 5 years there is going to be a massive shift of ownership. New lenders will surface, properties will be fixed up. That means demand for contractors, lumber, plumbing, finance, brokers, lawyers. New development will be almost non - existant because properties will be selling cheaper than new construction.
When the market starts to recover and people start profiting again the upside will be huge. History will repeat itself.
I've been there once, I've seen the movie. The opportunities going forward are exciting. Think about it, the market is cheap, it's going to go up. Get some new sneakers, get in shape, get rid of all negative thoughts and get to the starting line. The race is about to begin.
By the way, take a visit to www.metrocrete.com you will learn a ton.
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