The Realities of Today's Less-than-Vibrant Real Estate Market

If more agents leave the business, the rest should work to capture that market share!

Your post and the following comments I found to be very interesting.  Personally I am positive this is a great market to make money in if you are working with buyers, and sellers if you are pricing property correctly.  With so much inventory and prices the way they are, I am all but jumping up and down when I am in front of someone. 

Having done this since 1978, I can't remember anyone who was not looking for a deal.  It is no different now, only the deals are better and there are more of them.  I think the work ethic and habits of a good agent work in a market like this or any market.  However, you have see where the business is and focus on that.  Who in your area is making any money?  Where are their deals coming from?  It is not just luck.  They may be working harder, smarter, whatever, but they know where the money is being made and they have positioned themselves right in the middle of it.  If it is a listing agent, you can bet they know that price is king and their listings are the best priced values around, and they are the ones that are selling.  These folks know all the marketing dollars in the world will not sell an over priced listing and if it does not sell they do not get paid.  If it is a selling agent, they see all the deals out there and they have zeroed in on the best ones and they are telling everyone they know about them.  When this market turns, and I agree with you it will, they will be heroes to the people they got involved in something now. 

Is my attitude one of finding something positive in others misfortune?  I don't see it that way.  I see myself as realistic with my sellers that the market sucks from their standpoint and if they want to sell they are going to have to be price sensitive or else they will own the house 6 months from now and the odds are very good the price will be even lower.  If I am working with a buyer, I am a screaming lunatic of excitement on why they should take advantange of this market.  Like I said earlier, in a couple of years when the market turns, I will be a hero to people I help pick something up now.

Someone in an earler post mentioned re-tooling.   I think you have to re-tool occasionally, but don't change the things that got you here.  Don't re-tool the service, follow up, attention to detail, etc., but do re-tool your thinking as to where the business is and jump in feet first.  It's not like you have anything to lose. 

Good post, look forward to more. 

Jennifer, here in Western Kentucky I specialize in waterfront property on Kentucky Lake and back in October I kept hearing from buyers, "we're going to wait to see what happens with the election". Then the bailouts started and I heard, "we're holding off", and now I'm hearing, "we're going to wait until the new President takes office".

As far as dollar sales are concerned I've have the best year of my real estate career, but as far as numbers of closings it's not so good. I think that indicates that vacation and retirement waterfront property holds it's value. And although we didn't get *hot* like other areas of the country as this market is more conservative, I'm also worried as to how far this is adjustment is going. I think waterfront property is always a good investment and I'm staying optimistic! Better now than ever!

Jennifer, it is true the market isn't what it once was.  But this IS a time to remain positive if you really love this industry and what you do.  Find other means of income, cut your expenses and when the market comes back you'll be ready and better then before.