Win Big in 2010

Education & Training with Mayfield Real Estate Inc. 1999901491

I believe 2010 will be a "BIG" win for many real estate professionals around the U.S.  Why, you might ask?  Supply and demand is the basic principal that my theory is based upon.  I'm beginning to see (and hear) about more and more agents who are bailing out of the business prior to 2010, opting to not pay association dues.  Basically they're giving up!  I witnessed this same scenario in our board back the mid-80's, and what happened was a reduction of many real estate agents, and the re-entry of many buyers who realized that the economy was not going to change for a few years, and if they wanted to buy a home now was as good a time as any to begin shopping.

Here's what I think is about to happen in our industry in 2010:

  1. Many agents won't continue to wait for the market to fully rebound, and decide to leave our business.  Fewer agents, means less competition in most markets.
  2. Many buyers have set on the sidelines thinking the economy would rebound after a few months, and now realize it may be a few years before everything fully recovers.  Like most of us, putting off purchases we want to make can only be done for so long, so more and more buyers will get back in the game.
  3. Many defaulting buyers from a few years ago have learned to repair their credit, save money and have learned to operate responsibly financially.  This will open "some" new opportunities for potential buyers in many markets.
  4. The economy is slowly in recovery mode (I'm not a fan of many or our government bail-out decisions) and we should see growth in many parts of our country.
  5. Seller's are becoming more willing to work with on lower offers, and prices have fallen to more affordable areas in most markets which should produce more sales.

Although I'm not an economist, I did work through the 1980's as a young real estate professional, and we witnessed these same principals during that time.  Here's the bottom line.  Hang on and don't give up!  I think we've almost turned the corner (and in some locations have turned) and business should pick up for most of us in 2010.  Although it may not be back to full throttle for another year or two, the reduction of our competition and the other ingredients I mentioned above should make for an exciting 2010.

If anything, I hope this post is a motivator and encourager for you to keep going just a little longer.

Comments (7)

Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

John, your points are valid. Let's see what happens and here's to a prosperous 2010. Have a good Holiday!

Dec 21, 2009 11:47 PM
Maria Marriott
Executive Properties - Roseville, CA
Realtor -

John: It will be a great year! We just need to make it day way! All The Best ~

Dec 21, 2009 11:54 PM
Craig Richardson
National Realty - McLean, VA

John, I agree, this is a game of perserverence right now.  As a friend of mine said recently, put on a helmet because it's going to get a little rough.

Dec 21, 2009 11:55 PM
Phil Graves - Orem, UT
Utah Buyer Agent

John - 2010 is poised for those ready to make an impact.  Thanks for your writing!

-Phil Graves-

Dec 22, 2009 12:00 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

We know that 2010 is our best year to come EVER EVER.....and are ramping up to prepare for it....!

Dec 22, 2009 12:03 AM
Jerry Hill
Hill Realty - Bryant, AR

John, I think you are right.  Our Association recently went up on dues to compensate for the loss of members.  Those same losses have been realized in the number of real estate licenses issued and has also impaced on our MLS.  There are still new agents getting into the business everyday, but if those of us who have experience are having trouble in the current economy, the question is how long can a new agent hang on before they just have to give up.  I think most of them are hanging onto the hope that you have so well explained, things are going to get better and there is less competion. 

People will adjust to the economy of 2010 because they really have very little choice.  When people realize the market of a few years ago is gone and will not be seen for a very long time, they will adjust.  I think that Buyers and Sellers will realize that waiting a few more months is really not going to make that much difference. 

Jan 20, 2010 02:08 AM
Liz Lockhart
Riverbend Realty, Cape Girardeau, MO - Cape Girardeau, MO
GRI, Cape Girardeau Real Estate

Our association dues went up this year, also, in an effort to replace the revenue lost when so many agents gave up the ghost.

John, from the vantage point of September, what kind of year do you now believe it has been?

Sep 02, 2010 12:02 PM