As Real Estate Market Slows Weaker Agents Leave the Field
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As the real estate market slows down in many parts of the country from it’s torrid pace the last 5 years, many of the lesser agents are getting out of the business. I remember a phrase my father told me about stockbrokers that also applies to real estate agents. “In an upmarket everyone is a hero, it is when the market turns south that we find out who the smart people are.”
So when the easy money of list it and they will come is gone, many of the lesser agents are not going to be able to make a living selling homes. But those that are dedicated and have invested in building their business will be able to ride out the downturn and find that when the market turns around they are poised for even greater successes.
Peter Morici, economist and professor at the University of Maryland’s Robert H. Smith School of Business, views the downsizing of employment as a good development.
“Over the last year or so, we probably have not been getting overly qualified people,” he said.
Therefore, as business volume continues to drop, the weak will get weaker and the strong will get stronger. “When things shake out it is going to be the better sales men and women that will stay,” he said. “They are the ones who have built a reputation over time.”
Eloise Johnson, a broker and senior vice president at Halstead Property, realizes that the housing market is cyclical in nature, which is why she has stayed in the business for more than 20 years.
“Real estate always comes back from any slowdown or recession and goes on to achieve higher levels,” she said. “It is important to remember that while a slowdown can be difficult for many real estate brokers, it also can be an opportunity to build a business.” via MSN Money.
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