Can I survive as an agent in this market?

How can you adjust and adapt to continue on as the greatest long-term bull market in real-estate history comes to an end?

The first thing you need to do is mentally set yourself up that you need to survive. As the market contracts and sales continue to slow for the next year, more and more real estate companies and agents will be leaving the business. If you can “out last ‘em,” you will be in position to take advantage of the next bull market in real estate ... and there will be one.

You need to adjust your personal lifestyle, curtail spending, and put off any major expenses you were about to commit to. That includes your professional life.

Choose the most effective marketing vehicles. You don’t have to be in them all. Stay away from new publications or magazines - these will be the first to “die off” even if they offer you a fantastic deal or position.

Only work with motivated people: real buyers and sellers. Because you cannot afford to waste your time with people that are not ready to buy today, ask them up front if they are prepared to act immediately if the right home or buyer comes along. Be frank with your sellers: tell them they have to price their homes at least 5% below the last comp to be competitive and have a chance to sell before the next wave of homes come on at lower and lower prices.