I've seen the media reports go from a housing upturn from 2008 to 2009. Ivy Zelman, award winning housing analyst, who corrected predicted the current housing slump, says prices may keep dropping through 2010 or 2011!
With less sales, and getting even less, and dropping prices, how have you modified your business plan? Have you been subsidizing lower income by taking from your reserves, savings, IRA or putting expenses on your credit card, expecting a turnaround soon? What if it doesn't turn around until 2010 or 2011? By then you'll be past Plan A and Plan B - what is your Plan C?
Plan D.
Live in one of the many vacant houses on the market - or maybe even contact the owner and have them pay me to live in it because its less likely to get vandalized if I'm living it.
Go to the open houses where the Realtors are serving food to get my meals.
Solicit title officers promising them my business (if/when I get it) and remind them I could use some theater and car wash tickets in the mean time.
Christine - Glad you're thinking. Wishing for 2 or 3 times more listings may not be the answer - with every listing you have marketing expenses and you have communication responsibilities. Do you want those if the listing isn't priced to sell or if the sellers aren't appreciative of your professionalism? Some "hobby-ists" are leaving the business, others are devoting less and less time to the business. The problem with many organizations is that their budget is based on the number of members rather than the quality of members ....
Randy - it appears to me that many agents are already using Plan D. Several years ago I knew an agent who was known to "camp out" in his vacant listings. Perhaps an alternative would be to hire out as a Home Manager for a company like Show Homes.
Sharon Simms, Real Estate Agent selling homes in St. Petersburg, Florida, the Gulf Beaches and the Tampa Bay area.