I've been reading a lot about the housing crash lately, as it continues to worsen, and am particularly interested because I'm leaving one bubble market, Phoenix, Arizona, to move to another one, Newport Beach, CA.
What I've found, though, is that a lot of real estate agents have emailed me in a panic, wondering what to do now that the market has slowed, and Phoenix and Orange County are no longer the lands of listing a home for sale, and receiving a dozen offers within a couple of days.
Well, my answer is quite simple: Now is the time for you to excel. During the "boom" days, the business was overrun by amateurs looking to make a quick buck. Now they're getting flushed out - resulting in less competition for you - and only the true professionals will continue to prosper going forward. In fact, I had a conversation with the president of a large real estate brokerage recently, who agreed that this is their time to shine, whereas before they were lost in all the buzz.
So, remember, a downturn is an opportunity. I was working in the telecom & IT field during the dot-com bust, and what happened was that most of my competitors were wiped out, leaving tons more market share for me to go out and capture. Remember, smart investors get rich during economic downturns, NOT during the boom times, and likewise, top sales pros prosper and stand out during the downturns too.