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Broker counsels agents through slow spell

Part 2: Lessons learned in past downturns

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Editor's note: Inman News is talking to agents and brokers who have persevered through past real estate cycles and is offering their perspective on business strategies that they have used in past cycles and those that they are employing in the current market downturn. This is the second part in a multipart series. See Part 1: "Agent leans on experience, Internet"; and Part 3: "Paying the price for the bubble." While the impacts of the global credit crunch may be unavoidable, Spokane, Wash., tends to be insulated against the most extreme peaks and valleys in housing cycles, said Ken Lewis, who has worked as a broker for the past 42 years. "We're hurting like everybody else, but not nearly as bad," he said. And while the market has slowed down, "This is not the worst I've seen," said Lewis, broker for Prudential Spokane Real Estate. "It's slow, but it's not terrible." The real estate downturn during the late 1970s and early 19...