Industry NewsMarkets & Economy

Paying the price for the bubble

Part 3: 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 third part in a multipart series. See Part 1: "Agent leans on experience, Internet"; and Part 2: "Broker counsels agents through slow spell." This is the first recession for most members of the National Association of Realtors -- and it will be the last that some of them will experience as Realtors, says Al Mayer, a real estate coach and industry veteran of 43 years. The trade group's membership grew about 86.2 percent from 1998 to 2007, reaching 1.34 million last year. And about two-thirds of the current members have joined the industry in the past 10 years, said Mayer. Some agents won't make it through this time, he said. "They don't know what to do. A lot of them are thr...