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Roadmap to Recovery: Essay

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

Editor's note: Inman News readers have embarked on a Roadmap to Recovery editorial project to find the best path forward for the real estate industry. Click here for more details. The following is a contribution by Michael Volkin, president of Area Pro Realty. There is no doubt about it: As real estate professionals we are experiencing a perfect storm. A collision of a credit crisis, falling housing prices, financial bailouts, and a housing market with no foundational support. America is literally reinventing itself. Unfortunately, given the magnitude of these events and the policies that must be instituted to reshape them, we are reinventing ourselves reactively rather than proactively. Future generations will reference the events that have shaped the real estate community during these recent years as the worst in decades. As a result, the business model that is still adopted by today's real estate brokerage will have to be reinvented as well. The old real estate brokera...