Credit crunches or financial crises have great impacts on many industries. And the most evident field that suffers from it is the real estate market. This financial mishap has been around since free-market trading began. It has affected real estate markets all over the world that led to bubbles, meaning there has been a surge in equity prices followed suit by drastic price drops. The main result of these economic cycles in real estate if currently manifested through massive foreclosures and bankruptcies.Early indicators of market crashes occurred in the 1980s. The United States has been one of the primary areas where saving and loan crises occurred. There had been massive deregulation in the financial industry when savings and loans started having higher interest rates even on short-term deposits. There had been risky investments on questionable deals. Such situations transpired as bull markets of the 1980s seemed appealing for investors.These bull markets are initially characterized as reflective of an investor’s confidence in buying and dealing. But then again through the savings and loans high interest rates at that time, losses began to unfold. The United States’ federal government had then formed the Resolution Trust Corporation or RTC which was initially organized to salvage investors’ miscalculated real estate property buying and selling. RTC somehow prevented further financial collapse among industries, especially the market. However, at the onset of early 1990s, there are already over 500 savings and loans that were suffering from recession.Furthermore, the United States’ credit crunches in terms of property equities suffered gravely. There had been too much property valuations and overconfidence of real estate key players, particularly the optimistic investors. The RTC efforts to rescue the industry may have had fostered some help but the losses remained to be one of world history’s greatest bull market failures.Japan experienced the same failures. Although the credit crunches in this country were less drastic, the aftermath was of inferior quality. The bubbles experienced in Japan even resulted to the great depreciation of the real estate properties underneath the Royal Palace in Tokyo. Still during the late 1980s, the said real estate property locations amounted to have worth excessive than those in the entire property valuations in California, USA. When prices eventually dropped, the Japanese markets have seriously affected the country’s banking system. Japan’s economy was then enforced to have a prolonged recession. In fact, the Japanese stocks as the country’s 2008 economic status revealed that these were more than 75% decreasing than the highest stocks of 1989.As of today, the United States has been suffering from here and there housing bubbles. California, Nevada, Michigan, Florida and Arizona are only of the few states that have suffered from declining real estate markets due to financial blows. California alone had ten cities included in nationwide’s worst housing markets.The real estate crises are experienced both in commercial and residential sectors. The credit crunches are experienced through mortgage delinquencies and widespread foreclosures. Although there have financial augments like the federal tax credit for first-time home buyers, credit crunches and bubbles still continue to affect real estate markets and financiers. Without much government assistance in terms of financial aids, then the market would continue to experience failures.

Becoming a great real estate agent is an ongoing process and you will be a perpetual “work in progress” (WIP). Your WIP begins from the moment you decide to become an estate agent, complete your basic real estate education, obtain your real estate agent’s license, and become affiliated with a real estate broker/agency. Hopefully, you remain a WIP throughout your real estate career.Personality speakingIf you haven’t already decided what type of personality you have, now is better than later in your quest to become a great real estate agent.The person who needs a predictable daily routine will probably feel uncomfortable with the variability and unpredictability of real estate work. Do you need predictability?Great estate agents enjoy working with people – on the phone, via email, face-to-face, in groups, and one-on-one. Becoming an estate agent is not a therapy for overcoming shyness and introversion. You have to want to work with people to help them solve their property-selling or buying problems.Time management and attention to detail are talents in some agents; others learn to master these skills. A successful agent’s hours are filled with administrative and income-driving activities that require effective time management. Study and learn from those agents (and others) who skillfully manage their time.Many people claim they are detail-oriented but you must be detail-oriented. Your clients and your business success depend on your being detail-oriented. If this is a weak point in you skill set, consider hiring an assistant who is skilled at managing the details. This does not relieve you of improving your detail skills but good support can help you manage more effectively.Education now, later, ongoingFirst, get a good real estate education and your license. Next, find a good mentor – an experienced broker or other salesman with integrity as well as real estate accomplishments. Find ways to be of assistance to your mentor, helping with tasks or open houses, preparing advertising, etc.Attend seminars and courses. As a licensed agent, you are required to complete continuing education courses so make the most of every industry-related course, including those related to estate technology.Congratulations on receiving your real estate agent’s license. Now, start planning to get your broker’s license. Yes, this means you will have to have at least two years’ experience as an agent, AND more study. The benefits? You may receive higher sales commission percentage splits, be able to open your own brokerage office and keep all the commission, become a property manager if you choose, sell and broker loans, and more. Ultimately, you offer more skills and knowledge to your clients.What else?Clients expect their realtor to communicate regularly with them, using the forms(s) the client prefers (fax, phone, text, email, or a combination of modes). Returning calls and messages as quickly as possible can be the difference between a good agent-client relationship and one that is merely satisfactory or totally ineffectual. Make sure you have, or develop, excellent communications skills.Many agents cited additional qualities and skills important to becoming a great real estate agent. In their estimation, a great agent should be:

Collaborative

Curious

Action-oriented

A self-motivated entrepreneur

A “hub of resources”
Legend has it that the actor born Archie Leach built a persona very different from the reality of his difficult and painful childhood. He borrowed qualities of behavior and style and patched them together, “wearing” that persona until it became a reality. He became a sophisticated, elegant and talented person and performer. Archie Leach became Cary Grant.You might become a great estate agent by building your own persona much like Archie Leach did. Study, observe, add knowledge, skills and talents, and refine existing ones. Continue to be your own best WIP, and best wishes for your success.