Real estate agents and the housing market
I received a sad email today from a real estate agent in the Charleston South Carolina real estate market.
I'll make it anonymous.
"Just letting those successful real estate agents out there know that we have reduced our personal home to $XXX. We are in a bit of trouble, and need it sold. It is vacant and ready for the new owners. Please, please if you can help and have any clients in this price range, please show our house before it is too late."
I wrote a few weeks ago about hearing of real estate agents in the Charleston South Carolina real estate market refinancing their homes so that they could pay their bills. Many are taking on full time jobs and are working only part time in real estate because it is more important to pay their mortgage and put food on the table for their families. Other real estate agents are looking at their annual dues statement and deciding to not renew their real estate licenses for the coming year.
It is both sad and troubling but not totally unexpected.
There certainly are a lot of homeowners who are in trouble financially from poor mortgage decisions. But many real estate agents are in financial trouble as well due to the slowing housing market. Because the inventory of homes for sale in Charleston has increased and now take longer to sell and the number of buyers has declined while the number of real estate agents has grown significantly in recent years, many Charleston real estate agents are finding that the market to be too competitive to earn a living.
Some real estate agents got in during the height of the housing boom and don't know how to deal with a housing slowdown. Others sold a few houses to the friends, neighbors and family and never learned what they had to do to be successful in the real estate profession. Still others thought it would be easy money. Some didn't realize that it takes hard work to be successful. 
All were wrong.
I am very thankful that I am doing well despite the current market conditions and my heart goes out to those who aren't so fortunate.
But the most important thing for a Charleston real estate consumer is to know that the real estate agent that they select to represent them in the purchase or sale of their home is a real estate professional who will work diligently on your behalf and is available and accessible.
It's your money, please choose your real estate agent wisely.