Real Estate Professionals Feeling Brunt of Recession

The effects of the housing crisis are widespread, but nowhere do they hit home more than in the real estate community.
Eighty-eight percent of real estate professionals in a recent survey said they have lost money since 2008 or are living off significantly less income. Many are dipping into savings to make ends meet.

The survey of more than 800 real estate agents and brokers across the nation, 99 percent of whom claim real estate as their primary employment, was conducted in January by insurance company Entitle Direct.
More than half of real estate professionals – about 61 percent – said they feel the financial crisis has impacted them more than their friends and relatives who work in other industries.
“Our survey shows that both personally and professionally, they have had to make significant sacrifices to adapt to the new environment,” said Paula DeLaurentis, chief marketing officer of Entitle Direct.
With the majority of agents and brokers stating they have been “negatively impacted” by the crisis, 20 percent are working second jobs.
Nine percent have had to sell their homes, and another 9 percent lost their homes to foreclosure.
According to more than half of those surveyed, the difficult environment has made the real estate field a more competitive one; 60 percent of respondents said the field is “much more competitive.”