A weakening housing market could have you considering a career change, but there are plenty of reasons to hang in there. If you're having a tough time finding buyers and sellers, here are some suggestions.

Explains Stan Ross, chair of the University of Southern California's Lusk Center for Real Estate, passionate, talented professionals are more in demand than ever.

"Don't be too quick to jump out of real estate," says Ross, co-author (with James Carberry) of The Inside Track to Careers in Real Estate (Urban Land Institute, 2006), "It isn't like day trading. You need staying power."

"Some of the most successful people in real estate today started their careers during the last real estate downturn in the 1990s," he adds. "They figured out a way to remain in the business during difficult times. If you're passionate about a career in real estate, and approach it with the right mindset, you can do the same."

But how to develop that staying power? As suggested in my book "The Hottest eCareers In Real Estate ," Real Estate Education Company, you can become expert in a niche such as property management, commercial real estate, new home builder agency, or homebuyer's agency, or investment, among many others.

Property management

Property management is a huge potential area of growth. If one-third of the homes sold in 2004 and 2005 were non-owner-occupied, and real estate sales have slowed dramatically in some areas, these homeowners might seriously need help keeping those properties cash-flowing.

If you were to sell a $100,000 property and split the commissions, you could potentially receive as little as $1000 to $1,500. You could make the same amount leasing the home instead of selling it, with the added bonus that the leasing fee could provide an annuity. If the property leases annually, it's like selling the same house over and over again.

Commercial real estate

Ross also notes that the current housing slump has created the perception that the entire real estate industry is in a downturn. "That's wrong," he says. "Commercial real estate markets are healthy, and companies are hiring."

Owners need leasing agents and property managers to lease space and manage office, retail, apartment, and other buildings. Institutional investors need asset managers to help manage their rapidly growing portfolios of commercial properties. Career opportunities can also be found in fast-growing niche markets such as development and ownership of green buildings, senior housing, student housing, and health care facilities, and in the preservation and adaptive reuse of historic properties. Nonprofit organizations are looking for people to help build and operate low-income housing, homeless shelters, rehabilitation centers, and other facilities, he suggests.

New homes

Homebuilders are offering more incentives to homebuyers than ever before. According to a Wall Street Journal online report, seventy-two percent of home builders say they are meeting buyer resistance to price increases. A survey by The National Association of Home Builders, says that 28 percent of participating builders are offering more incentives at no charge, up from 12 percent a year ago. Seventeen percent of builders are increasing their use of outside real-estate agents and brokers, up from 7 percent last year.

New homes are selling within a normal range with a 6.4 months' supply at the current sales pace. But completed homes for sale were 28 percent of the inventory, which is larger than most builders are comfortable with. Units under construction are 56 percent of the inventory, and units for-sale that were permitted but not yet started represent 16 percent of the inventory level.  

"More than ever, homebuilders need savvy brokers to help market and sell homes and professionals with strong management skills to help run their operations," says Ross.

Buyer's agency

What all sellers want are buyers, but the real estate industry so far has not been as adept at developing buyers as it has been in representing sellers. The MLS is a useful tool, but it can't convince a buyer who's sitting on the sidelines to get into the game. That's your job.

It would be easy to educate buyers at the brokerage level to become first-time homebuyers, investors or vacation-home owners with ongoing seminars, information email blasts, and so on.

The majority of homebuyers seek information on the Internet, but nothing takes the place of a seminar where they can ask questions and learn about topics specific to their needs. Offer home and neighborhood tours that you can plan with other agents to introduce them to great buys. Put lending programs on your website.

Take advantage of the news that the NAR, Realogy and others are putting out -- that now's the time to buy and to sell. NAR has created a campaign to help you work with buyers to show them the advantages of homebuying. Put a link to The Best Time To Buy Is Now campaign on your website. Pass out these helpful homebuyer flyers with your listings. Contact your local media with your latest Market Conditions report to show them what's happening and where the good buys are.

Investment

As I recommended on Consuelo Mack's Wealthtrack , October 27th, 2006, buying a second property for rental is a good idea, especially if you think you might wind up there in retirement. You can learn to skate to where the puck is going to be, to borrow a strategy from hockey legend Wayne Gretzsky. Become a developer and invest in and improve properties for rental and purchase.

Ross suggests obtaining capital from family, friends, or local investors, for example, to acquire a small apartment building. As you gain some experience with property ownership, they might move into development. "You don't have to start as a developer," Ross notes. "You can grow into one."

"People have a lot of career choices in real estate, and their skills are portable," Ross observes. "And with the variety of real estate educational programs available today, from community college courses to graduate programs, people have more opportunities to broaden and refine their skill sets. Those with strong financial skills are much in demand."

"The point is that there are many opportunities in real estate for those who are passionate, dedicated, and determined," Ross concludes. "Five years from now, those who stayed in the game will be glad they did."