Because of adverse market conditions, many real estate agents are deciding not to renew their real estate licenses. They will be going back to so called 'real jobs'. With most of the amateurs leaving, it leaves more options open for the serious, professional real estate agents. So think back to the famous song: "When the going gets tough, the tough get going".
It is still possible to prosper in the current real estate market, despite of a slow housing market and the foreclosure boom. It just takes the right mindset and the skill of focusing on what's important right now.
Basically, as a real estate agent in the current market, you have a few options. One of them is to quit. Of you haven't been serious about the business and haven't been making money in the good times, quit. If you were not making money before, you are not going to make it now. If you are serious about this business however, it's time to focus on niches in your marketing. Find out what niches you can serve in today's economy. There are always profitable areas.
Marketing is always the most important skill for an entrepreneur and especially in a crisis. Now is the time to work on your marketing skills and scoop up some market share that's available because your competition is quitting left and right.
Pick a niche in the real estate field, make a marketing plan and start doing the work that's necessary. There is always opportunity, even in times like these. Now go out and sell something!