|
|
| Real estate agents meditate to cut stress of slump By: Paul Owers 06/25/08 Nearly 20 real estate agents walked through the wooden double doors of a $2.85 million house this week, but they weren't there to make a deal. They came to meditate. Illustrated Properties of Palm Beach Gardens brought in meditation specialist Mordy Levine to teach agents how to manage stress, an increasingly helpful skill as South Florida's housing slump rolls through a third year with no clear turnaround in sight. "Meditation allows you to slow down your mind, calm your thoughts and reduce the punch that a lot of negative thoughts have," said Levine, 49, who teaches meditation and yoga in Boca Raton. Chappy Adams, president of Illustrated Properties, said he figured the hourlong session would be well received, considering that the region's depressed housing market is taking a toll on those trying to make a living from it. "Sellers are stressed, and buyers also have it tough because lending requirements are much harder now," Adams said. "My agents are getting beat up worse than ever." During the housing boom of 2000 to 2005, South Florida properties sold quickly and for top dollar, leading to lucrative paydays for agents. But many are struggling or even switching careers since the market collapsed. This area benefited perhaps more than any nationwide during the go-go housing days, but now is enduring its worst slump in decades. The median prices for existing homes have plummeted in Palm Beach and Broward counties 26 and 24 percent, respectively, since peaking in late 2005. The growing number of mortgage defaults and foreclosure sales is adding to the glut of available properties. In the Miami metropolitan area, which includes Palm Beach and Broward counties, properties stayed on the market an average of 152 days, by far the longest in the nation, according to a May report released this month by real estate firms Altos Research LLC and Real IQ. Illustrated Properties agent Mark Lang, who attended the meditation session, said he loses sleep and feels stomach pains as he tries to keep deals from falling apart. "Once we're in contract negotiations, the stress levels are highly elevated because of buyer and seller demands that were not typical in a normal market," Lang said. During his presentation on Tuesday, Levine talked about the importance of daily meditation and then showed the agents how it's done. He introduced three sets of breathing exercises, encouraging the agents to close their eyes and inhale and exhale. He then told them to observe their breathing by focusing on the rise and fall of their abdomens and the air passing through their noses. Illustrated Properties agent Kathi Beaton said she's looking forward to the benefits of meditation: feeling more confident and at ease and not showing the daily stress she faces. Colleague Amy Schrader, who moved to the area about two years ago, said she was eager to learn from Levine because she often catches herself worrying about work. "Sometimes I feel like I'm not making the contribution I want to make," Schrader said. "This will help me cope better with the changing market." Illustrated Properties president Adams said he's open to holding additional meditation sessions for more of his brokers. The firm has 550 agents in 17 offices from Palm Beach to Indian River counties. In fact, more companies should find ways to help workers deal with the uncertainty that comes from the gloomy economic outlook, Fort Lauderdale clinical psychologist E. Carol Webster said. "Any strategy that helps employees manage stress is going to be beneficial for the employer," Webster said. "The more preoccupied you are, the less productive you can be." *** |