The economy’s not just in a downturn. It’s in transition. The rules of the game are changing, industries are transforming, and many jobs don’t feel so secure anymore. This spring, WPLN’s Kim Green is collecting stories of Tennesseans who are learning to survive and adapt to an uncertain marketplace, and an economy in flux.

If you have a story of transition, tell us about it. We may post some of your experiences on our website or use them on the air. Send your emails to [email protected]

 

Money to Burn

Wagner in his loft

The mid-2000s were salad days for real-estate agent Rob Wagner. In his peak years, around 2004 and 2005, Wagner recalls making four or five sales a month. “And I remember selling like a 2.8 million-dollar home,” he says. “It was an amazing feeling.”

Wagner says he didn’t worry much about the future because he was successful. He spent lots of money—in cash—because he had it to spend. “I had a Mercedes Benz SUV, I had wonderful clothes,” he says. “I didn’t even care how much dinner would cost or the bottle of champagne would cost.” It seemed as if the flow of money would never end.

Downsizing

“And then ‘bam’ it just kind of stopped,” says Wagner. Things got very quiet at his real estate office.The phone calls came less and less frequently. “I started seeing my peers take on part-time jobs to make ends meet,” he recalls.

Wagner isn’t one to wait and hope for matters to improve. “I got proactive,” he says. He decided to sell his 3,000-square-foot historic house in East Nashville and renovate an old 1890s drugstore building he owns in Chestnut Hill. He moved in. “You can see Sounds Stadium,” he says, gesturing out the window as a train whistle wails. He also owns the building next door as a rental property. “People aren’t buying as many homes today in this economy,” he says, “but they are renting, and my property has been a wonderful source of income.”

Wagner’s 1890s drugstore

Financial Reality Check

Wagner on his back porch

For the first time in years, Wagner has accumulated credit card debt, which started to pile up as his real estate commissions spiraled down and down. That’s what led him to take a second job, doing marketing and advertising sales for a commercial radio station. “I didn’t ever think I would need a second job,” he says. “I thought I would retire a wealthy person.”

He’s reprogramming himself to use cash again, he says. Because he doesn’t think the 2005 real estate boom is coming back anytime soon, if ever. But he isn’t complaining. “I am not suffering,” he acknowledges. He feels lucky to have two jobs when others don’t have work at all. “I may not have that Mercedes anymore,” he says. “And I may not have that huge home, but I’ve got a great downtown building that I love. I’m happy.

“Some people are not as fortunate. Some people have hit rock bottom. I feel that I’m one of the blessed ones.”

Rob Wagner, real estate agent

If you have a story of transition, tell us about it. We may post some of your experiences on our website or use them on the air. Send your emails to [email protected]

“Transitioned” Series Page