Realtor Income Exploration: Crowdsourced Funding for Agent Fees

Introduction:  

The year 1801 marks the beginning of a new century and a fresh start. As we have seen, the 18th century was a momentous one for the United States. It saw the birth of the new country and its attempts to establish itself among the great nations of the world. But the new century is beckoning and filled with promises. For this Time Capsule, we will be looking at the year 1801 and what it brought to the United States and its real estate industry. 

Three Key Points  

1. Thomas Jefferson Becomes Third President: It seems fitting that at the start of the 19th century, the country would also have a new president. In March of that year, Thomas Jefferson was sworn in as the third president of the United States with Aaron Burr as his vice president. The election was not without controversy. 

 There was an electoral tie between Thomas Jefferson and Aaron Burr. Fortunately, this was resolved by Congress and so Jefferson became the highest executive of the country. Because of the problems resulting from the election and the ones before it, the 12th Amendment was passed, which changed the way that the president and the vice president were elected.                                                                                                                                                 

2. Washington DC Is Placed Under Congress:  One of the most curious facts about the capital of the United States is that it is a class on its own. It is not part of any state, and it is not a state itself although there have been efforts to turn it into one. In the year 1801, Washington D.C. was placed under the jurisdiction of the United States Congress through the passing of the District of Columbia Organic Act. 

 The unique nature of the District of Columbia, coupled with its location will make it one of the most valuable locations of real estate not just in the country but in the world. 

3. First Barbary War Begins: The Barbary pirates terrorized shipping, particularly in the Mediterranean Sea. They attacked ships and sold the crews and passengers as slaves. European countries paid tribute to the pirates so that their ships would not be attacked and during the period of alliance between France and the United States the latter was protected by the French Navy. 

When the alliance between France and the United States ended, the pirates started attacking American shipping and demanded tribute. Thomas Jefferson refused to pay tribute and he sent a naval squadron to Tripoli. The United States joined Sweden which had been at war with Tripolitania since the previous year. 

The war was a victory for the United States, and it enhanced its reputation and its fighting prowess. However, the war did not achieve all the U.S. goals since the other allies of Tripolitania would take advantage of the distractions faced by America in the next few years. 

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Headline Real Estate News Stories in 1801 

 The main headline news of 1801 was the presidency of Thomas Jefferson. As one of the most prominent Founding Fathers, Jefferson played a key role during the Revolution and the country’s early years. He was the main author of the Declaration of Independence, the first Secretary of State, the first Secretary of State, and the second vice president. It was expected that he would take the highest office in the land. 

What Historic Real Estate Events Shaped 1801?  

There were many historic events that influenced how 1801 turned out. One was the choice of Washington D.C. as the capital of the United States. That decision would seal the destiny of that area to become one of the most valuable pieces of real estate not just in the country but in the whole world. 

The alliance with France during the Revolution also influenced the events of 1801. That alliance protected American shipping from the Barbary pirates and when that ended, it left it vulnerable to attacks. This eventually led to the Barbary Wars. 

Economic Factors, Supply, and Demand  

The First Barbary War affected the country’s economy. Once pirate activity in the Mediterranean had been neutralized, that would be a major boost for the country’s economy. 

Government Policies and Interventions  

The appointment of William Henry Harrison as the first Governor of the Indiana Territory was an important government intervention of that year. The moves of Harrison as governor were instrumental in building up what would become the state of Indiana. 

Demographic Factors  

The second United States census proved that the population of the country was steadily increasing. That included the population of enslaved, which increased from 694,280 to 893,605 in ten years. 

Societal Preferences and Trends 

The Second Great Awakening was ongoing at the time. It was a protestant religious revival that affected a large part of the United States which lasted for decades. One of the biggest revivals of the awakening happened in August 1801 in Cane Ridge, Kentucky, which drew up to 20,000 people (about the seating capacity of Madison Square Garden). This strong religiosity will be a part of the United States even today.

 Technological Innovations  

Eli Whitney won a contract to manufacture 10,000 rifles for the U. S. Army and demonstrated the advantages of using firearms made of interchangeable parts to Congress. This was the precursor to the American industrial prowess which would propel the United States into superpower status many years later. 

Environmental Factors 

George Perkins Marsh, an early advocate of conservatism was born on March 15, 1801. He would offer insight into how man utilizes and damages nature. 

Cultural Factors 

There were clear-cut gender norms in American society in 1801. Men were expected to be the breadwinners for the family and women were expected to stay at home and take care of the family. It would be several decades before American women would gain firsts in various professions. 

Transportation and Infrastructure    

Jacob’s Creek Bridge was built in 1801. It was the first iron-chain suspension bridge built in the United States and was designed by James Finley. It spanned Jacob’s Creek, just south of Mount Pleasant, Pennsylvania. Nothing of the bridge is thought to remain, but it was a significant milestone for transportation in the United States. 

If the 18th century saw the birth of the United States, then the 19th century would see its rise to the forefront of the world stage. For our next Realty Time Capsule, we will be looking at the events that took place in 1802. 

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For a deeper understanding and look into these topics check out these titles:

Thomas Jefferson

The Barbary Wars