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It’s no secret that 2023 was a tricky yr for a lot of actual property brokers.
Rising mortgage charges despatched consumers and sellers scurrying, stock was tight and residential costs held excessive. Within the face of those opposed situations, brokers had been left looking for methods to maintain property shifting and guarantee their very own earnings.
George Williams | Key Realty
For some actual property brokers, that meant leaning extra closely on a partner’s earnings. Take George Williams of Key Realty LTD in Maumee, Ohio, who instructed Inman that he strongly thought of selecting up some sort of job on the aspect this yr as a result of all the things was shifting so slowly. Thankfully, his spouse who’s employed full-time was capable of help their household of 4 on her earnings. Now, he mentioned, the market is definitely selecting up, so he feels extra assured going into 2024.
However for different brokers who couldn’t essentially depend on a partner or different member of the family’s earnings this previous yr, it turned time to discover a new aspect gig to make ends meet. Sadly, due to the stigma typically related to aspect gigs as an actual property agent, some brokers had been hesitant to speak to Inman for this story.
Nevertheless, a sluggish market is an actual concern brokers should face — and there’s no disgrace in committing to short- or long-term options to supply your self with a gradual earnings.
That’s the place Uber, DoorDash, running a blog, printing and different aspect hustles got here into play. As a result of on the finish of the day, actual property brokers are hustlers and entrepreneurs — and these are the alternatives they latched onto when 2023 bought tough.
Running a blog and content material technique
Erin Hybart | ReErin
As Erin Hybart watched the market take a flip initially of 2023, she determined it was time for her to make a plan to steadily transition out of working as an actual property agent.
“I began a weblog in June 2023 to slowly pivot out of actual property as a result of I see the place the actual property trade and the housing market are going,” Hybart mentioned. She was able to have extra of her earnings come from a supply that wasn’t so reliant available on the market.
By creating her weblog, which is targeted on various housing choices and tiny house dwelling, Hybart shaped expertise in search engine optimization, content material technique and affiliate marketing online whereas sharing informative posts about a few of her passions in housing. Now, Hybart can be capable of rent herself out in these ability areas to different people and generate income doing so.
As soon as she scales these companies up sufficient, Hybart mentioned she intends to maintain actual property in her life as a referral enterprise.
Print companies
Yelena Bally and her accomplice, Nick Myrben, are each actual property brokers in better Bellevue, Washington. When enterprise slowed down earlier this yr, the couple knew they wanted another sort of extra earnings, in order that they determined to take a number of the expertise they’d developed as brokers and funnel them into new earnings streams by opening their very own print store, Your Neighborhood Print Store.
The couple’s store handles jobs like print advertising and marketing, unsolicited mail and graphic design throughout all types of industries — together with actual property.
“We had no background [in printing] and needed a means to assist different brokers since I’m nonetheless a full-time agent,” Bally instructed Inman. “We opened final March once we knew each of us wanted one thing on the aspect.”
The gig permits them to proceed their actual property enterprise and the advertising and marketing expertise they’ve developed via it whereas bringing in more money and offering a service to different brokers of their group.
Uber driver
The pliability that drive-for-hire gigs like Uber or Lyft provide makes it a useful gig for actual property brokers who nonetheless need to have the ability to find time for purchasers at any time when vital.
Joseph Magsaysay of Globl Pink at Actual mentioned on Inman Coast to Coast’s Fb web page that it is a gig he’s seen agent buddies tackle within the final yr. Brokers can select their very own hours (drivers are at all times in demand), and earn ideas as nicely, which is an added perk.
Actual property workforce assistant
Brokers who had been maybe a bit extra hesitant to tackle work that was too far outdoors of the trade regarded to busy and/or giant actual property groups this yr to see how they may apply their expertise to the workforce — and bump their earnings whereas doing so. That is one other technique Magsaysay mentioned a few of his buddies had turned to in the course of the market shift.
Some brokers took on a transaction coordinator position, whereas others served as displaying brokers at listings or open homes. Regardless, they saved their toes moist inside the actual property trade, even when transactions for them personally slowed down.
Bartender or restaurant employee
Joseph Magsaysay | Globl Pink
Jobs inside the service trade, together with bartenders and different restaurant employees (managers, waiters, hosts, and many others.), are intently aligned to the position of the actual property agent. Maybe that’s why a few of Magsaysay’s agent buddies took on these gigs as nicely over the course of the final yr.
Actual property brokers are service-oriented and sometimes go above and past to assist their purchasers. These traits are additionally naturally useful in restaurant and bar settings, industries that proceed to wish extra employees as they rebound from the pandemic.
“These are only a few [side gigs agents have adopted,] Magsaysay mentioned. “Let’s normalize serving to one another. There must be no disgrace in having a aspect gig. On the finish of the day, we’re all entrepreneurs. Which means we’ve got a number of companies. Uber is a enterprise. [I’m] right here for you if you wish to brainstorm. You bought this! Glad Holidays!”
