How Real Estate Agents Make Money When the Market is Slow
When the housing market is slow, it can be tough to make money as a real estate agent. However, there are still many things you can do to bring in new clients and close sales. In this blog post, we will discuss some simple strategies for making money when the market is slow. Keep reading to learn more!
My name is Evie Brown, and I’m a licensed REALTOR® in the Phoenix, Arizona area with almost 18 years of experience in the real estate industry. My goal is to help as many agents as possible to get the knowledge they need to succeed in their careers. If this is your first time here, thank you and welcome to my blog. I write around four or five articles a month with various bits of information, so make sure to come back again from time to time!
There are still plenty of ways to make money as a real estate agent, even when the market is slow. You just have to get a little creative. Here are a few ideas:
- Rent out properties – This is a great way to generate income, even when the market is down. By renting out properties, you can still make money while waiting for the market to improve.
- Sell other services: If you’re not selling homes, you can still sell your services. Offer home staging, home inspection, or even just general consulting. There are always people looking for help when it comes to their homes.
- Get involved in short sales: While this may not be the most glamorous option, it’s another way to make money in a slow market. By getting involved in short sales, you can help people avoid foreclosure and still make a commission. Personally, this would be a last resort for me, as I’m not big on short sales. Some Real Estate agents find short sales to be a niche they fill quite nicely, however.
Regardless of how fast or slow the housing market is, the one thing I always recommend is continuing to expand your network of relationships with others year-round. The more people you know, the more likely you’ll come up in conversations where someone is looking for a real estate agent. If someone is looking to buy or sell a home and the person they’re talking to says “oh my gosh, I know just the person to help! Their name is”, you want your name to be the next thing they say. This is the power of networking, and I’ve written an entire blog article about it that you can read here. This is really the best option to avoid downtime, regardless of the housing market conditions.
So, there you have it! A few ideas on how to make money as a real estate agent, even when the market is slow. Just remember to be creative and think outside the box. There are always opportunities out there for those who are willing to look for them.
Do you have any other suggestions? Let us know in the comments below! And if you’re looking for more tips on how to be a successful real estate agent, check out our blog. We’ve got plenty of great advice, just for you!