As a real estate agent, you’re in a unique position. You know the ins and outs of buying and selling properties, and you can help your clients make good decisions. But with so many other people offering similar services, can Realtors make a living in a downturn market? Here are some ways you can do that:
There are circumstances in which agents can make make a living in a downturn market
If you’re an agent with a good understanding of the market, and if you’re able to effectively show properties and negotiate with buyers and sellers, then yes—it is possible. But even then, it’s still not common. You’ll need to be able to manage your time well in order to keep up with all of this while staying on top of paperwork and taxes.
You can build up a client base in a downturn market if you invest time in showing properties
You can build up a client base and have a steady income if you invest time in showing properties. The key is to find something unique about yourself that makes people want to work with you in order to get that service. For example, if you’re an expert on certain neighborhoods or types of houses, make sure everyone knows it! If not, then consider learning more about different neighborhoods and types of homes so that people will know they need your help when searching for those things.
Focus on building your rent role as a sustainable source of revenue
As a real estate agent, you can make money by helping people buy and sell properties. But if you want to be successful over the long term, consider adding another revenue stream: renting out homes.
Real estate investors have realized that rents are a more stable source of revenue than home sales. After all, prices can fluctuate wildly in markets with high demand or low inventory—but rents almost always rise over time as tenants’ paychecks increase with inflation. In fact, rental income often makes up 45% or more of your total income as an agent—which means your most reliable way to grow on each deal will be by growing your rent role as a sustainable source of revenue.
To do this successfully, you’ll want an experienced property manager who knows how to screen tenants thoroughly and doesn’t try their hand at “creative” accounting. This is especially important because bad tenants can put significant stress on your finances and cause headaches like broken appliances or eviction proceedings!
Investing in a marketing strategy is a good idea, since it will keep you top of mind with your target market
Investing in a marketing strategy is a good idea, since it will keep you top of mind with your target market. Many agents who haven’t invested in this area have found that they’re competing against too many other agents and are having difficulty getting their name out there.
There are several ways that you can market yourself as an agent, including social media, advertising and networking. The key is to find what work best for you and your target market so that the time spent on marketing doesn’t take away from what you do best—selling real estate!
While many people think of marketing as something they do once or twice a year at most, with the right tools it can be done easily without taking away from your normal responsibilities as an agent.
Real estate agent success is mostly about finding the right niche for your services and sticking with it
The first step to becoming a successful real estate agent is finding a niche for your services. If you are active in the community and have experience in real estate transactions from previous jobs, there’s a good chance that you already have some idea of how you want to help people—perhaps by helping them buy or sell their homes, assist them with investment properties or develop creative ways to use their assets.
If so, then you should begin by figuring out how much money you want to make and what kind of lifestyle it will afford. Then consider what kind of schedule would support this level of income—will it require long hours? Or maybe just some part-time work? Will being on call constantly be necessary? Once these elements have been established, it’s time to put together your marketing plan.
Consulting with experts in each area (advertising/PR firms; web designers; etc.) can help guide you through this process if needed – but keep in mind that building an effective brand involves more than just creating great images for social media posts! It also means finding ways to position yourself as someone who understands both sides of selling/buying houses: buyer’s perspectives as well as seller’s perspectives – which may mean developing relationships with other professionals such as lawyers or accountants who specialize in different aspects related specifically towards home buying/selling needs.”
Real estate is a tough industry to break into, but it’s not impossible. If you’re willing to put in the time and effort required to build up your client base, it’s possible that you can make a living as an agent. While there are certainly cases where agents have made good money through commissions, most of them probably wouldn’t recommend doing so without other sources of income as well.