Do you get a part-time job? This is something that a lot of realtors are considering right now or have already done and I want to talk to you about it because there’s some dangers involved for the long term of your career in real estate. I’m Anthony Lamacchia with Crush it in Real Estate and I want to talk about this somewhat dicey topic that is happening during a bit of an uncomfortable time for everyone in real estate.
This is a historically bad slowdown in real estate. There’s undoubtedly a housing recession going on in sales, not in pricing. That’s what’s different than 2008. Why is that happening? Interest rates are high, dramatically less sellers want to list their home, and truthfully, I can tell you and you probably saw me somewhat bragging about it in a prior video, rates are going higher. This is late August 2023. Rates are definitely headed up here in the next few months, and they’re going to be up for a while. This is not going to end overnight. What do you do? What do you do if you’re doing less business? Well, I first want to say, look, if you have no choice and literally you’re worried about putting food on the table and you need to get a part-time job, go ahead. Do what you have to. Do what’s necessary to feed your family.
If you’re still in the consideration phase, if you’re still in the phase of looking over the horizon saying, “I might need to,” let me point out a few things to you. Getting a part-time job, let’s say it’s 10 or 20 hours a week for some steady income, you could take that 10 or 20 hours a week and add it to your real estate business, add it, make more calls, make more dials, reach out to more people, be in touch with more people, get more training. Make sure that you are converting almost all of the at-bats that you have. Okay? You can apply those hours in your current business as opposed to, “Well, just get a part-time job. It’s easy.” Folks, nothing is easy. If you want to build a career, you want to build a business, it’s not easy, okay? Take that energy, take that effort, and put it into growing your existing business or getting your existing business back to where it was.
It’s true. Two years ago, you probably could work 40 hours a week and sell 25, 30 homes a year, and it wasn’t that difficult because many people were coming to you. Now, instead of working 40 hours a week, you have to work 60 or 70 to do the same amount of sales. Well, tough shit, folks. That’s life. It’s not easy. Those extra hours, take that time that you would put in another job, put it into real estate.
Getting the part-time job also truthfully hurts your real estate business to some extent. You’ll likely see people you know, they’ll become aware of you working another job, and they’re far less likely to call you when they want to buy or sell a home. They’re just not going to. Put yourself in their shoes. Do you want to work with a full-time professional or do you want to work with someone who’s doing it on the side? That word will get out. Try to contain it if you can, but it likely will get out in some capacity and it’ll distract your brain and take up time. Think about that folks. Strongly consider before you go down that road of getting a part-time job. This situation will not be here forever.
Is it probably here another year, year and a half? Yes, I think it is, but that’s not forever. Those that make it through, those that get to the other side will absolutely dominate because there’s going to be so much pent-up demand, and by the time that pent-up demand starts working its way out, there’s going to be less realtors in the business. No question about it. Will you stay? Will you stay focused? I hope you will. Good luck. All the best. Stay tuned into Crush it in Real Estate because I’m here to give you tips all along the way. Best of luck.