Hey, gang!
This is troubling, and I wonder if it is happening around your market as well.
In a nutshell, I know of several heretofore successful, Top Producing Realtors, and some lenders, right here in the City of Chicago and the suburbs, actually taking full or part time jobs to supplement their income in today's weakened real estate market here.
A few others are using their entrepreneurial knack to generate income - anywhere from handling apartment leasing and property management, to selling products as independent reps (without actually purchasing the inventory) on the Internet.
Those who have become employed have taken on sales or banking jobs - not making much money, I would assume. But perhaps they are bringing home a bit of income to help keep things stable.
I'm not talking about the non-committed or part time non-performers here. I'm talking about a few of those with a moderate to longer track record of success, now apparently frustrated, and getting tight on funds.
Anything like this going on where you live and work? Please share!
DEAN & DEAN'S TEAM CHICAGO
Dean - I was surprised to see a fairly consistent producing agent working at the gym I go to here in west Hollywood (Los Angeles) He was on the front desk. We chatted and he said he needed the cash flow to tide him through this lean period in the market.
Hi Dean~
I'm not surprised. I took a temp position a little over a year ago, about 4 months after the worst month I've ever had in real estate. Thankfully, bringing home a paycheck has allowed me to stay in it and to keep helping my clients, the few I do have. I think it's "do what you have to do to stay in it", whether you're at the top or just starting out. It's a strained market to say the least.
Yes, it is happening more and more. A couple of local agents have even mentioned not renewing their licenses. Other are dropping off our local listing service with their listings going to other agents in that office. It seems they are just giving up. ~ Evelyn
I am doing okay, but since I can't seem to get my teenager to go work somewhere that her employee discount would benefit me, I have seriously considered Pottery Barn or Williams- Sonoma. It would be just for the discount and proabbly would end up costing me more than I would make, but it owuld make holiday shopping so much easier!
Dean
I think this is a constant norm across the conutry.
Sincerely
Tom Braatz
I'm seeing it from several agents around here. It's crossed my mind once or twice.
We have seen it here too, whether is has been a part time job to supplement their income or some have just flat out quit. We are chugging along.
Great post, i have been thinking what to do myself. It is looking like i may opt for a part time job to bring some cash in myself. our market forecasts were adjusted and we are expecting a much cooler market until Spring 09.
Hello Dean
Well if it were not for my income at the Fire Department I would be taking on a part time job as well. Hopefully the market will change soon and all agents can do Real Estate full time again.
Dean~ This seems to be pretty typical everywhere. I don't think that too many markets have been spared.
I know several Realtors here who are working second jobs to maintain the standard of living for them and their families.