This isn’t mission impossible. It’s mission we got to slay to play in 2024. Here are six part-time jobs to work your way out of a slump and pump up your SOI.
The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.
Although some experts argue that a side hustle is a symptom of giving up, I’d have to argue that taking on a side hustle is a sign that you are willing to do whatever it takes to make it despite challenging circumstances.
This isn’t mission impossible; this is mission we gotta slay to play in 2024. High rates, inflation, and fewer commissions are a reality for many. A side hustle can be a solution to closing the gap and potentially reinvigorating a stalled pipeline.
For most agents across the country (even successful ones), business is down between 10 percent to 30 percent from last year. Don’t let the current market conditions get you down; polish up that resume and join the multiple-job movement. Here are a few side gigs that might help you earn a little extra scratch this holiday season and beyond.
1. Substitute teaching
The ultimate side hustle job with flexible hours, you can literally craft your schedule daily, and working with the youths will inevitably improve your patience and customer service skills beyond your wildest expectations.
This is not for the faint of heart, but you are already a little offbeat from being an agent, right? Holidays off, snow days off, evenings and weekends off for showings: This challenging job can also open up doors to meet lots of new folks and get involved in your community.
2. Administrative assistant
Put those CRM skills to good use, and find a desk job. Odds are you will be great at answering the phone, scheduling appointments, scanning documents and greeting clients. I know several agents whose new employers will allow them to set up their cards in the lobby. It’s a great way to meet new folks and improve your skill set. Bonus if you can pick up a few benefits along the way.
3. Big box retail
Go where your ideal clients are. Home improvement, home decor and anything to do with making a house feel like home are good opportunities to meet and mix with consumers. Plus, you might get a killer discount for closing gifts and gift cards.
4. Smartphone retail
Again another way to meet high-traffic consumers, get discounts on the latest technology for your business, and pull in some income. You are guaranteed to become the ultimate customer service champion if you make it through this gauntlet, but this could be a fantastic opportunity to bring in a little extra cash.
5. Instacart
You will need to check if your local market is saturated, but you can work the hours you choose, get to know your community with deliveries and continue to write off your mileage. If you enjoy shopping, with a good system I can see many agents doing great managing this side hustle.
6. Personal organizer
If you have a knack for decluttering and packing, this could be the side hustle for you. There are loads of boomers who need help parting with their decades of stuff, and you could be the perfect person to help them do it.
You will need to be willing to do cleaning, trips to the landfill, have connections for temperature-controlled storage and have the patience to help them overcome their emotions over parting with necessary items. But if you have the chops, this can be a very lucrative and busy side hustle. It’s also a great way to build contacts for estate planning and sales.
Steak vs. spaghetti
The cost of the American dream is out of control. Unfortunately, we all will have to work harder to achieve our goals in this economy, especially if our primary source of income isn’t flowing because of rate lock, low inventory and sour consumer sentiment.
“It’s OK to say this sucks because truly it does. There is no reason for toxic positivity when things are not ideal. It’s not healthy.” — Rachael Hite
This market will cull out some of the competition, and if you can hang in there, the reward will be switching back to full-time as conditions improve. This is not a defeat. This is an opportunity. Beware of coaches and executives who are legitimately wealthy and are basically telling you to double down or that you don’t want it badly enough if you want to go part-time.
I’m giving this advice as a single mom, managing student debt (seemingly forever), and I’m telling you right now there is no shame in doing what you must do to keep the lights on and pay your bills. Sometimes, it’s spaghetti and not steak for dinner.
One of the biggest lessons I’ve learned about working in this industry is that you have to advocate for yourself. No one is going to rescue your difficult financial situation — not your boss, not your boss’s boss, not the owner of the franchise, not NAR, not consumers. You have to rescue yourself. The good news is that you have always been more than capable. Be kind to yourself. You’ve got this.
Rachael Hite is a former agent, a business development specialist, fair housing advocate, copy editor, and is currently perfecting her long game selling homes in a retirement community in Northern Virginia. You can connect with her about life, marketing, and business on Instagram.