Leverage your contacts, knowledge and clientele to thrive in a recession
Rethinking Your Realtor Side Hustle: A Guide to Navigating Economic Downturns
The real estate market is notoriously cyclical, and downturns can have a significant impact on the income of realtors. In today’s challenging economic climate, many realtors are looking for alternative side hustles to supplement their income. This blog article will explore how one realtor, facing the challenges of a recession, turned her marketing skills, clientele, business contacts, and guts into a successful side hustle.
Overcoming Economic Challenges: The Birth of a New Side Hustle
As the economy began to slide, a seasoned realtor, let’s call her Sarah, found herself facing a decline in her real estate business. Sarah had enjoyed a multi-year upside of a real estate market that just wouldn’t quit. The last few years had marked an increase in real estate sales, but what to do once sales not only slowed, but have stopped altogether in Sarah’s market? Undeterred, Sarah decided to leverage her existing skills, contacts, and clientele to create a new side hustle that would help her stay afloat during the economic downturn.
Harnessing the Power of Co-Branding
Sarah recognized the value of her B2C client list; a database of homeowners who had come to know and trust her expertise. Alternatively, she’d come to form many good friendships among local businesses in the past few years as she serviced her real estate clients with their many needs. She decided to reach out to local businesses that cater to homeowners, such as interior decorators, paint and hardware stores, security companies, insurance brands, and home improvement contractors. Sarah proposed a co-branded marketing partnership, offering to market these businesses’ services to her homeowner clientele in exchange for a fee.
Nurturing Relationships through Newsletters & Direct Mail
Sarah created a regular newsletter for her homeowner clientele, featuring exclusive offers and discounts from her business contacts. This newsletter served as a valuable resource for homeowners, providing them with access to a range of services that could enhance their homes and lives. At the same time, it generated revenue for Sarah, who charged her business contacts for inclusion in the newsletter.
The Results: A Thriving Side Hustle Amidst Economic Uncertainty
Sarah’s side hustle proved to be a success, providing her with a steady stream of income during the economic downturn. Her co-branded partnerships not only benefited her financially but also strengthened her relationships with local businesses and deepened her understanding of the needs of her homeowner clientele.
- Embrace adaptability: Be willing to adapt your business strategies and explore new opportunities when faced with economic challenges.
- Leverage existing assets: Utilize your skills, contacts, and client base to create a side hustle that complements your primary business.
- Foster partnerships: Collaborate with local businesses to create mutually beneficial partnerships that provide value to your clients.
- Communicate effectively: Stay connected with your clients through regular communication channels, such as newsletters, to promote your side hustle offerings.
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