Covid-19 Impact on Realtors. Anyone Else Struggling?

Question

Hey BP Fam,

Let me start this post by saying that the Covid-19 pandemic is effecting millions of people worldwide and people are literally losing their lives. I understand how grateful I am for my health and I understand things can be much worst. This post isn’t some “Why Me” post, it’s simply to see how other people in our field are dealing RIGHT NOW, not later.

Things are very bad at the moment and I’m wondering am I the only one financially struggling THIS bad? And by financially struggling I don’t mean having tenants not pay the rent, owing back taxes, not being able to close a deal, etc. When I say financially struggling I mean literally having $25 in your bank account with no direction on where my next dollar is coming from.

Everything in my state (NY) is shut down so it’s not like I can do some PT work to make ends meet. Even the restaurant I use to bartend at is closed and they NEVER close. Manager told me they had to lay-off hundreds of employees so I’m sure others are feeling my pain.

I’m relatively new as a real estate agent so I’m living commission check to commission check with very little savings. When the state was shutdown in mid March I had only about $800 in my saving which is now down to $25 so I’ve officially hit panic mode. To my other fellow realtors, how are you bringing in any kind of money to even survive right now? It wasn’t like we had weeks/months to prepare for this occurring, everything seemed to happen in a flash. I’m sure most of you have enough in Savings to help you get through this, but to those who don’t do you mind giving some advice on how you’re getting through this crazy time?

I filed for unemployment last week and they’re telling me it takes 3-4 weeks to receive your first check. My 2018 Tax Return didn’t use Direct Deposit so who knows how many months its going to take to get the Stimulus Check. The two forms of assistance the government is offering obviously helps but what are people without income doing NOW? Obviously $25 isn’t going to stretch until that time so I’m in panic mode wondering how I’m suppose to live. If you would have told me a month ago that in a month I would be in the position I’m in right now, I would have laughed.

Anyway, any advice/input/suggestions/recommendations are much appreciated. Trust me, I need all of it that I can get. Thanks in advance for your time guys!

Ana Marie B. · Answer

Hey @Mark Weinstein - I hear your pain and just want to reach out and let you know you’re not alone in this struggle. There’s no easy solutions unfortunately.

Do you have family you can turn to for support during this time?

Good you’ve already applied for unemployment. I also suggest applying for SNAP food benefits in your state in the interim so you have access to nutritious food. Also do an online search for food pantry distributions in your area. Our pantry sites in the SF Bay Area are doing drive through pick ups due to COVID-19.

Good luck to you. We’ll all get through this.

Mark Weinstein · Answer

@Ana Marie B.

Hey Ana,

I don’t have family to turn to and even if I did, I would be too embarrassed to even ask.

I applied for SNAP the same day I applied for unemployment (forgot to mention, I kind of group both as one for some reason). The time to wait for the benefits is the same as unemployment so I’m still stuck in the same situation until both of those come in.

I will look into local food pantries as a way to eat for the next few weeks. I just moved to NY a few months ago and I’ve never been in this position so I’m not too familiar with how it works but I’ll do some research to find out.

Thank you so much for your help!

Jenny L. · Answer

Hello.  Here is my two cents.  Even before Covid occur, I always have my plan B.  My plan B is get a job, when you have a job you will meet a lot of people, this way you are adding contacts to your database.  Build relationships while working and earning your daily bread. Yes lot of businesses are closing temporarily but there are still essential jobs in there.  Since you are in panic mode right now, you need to get busy.  Get a job in Amazon, Grocery stores or those platform where you deliver their groceries.  In short get an essential job, at the same time prospect when you meet new people along the way.  Maintain your license. Just stay healthy and safe.  May your immune system be stronger than your anxiety.

Abel Curiel · Answer

Hello Mark,

Sorry to hear this is happening. As you know, our business is not a 'meet me by the register' kind of business. The closest thing to NOW money in Real Estate is made from prospecting daily. Rentals are a 'quick' payday compared to sales so you may want to focus on folks who need to move or have a vacant space to rent out. Call vacant rental listings online and speak to every landlord out there.

Reach out to FSBO owner leads, past clients, current clients, and anyone else you can contact and ask them "who do you know that is looking to buy, sell, invest or rent in our market".

As eluded to in one of the forum responses, you do not want to sound like you're in panic mode when speaking with prospects.

Lastly, NYC schools are giving out free meals to NYers - https://www.schools.nyc.gov/school-life/food/free-meals.

Stay positive, this too shall pass.

Abel

Brian Garlington · Answer

@Mark Weinstein      A friendly suggestion....you may want to edit your name in your profile to say....

"Mark W"  and/or edit your "occupation" to say Investor. You started your post saying this is not a "Why Me"....and then you proceeded to do a "Why Me". Plenty of people come on to BP looking for an agent in New York and when they see your post, you can be assured they will not want to reach out to you after reading this post IF it still has your name and occupation on it.

Covid-19 Impact on Realtors. Anyone Else Struggling?

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