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Tool Kit is a recurring column on Inman that pulls together resources for agents who want to dive deeper on specific subjects or team leaders and brokers looking for educational content on timely topics for trainings.
The U.S. Census Bureau reported in 2023 that almost 40 percent of Americans 18 or older are “single,” which means that there is a chance that if you are in the real estate business, you are trying to figure out how to make a single unpredictable income work in an economy that demands at least two incomes to live “comfortably” by social norms.
Throw in tariffs, high interest rates and an unpredictable new presidential administration. If you find yourself on this side of the fence, you are probably about to hit the panic button.
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In this Tool Kit, we are going to explore what it means to be single and a single parent trying to make things work via a commission-heavy income and offer sanity-saving tips and, most of all, tips to streamline your budget into ramen mode so that you can ride out the hard times and still be ready to level up if lady luck decides to rain her favors down upon you.
Single parents have significant problems
The U.S. Census Bureau also reported in 2022 that single parents head many American households. You may feel “singled” out while grinding out parenting, working and keeping your head above water, but you are not alone.
- Total one-parent households: 10.9 million one-parent family groups with children under 18
- Single mothers: 80 percent were headed by a mother.
- Single fathers: 20 percent were headed by a father.
- Children in single-parent households: 24 million children live with a single parent, mostly single moms.
Many are trying to stretch their income to support more than themselves. Strategy is essential for survival, and strategy calls for predictability. Single parents working in the housing industry know that they need to embrace financial education to know where their next deals and meals are coming from for their family.
Single most prominent problem for Americans? Income
Bankrate broke down updated stats about paycheck income from 2024 in February, showing very little progress from 2023, but with the recent developments in our economy, these numbers will likely increase in 2025.
In other words, the gap will increase for more households earning under $100,000 a year. This means that even though adults in the household are employed, they have little to no money left after paying bills from their paycheck and will need another paycheck to survive.
- More than 1 in 3 workers (34 percent) lives paycheck to paycheck.
- Nearly 6 in 10 Americans (59 percent) do not have enough emergency savings. That’s up from 2023, according to Bankrate’s 2024 Annual Emergency Savings Report.
- The average household needs to earn over $186,000 to live comfortably and without financial strain.
- The latest figures from the U.S. Census Bureau show that the national median household income is $74,580.
Singles, in general, struggle with housing
If you or your clients are single, they encounter many financial hurdles and struggle to afford housing and rentals. In February, Redfin released data showing that nearly 70 percent of single, divorced or separated people struggle to afford their regular rent or mortgage payments. It’s also just slightly ironic that many single people working in the real estate industry are likely unable to purchase homes because of income restrictions.
Compared to 52 percent of married people, more than three-quarters, 76 percent, of respondents who live with their partner but aren’t married struggle with housing payments. This makes them the group most likely to struggle with establishing housing and even more impossible to save to level up.
So what’s a single but fabulous real estate agent to do to find any light at the end of the tunnel of a down or depressed market? You have to get comfortable with getting uncomfortable and with outside-of-the-box thinking.
The pep talk
First, take a deep breath and know you are smart, savvy and resourceful, or you wouldn’t have attempted this career. Second, stop listening to any coach, guru, cold plunger, etc., who is telling you that you cannot have other sources of income or people will not take you seriously.
The current system is set up not to support you but to bog you down with nonsense so you can’t even hear yourself think. Get a steady full-time or part-time job to supplement your income, have access to insurance and ensure that you don’t set yourself up for bankruptcy instead of success.
Remember that your household has nothing to do with the rest of the world, but it has everything to do with the happiness, health and well-being of you and those for whom you are responsible.
As an elder millennial who has already weathered several unprecedented times, I can tell you that the scarcity mindset will change how you sell, how you talk to customers, and how you view and interact with your leadership.
In this situation, you cannot be a team player first; you need to put your oxygen mask on first, and when you are out of survival mode, you can jump into the “team” mindset. You need to be sure that every hour that you spend investing in work has an appropriate return, and no freebies can fit into your schedule.
Bare bones survival articles to get lean and mean:
- Ten years later, these hacks still work to save your sanity
- Five years later, learning how to calm your anxiety and keep your business moving forward may ease your fears.
- Remember when listings used to sit for several months? If the market turns and leaves your listing lonely, here is what to do.
There is still time in 2025 to save your business
I know the recession talk is scary, especially since you are already very tight on funds. When I talk about my experience as a newly minted agent in 2007, I always say that learning to sell in a down market was the best real estate training I ever received.
While difficult and humbling, it made me a better sales professional than many of my peers who had been selling for 20-plus years. Look for cheap or free marketing opportunities on social media, and use your phone to craft simple and effective marketing.
Get a good tripod and a decent mic, and have at it. There are so many cheap and affordable tools to help you push your business forward; you do not need expensive platforms to help you stay organized. If you have a phone, you have a way to do business.
If you cannot afford a Mac, I recommend something pretty radical, but it will serve you well — an affordable gaming PC option. These are built to be workhorses and to withstand anything you throw at them.
While not sexy, it will help you power up your business quickly and will last you through the next couple of years when electronics may be more expensive. This is one of my favorites; it has taken more abuse than you can imagine.
- More ways to save money in your business
- More budgeting tips to organize credit and capital for your business in tough times
- You need a new brokerage to save money? Here is how to start
Cut the junk, and streamline your business
Franchise fees, branded swag, leads vendors that don’t perform, and luxury coaching services are for when markets are good and you have time and energy to actually use those services to learn or grow your career.
Selling while single means you must ensure your emergency fund is plush in case three closings fall apart at once and still pay for the kiddo’s dental expenses. This means that you need to examine every dollar and ensure it works just as hard as you do to earn it.
Choose a brokerage or team with affordable or low fees. You are the brand. If you will spend cash on branding, invest in your brand, not generic brokerage marketing.
You must know the market like the back of your hand; you need to bring the market to your clients. Preview listings every chance you get. It’s great networking, and it is the fastest way to learn about a neighborhood and how to do CMA adjustments.
Strategically network. You don’t talk with every agent; you network with the top agents in your area. Typically, it is a pool of about 30 to 40 folks. They should be in your CRM just as much as your prospects and clients.
- Once you figure out where to land, these checklists will ensure that your business budget does not keep you up at night.
- I’m all for healthy dieting, but your business budget may still need to lose some fluff to get you through this summer. Try my 30-day detox to see how low you can go.
- Don’t get it twisted. Your situation may not be as bad as it seems, or it could be worse because you do not have the data. Try this audit to ensure you have a handle on your current business footprint.
Caregiving and time management
Childcare or caregiving tasks for seniors will be your biggest hurdle because the real estate business happens around the clock, and finding affordable care is like discovering a needle in a haystack. My son is getting ready to graduate high school, and I’m still making payments on a line of credit I took out to finance summer camps, dental bills and after-school care camps that I stacked up years ago trying to make things work.
The price of quality child care and summer camps is very high and disproportionate to the cost of living in the United States. You will likely have to go into debt to make it work, but it can happen. Don’t beat yourself up over it. There will never be enough of you to go around, and you will always be tired, but it will get better.
Try to find other parent agents (even loan officers or title friends) who are in the same boat and, as Dwight Schrute said, “Form an alliance” to help with childcare. If you have a village willing to help, lean into them.
Don’t be afraid to ask for help, and don’t be so proud to prove a point that you can do it all that you harm yourself. There is no award for the most burnt-out, exhausted parent on the planet; you just end up with physical and mental health issues.
For example, set up a showing schedule and a tag team to accomplish it. You show homes on Tuesdays, Thursdays and Saturdays, and your alliance watches the kiddos. Then, you make yourself available on Mondays, Wednesdays and Sundays to return the favor.
Your most valuable asset will be time. Here are three fantastic resources for managing your time and sanity against a hectic and demanding real estate career.
- Go minimal and save time and money
- It’s not too late to reset and make some 2025 resolutions that may just save your calendar and your budget
- Time management is an art, and you need to perfect it so you can have plenty of currency to work with
Steak and spaghetti
Vacations are out; staycations are in. Try not to eat as much meat, try not to purchase prepackaged drinks, and don’t be afraid to check out coupons and no-name brands to see if you can substitute or discover a new thing to love.
Give up drinking and smoking; it’s killing you, and it’s killing your budget.
The three P’s will keep you and yours full: pasta, peanut butter and potatoes. Frozen veggies and fruit are more affordable and last longer if you buy in bulk. Dairy items can get expensive, so buy them in bulk or at discount stores. Look for meals with dairy alternatives to help save on expenses.
Bulk buy essentials when you can, if there are sales, and try to ditch disposables if you have some help with the dishes. If you don’t have help with the dishes and can afford paper plates, it will save your sanity some days when you are tired.
Pack a cooler and extra clothes in your car. Get a car that can handle high mileage. Parts and tires are affordable. Please keep it clean and well-maintained. Flashy, temperamental cars will bust your current and future budget in a heartbeat.
Eating out is a treat; look for free and affordable local entertainment options, and make marketing content out of it when you go. Change your attitude to “We have food at home or in the car cooler,” and move on. When you struggle to keep the lights on, you eat for fuel and health. Keep utilities as low as possible.
Do an energy audit on your residence to ensure there are no vampires. YouTube will teach you how to do almost any home repair or maintenance task and has many ideas for free and affordable entertainment with kids and family. Don’t forget your public library; they are a wealth of entertainment and fun.
Don’t be afraid to go live with family or take on roommates to save money. There is no shame in this; if it helps you put some money aside and take some pressure off you so that you don’t have to work three jobs, it’s well worth the compromise.
Survival mode activated
I’m not going to sugarcoat this. It’s tough, and you will often feel very isolated because if someone has never gone through this, they cannot relate to you.
Your broker or manager may not understand, and you need to find one who does. They cannot train you like they train other agents. Your needs are different. Don’t let anyone make you feel less because you cannot go full-time or stay full-time. That’s just their privilege speaking, and they do not have to live your life.
Selling single will make you one of the best agents in the business if you can hang with it. Take good care of yourself. Prioritize your budget and savings first, and remember: Recessions and downturns don’t last forever, but your heart and passion for living life will.
In other words, don’t let this economy get you down; resist, and you will be standing and know when to level up when things turn right.
Rachael Hite is a seasoned housing counselor and thought leader in the real estate industry. Connect with her on Instagram and LinkedIn.
