The real estate market slowdown has Nashville agent Marcie Sweet hustling.
Instead of selling houses, she's selling event T-shirts. She sold them at Belmont University for the presidential debate and in Jena, La., at a rally to support a high school student at the center of a controversial prosecution.
Sweet hasn't had a closing in two months. Her doldrums as a real estate agent come as home sales in the Nashville area overall have dipped to levels last seen a decade ago. Single-family home sales in September were down about 13 percent compared with a year earlier.
"It affects your confidence," Sweet said. "You start wondering, 'Is it me?' With the market down like it is, you have to spot opportunities and get creative with it."
The Tennessee Real Estate Commission reported a drop of nearly 6,000 registered agents since 2006. Nationwide, thousands of agents have been pushed out of the market — the number fell from 1.5 million in 2006 to 1.47 million last year, according to the Bureau of Labor Statistics.
For them, hanging onto their licenses isn't worth the costs. Those costs can include association and desk fees, according to the Greater Nashville Association of Realtors, and the agents pay for their own signs, advertising and gas.
Others are hanging on by taking side jobs. Some report going into nursing, food service or advertising sales. Several agents didn't want to reveal their sidelines so clients wouldn't think they're not working hard to sell houses.
It's 'lack of movement'Optimistic agents are trying to make it work in different ways despite the market, said Don Klein, chief executive officer for the Greater Nashville Association of Realtors.
"They are trying to find the right way to put buyers and sellers together," Klein said. "There are many full-time Realtors who are digging and researching opportunities and equipping themselves with that. Newer Realtors are not distracted by past expectations."
Alyse Sands, a broker for seven years, found herself without a closing for four months. Potential buyers are waiting to sell their homes in other states before they can close here.
"It all trickles down," Sands said. "It's not for a lack of clients; it's a lack of movement. This too shall pass, and that's the way you have to look at it. When it (the market) drops, it seems like an eternity."
Sands will remain a broker but decided to polish up her resume and apply for a job online. She's selling advertising for the Spanish Yellow Pages.
As with most real estate agents, two years ago Sweet's properties were moving. Then came the housing downturn, and Sweet started thinking of ideas to make a living.
She tried graphic design and sold business cards, and is doing work for a construction company, but her idea to sell shirts took off. After she heard a sociologist speak last year about the Jena Six, a case in which six black teens were accused of beating a white student, she found people online who were looking for related shirts and paraphernalia.
"That was a sign right there," Sweet said. "I drove seven to eight hours and set up my table at the rally. It was quite an experience."
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