Real estate has been a very lucrative profession for quite some time now. The best real estate agents can earn even more than seven figures a year!
Since being a real estate agent can be a great way to earn a living, it’s been highly popular for a few decades now. To become a real estate agent, you don’t need much – just a few courses to get your license.
So many real estate agents are looking to work from home or out of brokerage. The reason behind that is to avoid that hefty desk fee, which can go as high as $15,000!
Realtors are looking to minimize their expenses and earn even more. Nowadays, realtors are taking up extra jobs. To find out can real estate agents also work as loan officers, read our article.
Some realtors are even looking into jobs like selling insurance. It can be a great and easy way to sell some extra money.
But, can a real estate agent sell insurance, without any obstacles? Continue reading to find out the answer!
What Does A Real Estate Agent Exactly Do?
A real estate agent is a person that works with clients to help them move properties. Moving properties can consist of selling, buying, or leasing a property.
Real estate agents require a license to work in real estate. To get the license, they have to fulfill some coursework, have a high school degree, and fulfill some other requirements.
Realtors have to stay in tune with the conditions of the real estate market. They need the knowledge to advise their clients properly.
Realtors can advise you on the ideal moment to sell or buy. They offer guidance through the process, help you find the ideal property for you. If you’re a first-time buyer – you will certainly benefit from this, as the realtor can have a better idea of what you need in a property.
There are two basic property types – residential and commercial. Therefore, there are two types of real estate agents, for both types of property. You need a specific license for either type of property.
Residential property is used for living. So, residential properties would be houses, apartments, vacation homes, and similar.
Commercial properties are mostly office buildings and land. They are used for so many types of businesses.
Both types of real estate offer a lot of perks. Most agents choose to work with only one branch of real estate.
The reason why is that it can be pretty hard to keep track of changes in both markets. The most successful realtors work in one field only.
They can perfect their buying and selling technique based on the property type. Therefore, they can achieve greater success.
Pros And Cons Of Working As An Independent Realtor
- Many real estate agents choose to work independently, as opposed to working at a brokerage. There are a few perks to it – for example, avoiding the hefty desk fee – as we already talked about. The desk fee can truly make a dent in your earnings, so it’s only natural that more and more realtors are looking to work from home.
- Cutting expenses is something truly important – you can save a lot when you stop traveling to work at the brokerage. Also, they can organize their time and their clients better when they don’t have a brokerage on their back.
- The downside would be losing the walk-in clients. Walk-in clients in a brokerage are almost exclusively given to agents who have a desk at the brokerage. Independent agents? Not so much.
How much do brokers earn? How about real estate agents? Read our article to find out!
Can A Real Estate Agent Sell Insurance?
We already mentioned why would a real estate agent be interested in selling insurance. Insurance is somewhat “sure money” – meaning, people will always need insurance.
So, if you’re selling insurance you might never be out of a job. Real estate agents can fall into a bit of a lump from time to time.
This usually happens during the winter months. So, selling insurance would be a good way to get some extra money until you get more work.
So, can a real estate agent sell insurance? The answer would be yes, a real estate agent can sell insurance.
There are no legal obstacles to selling insurance when you’re a licensed real estate agent. So, if you want to do both – go for it!
Do keep in mind one thing. However legal and perhaps even a good idea, there is a thing to remember at all times.
When you are processing a real estate purchase or sale, it’s in extremely poor taste to offer to sell insurance, too. However ruthless you have to be as a salesperson, you may seem too aggressive when doing so.
Don’t offer your other services at your desk – it doesn’t show how good of a salesperson you are. It just shows a lack of manners.
Similarities Between The Jobs – Real Estate And Insurance
First, let us start by telling you that both jobs require pretty much the same skills. How so?
Well, both jobs require some exceptional skills in sales and communication. A good sales technique will help you achieve success in both fields. Good communication and great knowledge about the market will help you attract and keep clients.
Keeping clients is more important when it comes to insurance, though. If the client deems you trustworthy, they will go back to you when they need insurance again. Being trustworthy and reliable as an agent is a better marketing technique than anything else.
Can a real estate agent also be a home inspector? Read our article to find out!
You will have to complete some coursework and receive a license, along with some certifications, to be able to get the license. Both jobs require you to be over 21 to get a license.
This may be a similarity, but we consider it more to be a perk. Flexible work hours is something that gets so many people involved in either or both fields. Being able to organize your time according to your preferences and needs is something so many people value.
It can also be a downside, though. Being flexible means you can catch yourself working much more than the regular nine-to-five. If you were trying to get away from the annoying nine-to-five, you may find this situation to be less than pleasing when you figure out you’re now working a 60 or 70 hour week.
Another thing that’s the same for both of the fields would be the income. Income isn’t fixed in either – it depends mostly on the commission the agent is taking for the services.
So, the income is based on how hard the agent is working in either real estate or insurance. However – they can earn a good salary from just a few sales.
Marketing is required to expand the work in both branches. Agents have to rely on marketing to attract new clients and expand their business.
Both jobs have an annoying part of the job description: paperwork. A lot of paperwork that has to be filed is a characteristic of both insurance and real estate. The paperwork is a little more lightweight when it comes to insurance, though.
Can A Real Estate Agent Sell Insurance? – Final Words
To conclude, a real estate agent can sell insurance, too. There isn’t a legal problem with doing so – it’s perfectly fine to work in both fields.
In reality, real estate and insurance are pretty similar branches of work. They both require lots of paperwork, you need a license to do them and you have to be over 21. Also, to achieve great success you have to possess knowledge of the field, have a good marketing strategy, and be a reliable agent.
Your clients want to know they can rely on you. Take up both jobs only if you’re absolutely sure you can do it.
Our official recommendation? If you can, stick to one field alone. You can focus all your energy on one thing and you’re more likely to earn a lot and get a good reputation in your field of work.
On the other hand, if you’re set on working both – that’s fine too! We would like to advise you on this topic too, nonetheless. Try to excel in one field first, before you take up the other one.
So, once you’re doing good in say, real estate, start the application for the license of an insurance agent. It’s much easier to become successful in both jobs if you take it one at a time!