The rent isn’t getting any cheaper, the kids need new shoes every year, and your wife told her friends you guys are going to New Hampshire for summer.
Money’s getting tight, and you need a side hustle. Selling real-estate, for example.
Top-tier real estate agents earn upwards of 100,000 dollars a year. That’s a lot of Benjamins, and one could see the appeal.
But what about being a successful part-time real estate agent and with a full-time job at that?
That could prove to be a pretty tall order. Whatever you do part-time won’t yield the same results as committing to it 100%.
But, since your dad told you, “you can be whatever you want (insert gender here),” we’re here to help you make that dream come true.
Let’s get into it.
Can You Be A Part-time Real-estate Agent?
YES, you can. But it’s not going to be easy.
Part-time jobs can be a great source of additional income, but they can also prove to be huge time-wasters.
A lot of people have expectations that are just not going to be met.
Before we dive into details on how to be a part-time real-estate agent, we’d like to serve a few cold hard truths.
Facts About Part-time Jobs As A Realtor
“To Lose Patience Is To Lose The Battle”
- This is not your typical after-work-side-hustle.
- It’ll take time before you see any real progress.
- Selling houses on a regular basis is not something you’ll experience quickly.
- Getting into real estate with a “make a bunch of cash quick” mentality is a recipe for disaster.
Work, Work, Work
- The first few weeks, months even, are going to be a chore.
- If you plan on properly starting this side gig, you’ll have to devote at least 15 to 20 hours every week.
- Setting up everything is going to take a while; we’ll cover that later in this article.
Salary? Is That A Vegetable?
- Commission is the name of the game here. Unless you’re very lucky, the first commission won’t come so easily.
- Nobody will be paying you a salary, and until you sell a property, you’ll be “losing” money on various expenses.
- This is probably the biggest thing I want to point out; it is not “a stable source of income” in the normal sense of the word.
- If you need money real fast, you’ll be disappointed.
You’ll Never Going To Get It Back
- Time management and discipline are the last two things I’m going to mention.
- Weekends and weeknights are when people have time to look at houses.
- Coincidentally, it’s also leisure time for most.
- This means you’ll have to forego some of this time for your clients.
- Since nobody is going to be pushing you to work, you’ll need to be pushing yourself.
- If you’re used to having a boss breathing down your neck, making sure you do the work, this might be the best or the worst part-time job you’ll ever have.
Let’s Go, Man! I Want To Sell Some Mansions!
So, after all of those warnings, you still decided to become a part-time realtor? Good for you.
Like Bill Bradley said:” Ambition is the path to success. Persistence is the vehicle you arrive in.” Man has a point there.
Googling “part-time real estate jobs near me” is not going to get you very far.
But don’t worry, we’ll give you a few pointers on how to start.
Where To Begin?
1. License And Registration, Please.
- Yes, you need a realtor’s license to sell real-estate in the US of A.
- Requirements differ by state.
- To remain concise, we recommend you either go to your state’s government webpage or visit them in person.
- Before you get a license, you’ll need to take a course.
- There’s a basic course, and of course, there are premium courses. Next time I say course, take a shot.
- If you feel confident enough with your current business skills, the basic one will probably suffice, and it’s the cheapest.
- If you want to start investing a bit more from the get go, be sure to inform yourself properly to not waste a lot of money on something you don’t even need.
- Premium courses are often filled with content that will consume too much of your time.
- If you want to start your little side hustle as fast as possible, the experience is the best kind of teacher, not book worming.
- After all of that learning, you’ll need to take the real-estate exam. When you pass the exam, you get a license, and just like that, you’re legal.
- What we wouldn’t recommend is that you sell property without a license. It’s illegal, probably in all states, so don’t risk it. Pay Uncle Sam the fees, and don’t look back.
2. The Wolf Of Walls Street
- You passed the exam, and now it’s time to find a broker.
- There are real estate agents, and there are real estate brokers.
- The former ones sell houses; the latter ones manage agents.
- If you’re wondering if brokers make more than real estate agents, this article covers it in depth.
- What you don’t want to do is pick the first broker you come across.
- Ask around, go to different agencies, see what they’re offering.
- Brokers will be taking a percentage of your sales commission. You want that number to be as low as possible.
- Next, if they start listing some fees that sound shady, leave.
- We mentioned that this “job” could eat your money up if you’re not careful.
- Some agencies might start charging you various fees for God knows what just so they still get money from you, whether you’re closing deals or not.
- On the other side, though. Good agencies will want to interview you first. Be prepared for it. After all, you are representing their organization.
- Also, desk fees that are, unfortunately, common in most of these agencies, but they shouldn’t be very high.
- So do your research. Better safe than sorry, wasting time switching agencies is just something you want to avoid, period.
3. Part Of The Guild
- After you pass the exam and find a broker, you have to join your local MLS (Multiple Listing Service).
- MLS is your google for real estate.
- There, you’ll find all the information you need on the housing market.
- You should be able to join as long as you have a realtor’s license. That is why this is step number 3.
Pulling It Off
Going through all those steps above is the easy part.
Becoming a successful part-time realtor is a whole different tune.
Let’s go over some very useful advice:
Working The Net
- Start talking to people, a lot of people.
- You’ll need to make connections in this business.
- Talk to the more experienced realtors, see if they’re offering any advice.
- Start calling your friends.
- Tell everyone you know and their grandparents that you’re now a realtor.
- You need clients, and they’re not going to start falling from the sky. Sooner or later, a lead will appear.
- Advertising and social networks are your friend here.
- Make a business profile.
- Your internet presence needs to be felt. Have everyone you know like and follow your pages.
- More followers usually means more credibility.
- Just don’t make fake profiles; that’s going too far. Keep it ethical.
- Update the profiles regularly and make it look professional.
- Advertisements on Instagram and Facebook are also something you should consider.
- Print business cards. Yes, I know this might sound like a boomer thing to do, but nothing beats giving out your contact details in, literally, a second.
If you think this sounds like a bit too much work for one person. We have an article for you on that topic as well. Click here to find out can a real estate agent work alone?
It’s A Buyers Market
- Try to find clients that are selling.
- Ask around, talk to people whose property has been on the market for a while, and convince them you can succeed where others have failed.
- Buyers can always change their mind and pull out of the deal. Sellers, on the other hand, want to flip their property as fast as possible.
- In the beginning, you’ll want to make every type of client happy. However, in the long run, sellers are probably going to be your bread and butter.
Can You Be A Part-time Real Estate Agent – The Gist
Being successful at anything takes time. Being a realtor is more of a business than it is a job.
You’ll learn some useful things that can be carried over to various other branches.
But you’ll have to be persistent, it’s always getting more competitive, and it can get tempting to give up.
This is one of those jobs where you are doomed to fail or burn out without other people’s support in your life.
It’s definitely possible. After you get your first commission, you won’t be able to stop. However, it can take a while for that to happen.