Starting a new career in any field can seem a bit overwhelming. Many people might want to dip their toes into a new industry rather than diving in headfirst.
Did you know that you could actually work as a real estate agent part-time? Testing out the waters might be better for some people looking to try it out before fully committing. In this article, we'll go over how you can work as a part-time real estate agent.
Can You Do Real Estate Part-Time?
The short answer is yes, absolutely. One of the many advantages to becoming a real estate agent is the freedom to make your own schedule to fit around your life, not the other way around. Since real estate agents are often considered independent contractors, this means they usually don't have to report to their boss during normal business hours, like a strict 9-5 job.
Many people often find it possible to either have another job entirely and sell real estate on the side or go to school during the day and spend late nights, or the weekends, selling real estate. This might end up working in your favor since the best time to show houses is outside of normal business hours when potential buyers or sellers are more available.
How Can You Do Real Estate as a Side Job?
Doing real estate as a side job requires careful planning and effective time management. Here are some steps to help you navigate real estate as a side job:
Set Clear Goals
Determine your objectives and what you hope to achieve by doing real estate as a side job. Whether it's earning additional income, building experience, or exploring a potential career transition, having clear goals will guide your efforts.
Obtain Necessary Licensing
Research the licensing requirements in your area and enroll in a reputable real estate pre-licensing education course, such as VanEd. You must complete the necessary education and exams to become a licensed real estate agent. Compliance with licensing regulations is essential to operate legally and provide services to clients.
Create a Realistic Schedule
Assess your availability and create a schedule that accommodates both your primary job or commitments and real estate activities. Allocate specific time slots for prospecting, client meetings, property showings, marketing, and administrative tasks. Plan ahead and be disciplined in adhering to your schedule.
Focus on a Niche or Target Market
To maximize efficiency and make the most of your limited time, consider specializing in a specific niche or target market. By focusing on a particular area or property type, you can become an expert in that segment and develop targeted marketing strategies.
Leverage Technology and Automation
Utilize real estate technology tools and automation to streamline your processes. Online platforms, CRM systems, email marketing software, and digital document management tools can save time and enhance your productivity. Automate tasks such as email campaigns, appointment reminders, and lead follow-ups to ensure consistent communication with clients.
Networking is essential for success in real estate. Attend industry events, join local real estate associations, and connect with other professionals in the field. Focus on building relationships with potential referral sources, such as mortgage brokers, contractors, and property managers, who can provide leads and support your business.
Develop a Strong Online Presence
Establish an online presence to expand your reach and attract potential clients. Create a professional website, optimize your social media profiles, and regularly share valuable content related to real estate. Engage with your audience and respond promptly to inquiries and messages.
Provide Exceptional Customer Service
Make every client interaction count. Prioritize responsiveness, professionalism, and personalized service. Delight your clients with exceptional experiences, and encourage them to provide referrals and positive reviews that can contribute to the growth of your side real estate business.
Consider Partnering or Collaborating
Collaborating with a real estate team, experienced agent, or mentor can provide valuable guidance and support. Joining forces with others in the industry can help you access additional resources, learn from their expertise, and expand your network.
Stay Informed and Educated
Continuously educate yourself about the real estate industry, market trends, and relevant laws and regulations. Attend seminars, webinars, and workshops to stay up to date with industry changes and best practices. Continuing education ensures you provide accurate and reliable information to clients.
Remember that balancing a side job in real estate with other commitments requires discipline, organization, and effective time management. Be transparent with your clients about your availability and ensure you can meet their expectations within your limited schedule. With dedication and strategic planning, it's possible to build a successful real estate business as a side job.
How Much Money Does a Part-Time Real Estate Agent Make?
As of January 26, 2023, the average real estate sales agent salary in the United States is $44,813. However, the range typically falls between $43,778 and $57,001.
One important thing to note is that this number only reflects the amount a full-time agent would be making. While there aren't any exact studies on how much part-time agents make, just know that your income would largely depend on the number of hours you put in. Working 20 hours a week will likely make you more than only working 5 hours a week. Full-time agents generally have more availability to dedicate to real estate activities, including prospecting, showings, marketing, and client meetings. This increased availability can lead to more opportunities and a higher volume of transactions. However, part-time agents who effectively manage their time and prioritize real estate activities can still achieve success and earn a substantial income.
Where Can I Make the Most Money?
Since the bulk of a real estate agent's income comes from commission, it only makes sense that agents tend to make the most money in areas where houses are more expensive. According to the National Association of Realtors, the highest real estate agent income tends to be primarily in the Northeast and out West. The following are the 10 states where real estate agents earn, on average, the most money ranked from highest to lowest, along with the average annual salary:
- New York: $111,800
- Massachusetts: $84,180
- Connecticut: $79,780
- Alaska: $79,360
- Colorado: $76,850
- Utah: $75,170
- California: $74,140
- Texas: $72,830
- Wyoming: $71,460
- Hawaii: $71,140
Whether you're thinking about doing real estate part-time or full-time, you'll need to get your real estate license. VanEd offers online pre-licensing courses that you can take at your own pace for your convenience. Enroll today to begin your real estate journey!
Written and Published by: VanEd