Being a part-time real estate agent allows you to earn a significant income while assisting customers in buying and selling houses, giving you more time for other responsibilities like parenting, working another job, or going to school. If you have the correct education, dedication, and understanding of the local real estate market, you might be able to pursue a career as a part-time realtor.
However, you will discover that real estate agent employment demands more of you than most other part-time occupations. In addition to being prepared and willing to help new leads, you will need to closely observe and respond to the market in which you operate.
In this article, I will take you through how to become a part-time real estate agent, what kind of income you can expect, and some advice on how to succeed in the industry. Now let’s get started.
Key Points
- Depending on your area of residence and the amount of time you invest in the training, you can become a real estate agent in less than six months.
- “Part-time” workers are defined as individuals who work fewer than 35 hours per week by the U.S. Bureau of Labor Statistics.
- The average part-time real estate agent makes $54,766 a year and puts in less than 20 hours a week, according to Colibri Real Estate data.
- Anyone with a full-time or part-time job in another field could make a great living as a real estate salesperson.
- For those unable to work a full-time job, becoming a real estate agent would also be a terrific way to supplement their household income.
Who is a Part-Time Real Estate Agent?
“Part-time” workers are individuals who work fewer than 35 hours per week, according to the U.S. Bureau of Labor Statistics. A part-time real estate agent is a licensed real estate broker who works fewer than 40 hours a week on the purchase and sale of both residential and commercial properties.
As a part-time real estate agent, you might not be paid as much as full-time real estate agents as a part-time professional in the industry, but you have far more scheduling flexibility. You may be responsible for cold calling, opening homes, internet promotion, and sales.
What Does a Part-Time Real Estate Agent Do?
Do you know that the responsibilities of a full-time and part-time real estate agent are the same? The majority of part-time real estate agents do not need to work certain hours and are paid only on commission. Therefore, for you to meet the needs of their clients and advance their businesses, you may only work as needed.
Roles and Responsibilities of a Part-Time Real Estate Agent
Here, I will show you some of the duties and roles that real estate agents generally perform:
#1. Thorough market analysis.
A part-time real estate agent assists customers in determining the appropriate selling price for their property by evaluating the state of the market. Therefore, for you to make sure that the price your clients are offering is competitive but within a reasonable range for the house they want, you will have to conduct an evaluation for them.
Read the following articles to gain more insights on Marketr Analysis: What Is Market Analysis?: Top Benefits & How to Conduct One, MARKET ANALYSIS: What It Is and Complete Guide on How to Conduct It and Comparative Market Analysis: Real Estate Management
#2. Make a list of properties:
In order to draw in potential buyers, a part-time real estate agent develops property listings that include images, descriptions, and other pertinent information. With the use of those techniques, you can efficiently market your clients’ properties.
#3. They represent the buyers:
Part-time real estate brokers help purchasers locate ideal homes within their price range and preferences. Therefore, you are responsible for assisting your clients in the negotiating process and showing them properties that they may be interested in.
#4. Act as an agent for sellers:
You will be representing the best interests of the seller. This means that you will be managing the documentation, conducting negotiations on their behalf, and communicating with other experts in the field, such as inspectors or appraisers.
#5. They manage contracts and paperwork:
Additionally, you will also be preparing and reviewing the documents, contracts, agreements, and other paperwork of a real estate transaction.
In summary, the number of hours worked each week is the only distinction between a full-time and part-time real estate agent. The remaining responsibilities are the same.
Benefits of Working as a Part-Time Real Estate Agent
The two major advantages of becoming a part-time real estate agent are flexibility and limitless income possibilities. Let’s talk about these and other reasons why you may be interested in becoming one.
#1. It offers flexibility:
Schedules for real estate brokers are frequently flexible. You may, however, have to work on the weekends and in the evenings because you have to be available when your clients need you. This is a good employment choice for parents or guardians who choose to spend their days with their young children.
Read Also: Jobs With Flexible Hours: Best Jobs for Flexibility 2024
#2. Possibility of earning a high.
The more hours you work as a real estate agent, the more money you can make.
The data indicates the following: The NAR reports that real estate agents who put in more than 60 hours a week make an average of $144,400.
The lesson to be learned is that you will make more money in real estate by investing more time in it.
Read Also: Average Real Estate Agent Salary in United States
#3. Networking.
The real estate business might be the best fit for you if you enjoy the thought of developing long-term relationships with clients and helping them and their extended families. It’s an interesting career journey that will connect you to people from various walks of life. Who knows, your next big client might just be your client’s family member.
Read Also: WHY IS NETWORKING IMPORTANT? All You Should Know
#4. You get independence
As a part-time real estate broker, you can operate on your own and at your own pace. This may be appealing to people who value some degree of independence in their employment. Additionally, you usually have the autonomy to create and run your own company, with the assistance of a more seasoned broker to oversee your operations.
Now let’s head over to the step-by-step guide to becoming a part-time real estate agent.
How to Be a Part-Time Real Estate Agent
#1. Obtain a real estate license.
Obtaining a real estate license is the first step towards becoming any kind of real estate agent, even if you only work part-time. If you’re not legally certified to sell properties, you can’t break into the sector. Therefore, before you begin working, make sure you take the necessary steps to figure out the legal and educational criteria surrounding the practice.
These consist of:
- Figuring out your state’s licensing and educational requirements
- Completing pre-licensing coursework
- Passing a state licensing exam
- Filing a real estate application
- Joining the National Association of Realtors (NAR)
#2. Join a brokerage agency.
You must become a member of a brokerage to practice real estate as an agent. A brokerage is a general firm that hires agents. It’s a reality of the real estate industry, but sadly, for those hoping to work as part-time agents, it might be difficult to find one that will accept you.
It should come as no surprise that a part-time agent who prioritizes their primary career and works fewer hours will likely make less money than a full-time agent who devotes all of their time to real estate.
Finding a broker who will allow you to join should not be too difficult, but once you do, make sure you give it everything you’ve got in the few hours you have available. This will probably require more perseverance, patience, and proactive outreach.
#3. Create a business plan together.
You must be very clear about your goals for your part-time real estate profession and know exactly what to expect from it as it develops. This entails being aware of things like your existing financial situation, your anticipated income, your marketing and sales plans, and the legal constraints you will have to work under.
Making a business plan, which is a formal document that provides practical advice and a clear vision for your real estate venture, is the best approach to getting there.
The benefits of this process are that it helps you see more clearly what you want out of your real estate profession in the first place, and it also provides your prospective clients with a tangible point of reference.
Read Also: BUSINESS PLAN OUTLINE: Developing a Business Plan Outline In 6 Easy Steps [Free Download]
#4. Invest in appropriate technologies.
You must use the appropriate technology to support your part-time real estate business if you want to make it as productive, lean, and efficient as possible. Usually, the first step in that is to purchase a CRM. Another option is to use digital business cards, which you can readily integrate with your CRM to eliminate the need for you to manually enter client information.
It helps you keep track of your client’s progress in the purchasing process, arrange prospect data, and promptly answer inquiries from prospects. Additionally, website designers, email scheduling software, and marketing automation technologies are some important resources you should look at.
#5. Look for strategies to generate leads.
A healthy flow of leads is the lifeblood of a successful side gig in real estate. One of the easiest ways to put a stop to your side project and eventually force yourself out of the business is to ignore lead creation.
In the real estate industry, lead creation can originate from a multitude of sources and strategies. Online advertising offers the greatest option sometimes. Other times, word-of-mouth referrals from past clients and in-person networking work best. No matter how you get there, you must ensure that you have a consistent flow of engaged, interested connections.
#6. Create a schedule that works for you.
Being a part-time real estate agent should come before your side business in real estate. However, you cannot overlook the duties that accompany a part-time real estate business if you hope to flourish in the industry.
You need to find a way to balance your part-time activities and your full-time responsibilities. That begins with creating a rigid, well-planned schedule that enables you to fulfill the obligations of your full-time employment while also seeing your clients, generating leads, and effectively marketing your services.
That may be easier said than done, and this particular point frequently separates the eventually successful from the merely devoted, but it’s by no means unachievable.
#7. Create a marketing strategy.
To establish some level of brand awareness for yourself, you must first develop a strong real estate marketing plan.
Invest sensibly in strategic, laser-focused marketing initiatives. Identifying your target market is the first step in doing that. Choose whether you want to work with sellers, renters, first-time home purchasers, or any other type of potential customer. Set SMART marketing objectives for the short- and long-term from there.
Next, choose a distinctive value proposition that will help you stand out from the competition. Next, determine how you will position yourself as an especially reliable source that can offer the kind of assistance that your colleagues are unable to, and determine what kind of supporting documentation you will need.
Furthermore, establish a budget and decide whether to use print or billboard advertising, a well-designed website, social media profiles, business cards, branded merchandise, or any other type of collateral that helps prospects remember you.
Note that you won’t succeed in real estate if no one knows who you are, so make the necessary efforts to project your personality and level of competence.
How to Be a Real Estate Agent Checklist
How to Be a Successful Part-Time Real Estate Agent
#1. Be honest with clients about your dedication and availability.
Overcommitting to clients and prospects is one of the sins of a part-time real estate business gone bad. You must tell them straight out if you don’t have the time to assist them.
You and they must have an understanding of how much devotion you are able to provide. Overpromising and underdelivering on your commitments will wear you out and harm your reputation to the point that it will limit your ability to do business.
#2. Allocate time for targeted lead generation.
Lead creation is essential to a successful part-time real estate job, as I discussed in the last section. Without somebody to connect with, it is impossible to build connections and eventually close sales. You must dedicate certain time slots to lead generation if you’re serious about pursuing a side business in real estate.
#3. Set aside time for in-person meetings with clients.
You must schedule some face time with your base if you want to get the most out of your part-time job.
This step of the process ties into the first two principles mentioned above; it’s all about managing your time and establishing mutually acceptable expectations with both buyers and sellers.
You can position yourself to succeed as a part-time real estate agent if you can establish strict deadlines for meetings, consistently arrive on time and engage.
#4. Seek technical training.
Part-time real estate agents can further their professional development by pursuing one of the many certifications and educational programs provided by the National Association of Realtors (NAR).
With this kind of insight and training, you can strengthen your knowledge, skill set, and reputation, which will place you in the best possible position to advise your clients with confidence and generate recommendations.
#5. To stand out, choose your specialty.
You need to establish a specialty for yourself if you want to get the most out of your side business in real estate. This could entail gaining experience in assisting particular buyer populations, such as elders, renters, or owners of condos.
Trying to cover too much ground will only cause you to get overextended, and as a part-time real estate agent, you have limited time to devote to your side hustle. Set yourself apart and set yourself up for success by picking a lane and committing to it.
Can you be a part-time real estate agent?
Yes, however, you must be dedicated, patient, persistent, aware of the risk, and maintain your composure.
Early in their careers, a lot of part-time real estate brokers find themselves in awkward, challenging, or compromising situations. Finding a brokerage that is agent-focused and tolerant enough to hire real estate agents who aren’t able to earn a living full-time might be challenging.
Is being a real estate agent a good side hustle?
The possibility of earning extra money is a big advantage of beginning a real estate agent side business.
What real estate agent makes the most money?
In the real estate industry, real estate officers are the highest paid, with an average yearly salary ranging from $82,500 to $137,000. Among their duties are portfolio management, asset enhancement, lease program creation, and real estate acquisition solution development.
Which brokerage is best for part-time?
The best brokerage for part-time agents is eXp Realty.
Even for a novice real estate agent, there is no better way to begin a part-time real estate business. This is true because they train you to make real estate your full-time job.
How much is the salary of a part-time real estate agent?
Since a real estate agent’s compensation is usually commission-based and depends on the quantity of concluded deals, location, local market, and marketing prowess, the term “salary” may be deceptive. The fact that a part-time wage is based on how much time and how many transactions you can complete in a set amount of time makes it difficult to forecast.
However, Colibri Real Estate research found that part-timers putting in 21 to 39 hours a week on average earned $72,398 annually, while those working fewer than 20 hours a week on average made $43,889 annually. Even as a side gig or part-time business, this is still a sizable sum of money.
Therefore, before you consider a career as a part-time real estate agent, you must make sure you do more than just look at income figures in your research and financial planning. Note that there are expenses for lead development, marketing tools and materials, and pre-licensing education. Remember to account for these additional expenses when calculating your possible part-time income as an agent.
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