Real estate can offer a promising opportunity for a potentially profitable and highly satisfying supplementary source of income. Individuals possessing patience, diligence, strong interpersonal skills, and effective time-management abilities can establish a career in this field while maintaining their current employment. This can lead to the creation of a reliable source of supplemental income. In this article, we will outline the necessary steps to become a part-time real estate agent, provide insight into potential earnings, and offer tips for success in the industry. Let’s delve right in.
What Does a Part-Time Real Estate Agent Do?
Part-time real estate agents are professionals who engage in the buying and selling of residential and commercial properties for less than 40 hours per week. While part-time professionals in the real estate industry may not earn salaries as high as their full-time counterparts, they enjoy the benefit of a more flexible schedule. Part-time real estate agents collaborate with clients such as buyers, individuals, brokers, and others to facilitate the transfer of tangible assets. As a professional in this field, your responsibilities may encompass a range of tasks such as sales, organizing open houses, executing online marketing strategies, and engaging in cold calling. A part-time real estate agent can work between 21 to 39 hours per week, provided they possess the necessary qualifications.
How to Be a Part Time Real Estate Agent
The steps to be a part time real estate agent include the following:
#1. Obtain Your Real Estate License
The initial step towards pursuing a career as a real estate agent entails obtaining a real estate license, irrespective of whether it is a part-time or full-time endeavor. It is imperative to fulfill the legal and educational prerequisites before commencing the sale of properties in the industry. Failure to do so may result in a breach of regulations. Therefore, it is recommended to take the necessary steps to ensure compliance with the legal and educational necessities.
#2. Choose Your Preferred Brokerage
Regardless of your employment status, it is necessary to have a brokerage firm sponsor your license. During your interactions with brokers, it is advisable to maintain transparency and candor regarding the amount of time you intend to allocate toward real estate activities. It is crucial to ensure that your expectations are in sync with those of the brokers. Numerous brokerages welcome motivated and skilled part-time agents. Therefore, it is unnecessary to misrepresent your availability.
#3. Create a Strategic Plan
Embarking on a career as a real estate agent entails assuming the role of an entrepreneur, despite being affiliated with a larger brokerage. As an entrepreneur, it is imperative to exhibit thoughtfulness and meticulous planning. It is also advisable to commence with a comprehensive real estate business plan, as it can aid in effectively managing your operational expenses and forecasting your revenue. The business plan guide and model enable you to outline your projected expenditures, anticipated revenue, and associated costs throughout your business operations.
#4. Investing in Technology
To optimize the efficiency and productivity of your part-time real estate career, it is imperative to utilize appropriate technology. The first step in this process usually involves investing in a Customer Relationship Management (CRM) system. It can facilitate crucial tasks such as monitoring the progress of clients in the purchasing journey, arranging prospect data, and promptly addressing prospect queries. It is also advisable to explore additional essential resources such as automation tools, email planners, and web developers.
#5. Research Methods for Lead Generation
A consistent flow of leads is crucial for a successful part-time career in real estate. Disregarding lead generation can impede the progress of your side hustle and potentially lead to your exit from the industry. The generation of leads in the real estate industry can be derived from a diverse range of sources and strategies. Online advertising can often be the most effective means of promotion. At times, face-to-face networking and obtaining referrals from past clients can prove to be the most efficient methods. Irrespective of the means of acquisition, it is imperative to ensure a consistent influx of interested and engaged contacts.
#6. Develop a Comprehensive Marketing Strategy
Establishing a recognizable professional presence is crucial for a part-time real estate career to yield meaningful results. Establishing a certain level of brand recognition for oneself is imperative, and this can be achieved by implementing a robust marketing plan for real estate. Consider making strategic investments in targeted marketing initiatives to maximize your returns. The first step is to identify your target market. Determine whether you intend to engage with renters, vendors, prospective homeowners, or any other type of potential client. Subsequently, establish SMART marketing objectives for both immediate and future periods.
How Much Does a Part Time Real Estate Agent Make?
The national average compensation for a real estate agent working part-time is $58,145 per year, which is equivalent to $28 per hour.
Part-Time vs Full-Time Real Estate Agent
If you are contemplating a career in real estate, you may be pondering which path to take: pursuing a part-time role as a real estate agent or committing to a full-time position as a real estate agent. There are advantages and disadvantages to both options, however, the decision ultimately rests with the individual in terms of the amount of time and effort they are willing to commit.
Who is a Full-Time Real Estate Agent?
Full-time work as an agent in the real estate industry can be both extremely lucrative and quite demanding. You will spend most of your time and efforts assisting customers in either purchasing their “dream home” or selling the property they are already living in. Working with a diverse range of customers will allow you to cultivate several professional contacts along the road.
Advantages of Being a Full-Time Real Estate Agent
Although full-time real estate agents must be familiar with some distinctive procedures, these may also be typical in various other professions. A full-time career in real estate offers a plethora of exciting opportunities that can compensate for any potential drawbacks. Thus, they include the following:
#1. Advantage Over Rivals
To provide the finest real estate advice to a client, one must have a thorough understanding of the market. As a full-time real estate agent, you’ll need to devote a lot of time to studying things like market prices and listings. Hence, because you devote your whole workweek to learning about the industry, your clients will have faith in your ability to advocate on their behalf.
#2. Locating a Broker Will Be Less of a Hassle
Brokers often hesitate to hire part-time real estate agents because they have to invest time and money into training them. However, as a full-time agent, you’ll be seen as a valuable asset who can bring in more money for the company.
#3. You Control Your Schedules
When you’re a real estate agent, you get to decide when you work, how many hours you put in, and how much money you make. You’re free to set your schedule, work as many or as few hours each week, and commission split. The amount of money you make is entirely dependent on how much time you put in.
#4. You’ll Understand the Field
Working in real estate as a profession provides you with a deep understanding of the industry. You face the obstacles head-on, try to identify and close transactions, and network to gain access to more clients. So, if you’re in real estate as a career, your clients are how you make a living, therefore you should treat them like gold.
Disadvantages of Being a Full-Time Real Estate Agent
#1. You Will Have a Jam-Packed Schedule
As a real estate agent, you’ll be expected to work at all hours of the day and night, and because evenings and weekends are the most popular times for showings. Also, you’ll probably have the ability to put in as many hours as you like.
#2. It Requires a Significant Amount of Money
There are certain up-front costs associated with being a real estate agent. These charges include pre-licensing fees, fees for the state exam, and fees for the renewal of a license. These are all investments that will likely be profitable for you if you decide to go into the real estate business. In many instances, covering the costs of getting started can be accomplished by selling just one home within the first year of business.
#3. You Will Divide the Commissions Equally
When you make a sale while working with a broker, they will likely receive a portion of the commission that you earn from the transaction. You will need to take into consideration the fact that some brokers charge a desk fee, while others charge a set proportion of commission when you are just getting started in the trading industry. However, the compensation of a real estate agent who works full-time is normally much higher than the income of a real estate agent who works half-time. This is because more hours spent typically equal a greater amount of money earned.
Part-Time Real Estate Agent
Some real estate agents work part-time only from the start. This is a fantastic chance for single parents, those wishing to supplement their income, and the physically active elderly.
Advantages of Being a Part-Time Real Estate Agent
#1. Extra Leisure Time
Part-time work as a real estate agent can provide the work-life balance that many people seek. So, if you just work part-time, you can spend more time with loved ones, at home, doing things you enjoy, or simply unwinding. Reducing the number of hours you can spend at work frees up more time for you to spend on things you enjoy.
#2. You Can Still Make Money
Maybe you’re not into the concept of a 9-to-5 career, or you’re hoping to find something to do in addition to your current part-time gig. Perhaps you’re a single parent with no interest in working 40 hours each week. Perhaps you’ve reached retirement age but might still need some more cash. The income from working as an associate realtor can be useful. Your schedule is flexible, yet you’ll still get paid for your time.
#3. If You’re a Good Agent, Working Part-Time Is Fine
The number of hours an agent puts in each week is irrelevant to their ability to establish themselves as competent in the field. What matters is market expertise, industry understanding, and a desire to fight for your customer. A part-time agent can provide excellent service to a smaller number of clients.
Disadvantages of Being a Part-Time Real Estate Agent
#. It May Be More Challenging to Find a Broker
A broker’s fortunes rise and fall in tandem with the performance of their real estate agents. Brokers may be hesitant to hire a part-time agent because of the lower volume of business they might expect to receive from their limited availability. Not all brokers work this way, but it’s important to do your homework and find one that does.
#2. Client Availability May Be Low
Customers expect their real estate agents to be reachable at all hours, regardless of the route used. Your customers will want you to prioritize their needs, whether it’s a problem with the home inspection, a tight deadline for submitting an offer, or a desire to see as many new properties as possible. Working “normal” business hours is necessary for other aspects of the job, such as communicating with title agencies and mortgage lenders. It might be difficult to stay on top of all that needs doing if you only devote a little portion of your day to real estate.
#3. You Might Find Yourself Putting in Extra Hours
Working as a real estate agent on the side while also maintaining your existing job will require you to put in more hours per week. Agents’ busiest times are in the evenings and on the weekends, so if you have a conventional 9-to-5 job as well, you ought to anticipate putting in over forty hours a week.
Is Real Estate a Good Job USA?
The real estate industry is competitive and demanding, but it can pay off in the long run. Working in real estate involves a wide variety of tasks, including marketing oneself, following up on leads, managing paperwork, interacting with customers, and more.
What State Has the Easiest Real Estate Exam?
To qualify as a real estate agent, one must meet certain criteria. These include passing the required course, being at least 18 years old, and having a clean criminal record with no prior convictions. North Carolina is considered to be among the states with relatively lenient requirements for obtaining a driver’s license.
What Is the Highest Paid Real Estate Agent?
Luxury brokers get the largest commissions in the real estate industry. The annual compensation for a luxury broker is $142,000, with profits of up to $10 million. Working with programmers, architects, and creators, a luxury broker focuses on transactions worth several million dollars.
What Is the Hardest State to Get a Real Estate License In?
The process of getting a real estate license in Texas is widely regarded as the most onerous of any state. The vastness of the state is one of many contributing reasons. In addition, Texas is the most popular entry point for immigrants from all around the world.
Do Most Millionaires Make Money in Real Estate?
According to statistics, a significant proportion of individuals who have achieved millionaire status have done so by investing in real estate.
References
- ziprecruiter.com
- hubspot.com
- theclose.com
- pdhrealestate.com
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