Becoming a real estate agent takes a huge leap of faith as well as a significant time and financial investment. As a result, some agents may decide to try their hand at part-time real estate while maintaining a solid income from another employment. Working for a part-time real estate agent income may also be a good alternative or transition to retirement or a method to combine work and family life for industry veterans.
There are lots of difficulties to overcome on this atypical road, whether you’re searching for a second job or a fresh new career in real estate. Regardless of your work schedule, you’ll have to handle clients who expect their agents to be available 24 hours a day, seven days a week.
Finding time for part-time real estate
For the office necessities, you should work with a broker and act as though you’re a full-time employee with realistic earnings expectations.
Here are her eight suggestions for part-time real estate success:
Set aside two hours each day to generate leads.
Use time blocking to keep track of your time and stick to your timetable.
Set expectations about your availability up front.
Work with either a coach to create a business plan.
Learn the basics of contracts and how to use comparative marketing analysis to price properties.
Meet with and learn from providers such as loan servicers, title firms, attorneys, home warranty providers, and insurance providers.
Create a roster of real estate experts, such as builders and plumbers, to serve as a concierge service.
Become a member of a real estate team that can help you with administrative tasks.
If you work part-time, you should concentrate on generating leads or attending appointments. Paperwork isn’t always a money-spinner.
To make a part-time real estate agent income or commission, you’ll have to make some compromises. If you’re the single breadwinner in the family or don’t have extra money to cover you while you learn the ropes or expand your real estate firm, you will have to give up some time off and holidays to get started. You’ll also have to deal with industry skeptics who believe that due to the high level of dedication required in the sector, you can’t be productive part-time.
What is the income of a part-time real estate agent?
Although some agents receive a salary and commission, the majority of agents operate on commission. It might take years to make any money at all. Determining how much money you’ll make as a real estate agent is a key part of evaluating whether the part-time wage is suited for you or whether you should explore another real estate career path. Agents’ average weekly earnings are calculated based on the number of hours they work each week. Real estate agents who work fewer than 20 hours per week earn an average of $43,889 per year.
Real estate is frequently a second job.
Part-time work is uncommon, although having a second job as an agent is widespread. Only 4% said real estate was their first job; 16% said they had previously worked in management, business, finance, sales, or retail. Agents that have good business abilities have a better chance of succeeding in the sector. Certain disciplines lend themselves to becoming an agent or allow you to work in real estate as a side hustle. The majority of members polled stated that real estate was their sole source of income: 74 percent of all membership and rising to 86 percent of those with 16 years or more in the sector.