Becoming a real estate agent is a great way to make some extra money on the side. You don’t need any prior experience, and you can easily work part-time hours. In this article, we’ll discuss the basics of what you need to know in order to start working as a real estate agent. We’ll also cover some of the pros and cons of the job, so you can decide if it’s right for you.
One of the best things about becoming a real estate agent is that you don’t need any prior experience. All you need is a desire to help people find their dream homes, and the willingness to learn all there is to know about the industry. Real Estate training programs are available through The Ocean School of Real Estate, so there’s no excuse not to get started!
Why be a realtor part-time?
It’s often recommended to consider being a realtor part-time if you’re not entirely sure you want to make a career out of it. It’s also a good way to see if you have the aptitude for it and whether or not you would enjoy working as a realtor full-time.
Being a realtor part-time gives you the opportunity to work on your own schedule and still bring in an income, which can be helpful if you have other commitments or responsibilities outside of work. Overall, being a part-time realtor is a great way to test the waters before making a long-term commitment.
Pros & Cons of Being a Part-time Real Estate Agent
Pros
Flexible Schedule
You can work on your own schedule and make your own hours, which is great if you have other commitments or responsibilities outside of work.
Extra Income
You will have the potential to bring in extra income, which can be helpful in paying off debt, saving for a rainy day, or funding your retirement.
Learn the Business
It’s a great way to learn about the business without making a long-term commitment. You can try it out and see if you like it before deciding if you want to pursue it full-time.
Cons
Expenses
Being a real estate agent is essentially running your own business. Expenses are an unfortunate reality for all businesses. As a real estate agent, you will have to pay for things like marketing, advertising, office supplies, association fees, and Multiple Listing Service (MLS) fees.
Free Time
In most cases, a part-time agent will have a full-time job. You will generally be spending any free time you have working to get your part-time real estate business off the ground. It may be tricky managing a work-life balance in this type of environment.
Limited Access To time and Resources
You might not have access to all the same resources as full-time licensed real estate agents. For example, you might not be able to attend all the same networking events or educational seminars. You also might not have as much time to build relationships with other professionals in the industry.
How do I balance a part-time career in the real estate industry with a full-time job?
There isn’t one right answer to this question, as everyone’s situation is different. However, here are some tips that may help you balance your real estate career with a full-time job:
- Set a schedule for yourself and stick to it. When you’re working on your real estate business, set aside specific hours each day (or week) to dedicate to it. This will help you stay organized and avoid feeling overwhelmed.
- Delegate tasks whenever possible. If there are tasks related to your real estate business that you can delegate to someone else, do so! This will free up more of your time so that you can focus on what’s most important.
- Take advantage of technology. Technology can be a great asset when you’re trying to balance a career and a business. There are many online tools and resources that can help you stay organized and on track.
- Be prepared to sacrifice some free time. In most cases, you will have to sacrifice some of your free time in order to make your real estate business successful.
How much do part-time agents make selling real estate?
There isn’t a single answer to this question since part-time real estate agents can earn a wide range of incomes, depending on various factors. For example, part-time agents who work in a company with other real estate agents may make less money derived from commissions than those who work independently. Additionally, some part-time real estate agents supplement their incomes by working another job in a related field such as home inspection or mortgage brokering whereas others may rely solely on their commission income.
That said, several studies have been conducted on the earnings of part-time real estate agents. A survey conducted by the National Association of Realtors found that the median annual income for part-time real estate salespeople was $20,700 while the median for all real estate salespeople (both part-time and full-time) was $39,800.
Another study, conducted by Real Estate Express, found that the median annual income for part-time real estate agents was $37,500. This number is likely higher than what was reported in the NAR survey since the Real Estate Express study only surveyed most real estate agents who had been working in the field for two years or more.
Getting started as a part-time real estate agent
If you’re interested in becoming a part-time real estate agent, there are a few things you need to do in order to get started.
Get your real estate license
In order to work as a real estate agent, you must first obtain a license from your state. The requirements for getting a license vary by state, but they generally involve taking a pre-licensing real estate salesperson course and passing an exam.
Find a broker
Once you have your license, you’ll need to find a broker to work with. You can search for brokers online or ask fellow agents for recommendations. When you’re considering different brokers, be sure to ask about their commission split, fees, and other important details.
Start marketing yourself
Once you’ve chosen a broker, it’s time to start marketing yourself as an agent. This can involve creating a website, making business cards, and doing other promotional activities. You’ll also want to make sure
Set Up Systems for Part-time Business Success
As a part-time real estate agent, you’ll need to set up systems in order to be successful. This includes everything from staying organized to marketing your business.
Here are some tips for setting up systems in your part-time real estate business:
Use a CRM system
A CRM (customer relationship management) system will help you keep track of your clients, prospects, and leads. There are many different CRM systems available, so be sure to choose one that’s right for you and your business.
Set up a lead capture system
A lead capture system will help you collect contact information from potential real estate clients. There are a few different ways you can set up a lead capture system, such as using a contact form on your website or setting up a Facebook Lead Ads campaign.
Create a marketing plan
A marketing plan will help you promote your business and generate leads. Your marketing plan should include both online and offline marketing activities.
Some of the offline marketing activities you can do as a part-time real estate agent include attending local events, networking with other professionals, and passing out business cards. For online marketing, consider creating a website and blog, and using social media to market your business.
Make time in your schedule
As a part-time real estate agent, it’s important to make time for your business in your schedule. This may mean setting aside a few hours each week to work on marketing or lead generation activities.
You’ll also need to be available during evenings and weekends, as this is when most people are looking to shop for homes as buyers.
How do you transition from a part-time real estate agent to full-time?
The best way to transition from part-time to full-time real estate is by taking on more and more clients, and gradually increasing the amount of time you devote to real estate each week. It is also a good idea to start working with a real estate brokerag e who can provide you with additional support as you increase your client base.
Once you have made the decision to become a full-time agent, be sure to let all of your current clients know so that they can refer business your way. Marketing yourself as a full-time professional will also help attract new clients.
Final Thoughts
In order to work as a part-time licensed real estate agent, you will need to obtain your license and find a broker. You will also need to start marketing yourself as an agent and set up systems for success. It is important to make time for your business in your schedule and be available during evenings and weekends. The best way to transition from part-time to full-time real estate is by taking on more clients and gradually increasing the amount of time you devote to real estate each week.
Are you thinking about becoming a real estate agent? Contact The Ocean School of Real Estate today for more information on how to get started!