Are you thinking about becoming a part-time real estate agent? Then you’re likely thinking “Maybe I can give this a try?” and possibly thinking if it will remain a side hustle or a full time job. Becoming a part time real estate agent is a great way to get your feet wet, but it comes with plenty of obstacles a full time agent does not have to face.
By talking to long time agents, brokerages and by using our experience, we’ve created a guide to the pros and cons of being a part-time real estate agent to help you determine if this is the right more for you and your goals. At the very bottom you’ll find 5 tips to help you succeed if you do decide this is the right path for your career.
Is it legal to be a part time real estate agent?
Yes it is legal to be a part-time real estate agent, and yes you absolutely can work as a part-time real estate agent. An essential factor to remember is that all real estate agents have control over the amount of work they take on. It might not be as easy to find a brokerage to join, and you do need to work during your downtime, but this industry is flexible enough for people to get their start by working part-time. Many very successful agents get their start by working as an agent part-time until they have enough of a workflow to justify leaving their day jobs.
Do you need certifications to be a part time real estate agent?
The exact certification requirements are dependent on your local board. Being a part-time real estate agent is still a professional endeavor, so it requires some certifications. You’ll need to complete schooling and obtain the appropriate certificates to act as a real estate agent. That said, you can expect to complete schooling, find a brokerage to join, and take an exam at the very least.
How much can I expect to make as a part time agent?
Part-time agents, working 20 hours a week, bring in nearly $25,000 a year on average. If you build the optimal client base, you can easily make more than that.
Many factors come into play when determining how much you can make as a part-time real estate agent. Better opportunities, more clients, and higher-priced properties ultimately allow some agents to make a lot more than others.
What are the benefits of being a part time agent?
First, being a part-time agent means you get to keep your current full-time gig. Not only that, it’s an opportunity to make a substantial amount of money on the side.
Keep in mind that the $25,000 yearly income figure is just an average. If you put in more time to close more deals and hunt down better clients, you stand to make much more—it’s all up to you.
That said, being able to keep your full-time job is a big plus. You have access to company benefits like medical and dental on top of your two sources of income. That level of security takes a lot of the pressure to hunt down deals to make ends meet during lulls.
Furthermore, it’s a method to test the waters before plunging in headfirst. If you find that you don’t like the kind of work all that much, you still have your current job to fall back on. We’re almost certain the ability to control your destiny and work as your own boss will keep you hooked, though.
Is there a downside to being a part time agent?
Yes, there are downsides to becoming a part-time real estate agent. But remember, no venture is perfect. As much as we want to help you join the team, we should talk about some of the drawbacks of becoming a real estate agent.
The first and most obvious drawback is that you’re sacrificing downtime by balancing this profession with your full-time gig. Evenings and weekends are the busiest times for agents. That’s because the clients typically work in their off-hours. That means you’re almost certainly working around the clock. It can be even more of a handful to deal with clients who work odd hours and need to schedule calls or even meetings in the middle of the night.
The other major issue is that some brokerages are hard to join as part-time agents. This is subject to the situation, however. Those in your area might be a little more lenient than others, and you might be able to sign on without a hitch. Still, it’s essential to be prepared to “beat the pavement” to find a brokerage you can join to complete your local board’s prelicensure requirements.
5 tips to succeed as a part-time agent:
- Keep up with your full-time gig. Building a substantial client base will take a little more time than it would as a full-time agent. Remember to keep up with your current responsibilities during your venture to prevent winding up in a tough spot.
- Work with other agents. Despite the “work for yourself” mantra, real estate is a communal profession. Other agents are happy to help you establish yourself in the business. They won’t give away great opportunities, but they can be an excellent source for leads and tactic-building practices.
- Network like a pro. Even though you’re part-time, you still need to employ the tactics used by full-time agents. Building partnerships with local businesses and groups are crucial to generating leads.
- Market yourself strategically. Just like with networking, you want to advertise yourself effectively. It can help to put up signs wherever possible, but handing out cards to local businesses prone to bringing in buyers and sellers is vital.
- Don’t rule out partnerships with legal professionals. It can be hard to gain the trust of lawyers, especially if you’re only part-time. But if you can prove you’re a true professional that will keep your dealings discrete, they are sure to employ your services when the opportunity arises.