Being a part-time real estate agent can be an excellent way to make money on the side. There is no set number of hours that you have to work each week to call yourself a part-time realtor, but it’s safe to say that most agents will work about 20-25 hours per week. This article will cover how much a part-timer makes and what you need to get into this industry.
Can one succeed as a part-time real estate agent?
Success in the real estate industry requires a lot of hard work, dedication, and perseverance. Part-time agents often share these qualities with full-time professionals. A part-timer can be successful if they are willing to put in 20 – 25 hours per week working on their business and getting leads for more listings.
Some people might argue that it would not make sense to succeed as a part-timer because you’re only able to take on so many clients at once before your plate is overloaded. However, there are both positives and negatives to being a part-timer such as:
- Limited amount of clients but no set number of hours means you have flexibility when it comes to scheduling personal obligations like family commitments or leisure activities
- A limited number of properties but no set amount to show per month means you have the opportunity for more time and focus on each property.
Some of the most successful full-time real estate agents say they started out part-time, using a few hours per week. A part-time agent can become successful and start working permanently with a real estate brokerage.
Preparing to work part-time in real estate
Before you take the step, it’s crucial to establish your compatibility with the job. Part-time agents have responsibilities to the brokerage and must make themselves accessible. This is why many part-time real estate agents find that they work better in a specific office or territory. They get more of an opportunity for face time with clients, brokers, managers, coworkers, and other valuable connections within their location. If you are working from home or in your own neighborhood then it’s less likely people will come knocking at your door when you’re not available.
The best part-time agent jobs involve some interaction with staff members; try to be sure there is room on the schedule for this kind of opportunity before jumping into part-timer career opportunities blindly without understanding all aspects first. You need to be ready to face the challenges in the field.
Here are some questions to answer:
Are you flexible?
Most people enter the real estate industry on a career part-time basis because they think they can work any time. But the truth is, you must be available. Your clients expect you to be available to answer questions and show homes at any time, often outside typical work hours. You may be expected to come into the office or spend part of an evening in the field regularly.
Also, part-timers must set aside several hours a week to meet their personal targets. Lead generation requires one to be aggressive and out in the field. It might be a side job, but you don’t want to be wasting your precious time without any productivity.
Is your primary job good enough to support you?
You will not be striking it rich and becoming a millionaire that fast. If you are planning to be a part-time real estate agent, your full-time job must be stable and reliable. This way, if the company decides to fire you or lay off some employees for any reason (e.g., economic downturn), then at least one of your sources of income will still be secure.
The real estate market can be a hard industry to break into even if you have credentials. That’s why part-time real estate agents should be prepared to face challenges and tough times, such as competition from other agents, low buyer interest in the property market, or an increase in buyers’ loan rates. You can go through all the training and practice to increase your earning potential in time. But before that, ensure your primary job is sustainable.
Can you multi-task?
Entering a new career as a part-timer can be stressful, especially in real estate. And since you will be doing other work, your multi-tasking skills will be put to the test. In addition, you’ll likely have more responsibilities than full-time agents so your capacity for juggling all tasks becomes crucial.
Is your support system well set?
Even though this is a flexible career, you might be called upon to serve your customers in the middle of your other job. A strong support team is necessary to ensure your success.
By offering part-time real estate agent services, you’ll also have less opportunity for growth than a full-time position would offer. It’s important to be realistic about the potential scope of work and where it would take you in the future if this is something that interests you.
Can you work long hours?
It’s not uncommon for part-time real estate agents to work 50 hours per week and more. The ability to multi-task is a necessity to be successful. You’ll need the commitment of ample time, energy, and focus when it comes down to meeting your deadlines and obligations as well as customer service goals.
A real estate part-time career is just another job in which productivity is key. You will be working long hours, even if the salary may not reflect your effort at first.
What is a prototypical day for a part-time real estate agent?
A typical workday for a part-time real estate agent can vary depending on how hectic things get at his office. For instance, there are days when all phone lines light up with calls from people who want to sell their properties – and it can take hours just to answer them! And then there are those days where your phone barely rings. In this case, it would make sense that you could do some administrative tasks to help move your workload along. A part-time real estate agent may work around 20 hours a week, depending on their office’s needs.
Some general tasks for this job include: answering phone calls from potential clients; taking photos of houses to post online; meeting with sellers and buyers at properties they are interested in buying or selling; visiting homes that have listings like open houses or home showings – all while driving them if necessary.
Additionally, someone who chooses to become an agent will need to learn the business as well as industry regulations. Finally, since real estate agents typically earn referral fees when they bring a client into their brokerage, it is not uncommon for some part-time agents to also act as lead generators by prospecting through referrals.
What are the benefits of working as a part-time real estate agent?
Working as a part-time real estate agent will allow you to work flexible hours, meet new people and earn some extra cash.
Here are the benefits:
Flexibility is perhaps the best thing about part-time real estate work. Agents can set their own hours and the days they want to work. That means you can access your clients and listings at your set time.
It is much easier to take some time off work than in a professional career. You can also set your own sales goals and work on achieving them.
Many part-time agents need a bit of extra cash to support their household, pay off debt and save up funds for retirement. They can earn some money by working part-time real estate agent jobs as they have the availability to work flexible hours at locations close to home or near where they live.
Meet New People
Working in the field means you get an opportunity to meet new people all the time from different walks of life, culture, and lifestyle. They have many different stories that you never get tired of listening to.
Build Your Network
If you work a part-time real estate agent job in a company, the management will help connect you with other professionals.
Freedom to build your own business
There are many opportunities for part-time real estate agents to build their own businesses and make money while having the freedom that they need.
Great Income Opportunity
Part-time employment in this field has been increasing over the years as there is a higher demand for professionals with knowledge of how to sell the property at any given time. This means more people want to be able to work flexible hours so that they can spend some quality time with their kids or family members without sacrificing other aspects of life.
Working part-time jobs such as these provide great income opportunity too because you have your weekends off which gives employers an easy way out if you don’t meet expectations on Friday evenings and Monday mornings when most companies open up after weekend closures.
The downside of a part-time real estate career
When you join the real estate industry as a part-time, expect to face some downsides. There are not as many opportunities available for part-time real estate agents, because most companies will only want to offer a full-time position. There is also the possibility that you may have difficulties finding work locally due to your new status in life.
Here are some challenges:
Clients may doubt your commitment
Even if you pass the real estate exam and create beautiful posts, some clients may doubt your commitment to the real estate industry because you are part-time.
It can be hard to find a good brokerage
One of the most difficult challenges to face as a part-time real estate agent is finding a good brokerage. You’ll need to do your homework and find out which company will work best for you, making it easier in terms of commission rates or other factors that can be important when starting on this career path.
This is not a get-rich-quick scheme
If you’re looking for a quick way to make money, this is not the career path for you. You’ll need patience and persistence to find success as a part-time real estate agent if that’s what your goal is. This part-time real estate agent career guide shows you the possibilities in the industry. But it’s your effort that will put it all together.
How much do part real estate agents make on average?
This is one of the main questions new agents when then join real estate as a side hustle. It’s a question that is hard to answer without first knowing the commission rates for each individual company.
The average salary for real estate agents, according to Payscale.com ranges from $30k-$50k per year with an hourly wage of around $14-25/hour on average. A part-time real estate agent typically earns between $650 and about $2500 after working 40 hours in a week which you can then use over time as needed.
On top of this, many companies offer referral fees or bonuses when they send your leads through so it could be worth more money if you’re careful about how much work you put into getting new clients or referrals. 2020 Real Estate Agents: Expectations vs Reality
Understand that a part-time real estate agent will make less than a full-time real estate agent. But it depends on how much one work.
How to calculate your earnings as a part-time real estate agent
If you work 40 hours a week, then your part-time real estate agent earnings will be about $650. If you earn a commission at 25% on average, that’s around $325.
It is recommended to do the math for yourself based on what company pays how much and how many hours per day/week you want to work to make an informed decision as far as which type of agent might suit you best (part-time or full-time).
For example, the median sale price for a home is $235,000. Based on a 3% commission, a part-time agent would earn $7050. If your broker has new agents on 60/40 commission, then the $7050 would be about $5600 in earnings.
This means that it is possible to live comfortably off of part-time real estate agent work if you are investing your time wisely and willing to make sacrifices like not spending as much on a car or nicer things for yourself.
What do you need to become a part-time real estate agent?
- A part-time real estate agent license (can be obtained through passing an exam or working full time for a brokerage)
- Lead generation services to find potential buyers and sellers. Lead Generation may require you to contact previous clients, friends, family members and co workers on your own behalf in order to generate leads from them. The commission rates are often higher than other types of listings because they’re based off the sale price instead of just listing fees like MLS listings.
- Real estate experience is not necessary but it will help with understanding what homes can sell for as well as knowing costs associated with buying property versus renting one out. Prior knowledge about how much houses cost could also come into play when negotiating offers between buyer and seller if you have any experience in this area.
- You will need to be aware of all the costs associated with being a realtor and how they are calculated. For instance, commissions can sometimes include fees for advertising, contact information management, lead generation services and more on top of the agent’s fee that is paid by both buyer or seller when funds change hands during a transaction.
- To get your real estate license, you’ll first need to take some courses which usually require 600 hours of study time over 12 months with at least 30 hours per week spent going through the material before taking an exam administered by local boards and associations like REALTOR. The classes should help you grow. It’s easy to pass if you are committed.
Succeeding as a real estate part-time agent is easy if you have the right mindset. You need to be willing to work hard and take risks if necessary, but also know your limits as well.
Marketing yourself is key:
-Create a blog to establish yourself online with potential clients
-Get on social media sites like Facebook or Twitter where people can follow what you are doing
-Have an open house for every listing that is up so buyers will always know it’s available and other agents won’t get a commission from selling it -Network at all of the events related to real estate part-time agents that you find out about.
Whether you’re a part-time real estate agent, looking for supplemental income on the side, or have your sights set on growing your career in this field, there are plenty of opportunities available if you have the right mindset. In addition to earning money and gaining experience by selling homes as a part-time agent, it may be possible that you could grow into an amazing full-time position with any one of these top companies. Let us know if you need more information about becoming a part-time real estate agent.