Many people wonder ‘Can you be a real estate agent part time?’ The answer is YES! A part time real estate agent is someone that keeps another job with a steady income while pursuing their real estate agent career. Typically, a part time real estate agent spends less than 40 hours a week dealing with property transactions. However, many agents start off part time but end up getting into real estate full time.
How Much Does a Part Time Real Estate Agent Make?
According to a recent Real Estate Agent Income Guide, a part time agent working less than 20 hours per week can earn a gross income of $24,556. Those working 21-40 hours can earn a part time real estate agent salary of $46,458.
Who Should Become a Part Time Real Estate Agent?
A part time real estate agent career is right for:
- Parents with school-going children – When kids go off to school, parents have an opportunity to work as a part time real estate agent.
- Shift employees – For example, someone that works the night shift can find time during the day to become a part time real estate agent.
- Realty office managers – Since they already have contacts and exposure in the industry, office managers can easily function as real estate agents.
Pros and Cons of Being a Part Time Real Estate Agent
Here are some of the benefits of being a part time real estate agent:
- Increased income – Working as a part time real estate agent means increasing your income by as much as $50,000 per year.
- New connections – Agents are always meeting new real estate clients and enlarging their social circles.
- Industry experience – Working part time as a real estate agent gives you the opportunity to acquire the necessary experience which could result in a full time career move later.
Downsides of being a part time real estate agent:
- Initial expenses – When starting off, part time agents have to incur costs such as paying for their license, printing business cards, designing websites, and even paying for lead generation.
- Time constraints – Fitting in customers into your available hours while working as a real estate agent part time can be very difficult. You might lose a lot of business due to insufficient time.
- Poor client perception – Quite often, customers shy away from hiring a part time real estate agent since they appear to be less committed than a full time real estate agent.
How to Be a Successful Part Time Real Estate Agent
So, how can you be a real estate agent part time? Here are 6 things you need to be successful:
1. Have financial support
Though being a real estate agent part time can generate a decent income, it could take several months before making your first sale. To find out if you are financially stable, consider your monthly expenses such as mortgages, insurance, food, and rent. Then subtract the monthly expenses from the monthly income earned from your primary job. If the income is enough to cover all your monthly costs and then some, you can comfortably be a part time real estate agent.
You should also factor in the initial expenses of becoming a real estate agent. Check out several real estate institutions to get an idea of pre-licensing education costs. In addition, consult a local agent to find out about likely marketing and lead generation costs. You should have savings to cover these expenses without incurring debt.
2. Establish your level of flexibility
As a part time real estate agent, you must have time to market your services and meet with customers. Be realistic about how much time you can commit daily and how many customers you can work with weekly. One of the best ways to learn about the time required is to consult a local agent. Ask them how much time they allot weekly for administration tasks and client meetings.
Don’t forget to look at your other commitments. Take note of areas where your life and your real estate career could clash and think of how to resolve these conflicts. If there are too many clashes, then this path might not be for you.
3. Complete education and licensing requirements
From NYC, Boston, Chicago, and Los Angeles, to Las Vegas and San Diego, each location has unique licensing requirements. Visit your state’s real estate commission site to learn about your state’s license requirements. Most states require real estate agents to complete intensive classroom coursework and then pass an exam before getting a license. The good news is that you can take an online real estate course and complete the coursework within a few weeks. After passing your exam, you can then send an application to your state real estate board for your license. If approved, you will get a reply by snail mail or email within 2-4 weeks.
4. Locate the right brokerage
Locating the right real estate brokerage is crucial for a part time real estate agent. Look for brokerages that offer as much support as possible to their agents. When attending interviews, ask brokers questions about sales expectations, agent training and desk fees. Once you have selected a suitable brokerage, the state will need proof of employment before finalizing your license.
5. Use the right lead generation and qualification tools
Even if your brokerage provides leads, consider having your own real estate lead generation channels. Set up professional accounts on social media, build your own website, and even consider checking out a few different lead generation websites.
Because you will want to use your time efficiently, it’s also a good idea to look into automated real estate lead qualification. One of the best tools for real estate agents looking to instantly qualify leads is Mashboard. It allows you to qualify real estate leads instantly using demographic data such as financing, budget, etc. The Property Recommender feature makes finding property for customers easy using Mashvisor’s user search data and algorithms. You can even find off-market opportunities, complete with the names, emails, and addresses of property owners.
6. Market yourself
- Social media – Free posts on Facebook, Twitter, and Instagram can help you reach a wide audience.
- Advertising – Facebook and Google are the best platforms for effective real estate advertising.
- Direct mail – This could involve sending flyers or postcards to your target market.
- Networking – Conferences, seminars, trade shows, and open houses are great places for real estate lead generation.
Becoming a part time real estate agent is definitely possible and can help you earn extra income. It will also open the door to eventually working full time in the real estate industry.
Keep reading Mashvisor’s agent blogs to learn more about becoming a real estate agent.