Finding a job as a part-time real estate agent can be a great way to make some extra income. And it's true that some part-time agents make a lot of money. However, there’s a major caveat here. While it’s possible to be a part-timer on paper, most people will find that being a part-time real estate agent isn’t something that’s all that feasible in practice.
- You will still need to have your license. This means you still need to take all the right courses, get the licensure, take the test, and keep up your current education.
- Many people won’t trust part-timers with their transactions. This is a sad but true aspect of being a real estate agent. People want to have an agent that is all on board for their real estate transaction, not someone who has other priorities.
- It will be harder to get leads. Since you’re not working the desk as often, you will have a more challenging time getting leads.
Becoming a part-time real estate agent is a great way to make sure that you get the connections and income you want. Of course, you will need to follow a certain number of steps to get to success.
1. Get Licensed and Join A Good Brokerage
The first step to becoming a part-time real estate agent is getting licensed and finding a good brokerage. You'll need to interview with the brokerage and convince them that you can be successful, even as a part-time agent. Ideally, the brokerage that you work with will offer support and ongoing sales guidance.
2. Put Together a Business Plan
Writing a real estate business plan will help you figure out what the best steps are for you to find clients and make money. You'll want to focus on how to make the best of your time as you'll be competing with agents that do this full-time.
3. Tap Into Your Network
Once you're licensed, it's time to start letting your network know that you're a real estate agent, and you can help them sell or buy a home. You'll also want to out there and network with new people as well. The larger your network, the more business you can do.
4. Advertise Listings
If your broker allows it, you can also start advertising listings your brokerage has. You can also offer to help other agents in your office with hosting open houses or showings in exchange for leads or a portion of their commission.
5. Help Your Clients Buy or Sell a Home
Once you start to get clients, you'll want to provide them with the best service you can so that you can get repeat business and referrals from them. The first and second sales are always the hardest. Once you start getting more sales, you’ll be able to parlay successful transactions into a more solid footing.
6. Use Your Income For More Advertising
The more you advertise, the less you have to rely on referrals to make things work. Using your income to invest in a better social media marketing campaign or even getting newspaper ad placements will help you gain more business.
Most real estate brokerages will hire part-time agents, but they may not give you a desk or require you to pay some monthly desk fees. But if you don’t produce, you won’t have a job for long. Brokerages will typically give all new hires around six months to start producing, and if you don’t close deals in that time frame, it doesn’t matter if you’re a part-time agent or a full-time agent, they’ll show you the door.
When approaching a brokerage, ask what their expectations are when it comes to entering their workforce. Some will insist on full-time participation while others will be alright with you being part-time.
If you plan on getting into luxury real estate, many higher-end brokerages will not hire part-timers unless they have extensive experience or a large network.
Much like with full-time agents, part-timers do not get a salary or an hourly income. They’re commission-based and have the same commission structure as full-timers. This means you will get 2.5 percent to 3 percent of the sale price of a home.
At first glance, this doesn’t seem like much. However, many part-time real estate agents make a sizeable income. It only takes a few home sales a year to bring in as much as $50,000. This is why you’ll often see stay-at-home parents getting their real estate license and working part-time, especially if they feel that they have a strong network of friends and neighbors who may want to sell their homes or buy new ones.
If you are curious about what being a part-time real estate agent can do for you, the best way to find out is to reach out to a real estate brokerage. A good brokerage will explain the process in-depth, show you how to make a living as a part-time real estate agent, and give you a shot at showing your mettle.
If you end up liking real estate and succeeding, you can easily make a career out of it.