If you’ve ever leafed through real estate job ads on Craigslist, you probably have seen at least one or two that just seemed a bit unusual. Sure, some of them tell you that you can make a six-figure income in your first year (which is technically true), and others tell you that you can work part-time. But, is the part-time thing really true? Can you really make six-figures while working as a part-time real estate agent?
Is It Possible To Be A Part-Time Real Estate Agent?
Yes, you can certainly be a part-time real estate agent. There’s no law that dictates a minimum amount of time spent at the realty or brokerage, so if you wanted to, you absolutely could work just a few hours per week as a real estate agent.
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.
Here’s what you need to know before you try to become a part-time real estate agent:
- 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.
Do Brokers Hire Part-Timers?
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.
How Much Do Part-Time Real Estate Agents Make?
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.
How Do You Become A Successful Part-Time Real Estate Agent?
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:
- Get licensed and get accepted into a good brokerage. The first step is getting licensed and finding a brokerage that allows part-time agents. Ideally, the brokerage that you work with will offer support and ongoing sales guidance.
- Put together a business plan. Writing a real estate business plan will help you figure out what the best steps are for you and your clients.
- Expand your connections. Go out there and network! Advertise listings your brokerage has! Do something to make your brokerage time better!
- Start to get clients and get 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.
- Use your income for 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.
Become A Part-Time Real Estate Agent
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.