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 you can do real estate part-time in theory, most people will find that being a part-time real estate agent isn’t something that’s all that feasible in practice.
It's extra difficult to be a part-time real estate agent while having another full-time job, as you may not be able to respond to leads and clients quickly enough.
Table of Contents
Key Things to Know About Being a Part Time Real Estate Agent
How to Do Real Estate Part Time
Do Brokers Hire Part-Time Real Estate Agents?
How Much Do Part-Time Real Estate Agents Make?
Can You Be a Part Time Real Estate Agent Bottom Line
Key Things to Know About Being 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.
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.
How to Do Real Estate Part Time
- Get Licensed and Join a Good Brokerage
- Put Together a Business Plan
- Tap Into Your Network
- Advertise Listings
- Help Your Clients Buy or Sell a Home
- Use Your Income For More Advertising
1. Get Licensed and Join A Good Brokerage
The best way to do real estate part-time is to work with a good brokerage that will provide you with training and support. You'll need to get licensed and then 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 a strong network of support that you can lean on if you ever find yourself needing additional help with a deal.
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 who 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.
Do Brokers Hire Part-Time Real Estate Agents?
Most real estate brokerages will hire part-time agents, but they may not give you a desk, or you may be required to pay some monthly desk fees. And 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. When I oversaw hiring for a boutique luxury brokerage, I would rarely hire part time agents if they were inexperienced.
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.
Can You Be a Part Time Real Estate Agent Bottom Line
While you can do real estate part time, it's tough to make good money doing it unless you have experience. Most of the successful part-time realtors I worked with had started in the business full-time or came into the business with a large rolodex of potential clients. So before becoming a part time real estate agent, consider if it's the right move for you and interview with local brokerages to see what they can offer you.