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Part-time real estate agents work less than 40 hours per week representing buyers and sellers in real estate transactions. Part-time real estate agent jobs may provide a flexible schedule as well as a five-figure salary.
Part-time real estate agents, on the other hand, earn less than full-time agents, thus this option is suitable for persons who have other sources of income.
What to Expect from Working as a Part-Time Real Estate Agent
Before committing to a career that requires fewer than 40 hours per week, aspiring part-time real estate agents should think about their personal commitments and financial resources. As an agent, your ability to satisfy the schedule needs of your customers is critical, therefore although having a minimum of 20 hours available in your week is critical, having those 20 hours be flexible is even more critical.
Those who want to work as a part-time real estate agent must also follow the same stages as those who want to work full-time, which are:
- Comply with all state licensing requirements.
- Coursework must be completed.
- Obtain a state-issued real estate license by passing a real estate licensing test.
- Look for a brokerage that will sponsor you.
- Maintain a current license by attending ongoing post-licensing courses.
It’s worth noting, though, that many full-time agents don’t make a sale for up to a year after starting work, which means you’ll need to depend significantly on a second source of income at first. However, if you can effectively manage duties while continuing to generate leads and make deals, working as a part-time real estate agent may be a lucrative source of income.
Salary of a Part-Time Real Estate Agent
Part-time agents who work fewer than 20 hours per week earn an average of $24,559 a year, according to Real Estate Express. Agents who work 21 to 39 hours per week earn an annual average of $46,458. An agent’s income, on the other hand, varies by region and is dependent on the amount of time spent completing transactions.
The Benefits and Drawbacks of Working as a Part-Time Real Estate Agent
Being a part-time real estate agent has both perks and downsides. While having a profession that enables you to establish your own hours may seem appealing, there are some drawbacks to the part-time real estate business.
You could, for example, raise your income, expand your social circle, and gain real estate expertise so that you can comfortably transition to full-time when you’re ready. However, there are usually out-of-pocket fees to consider before you begin. When you have other commitments, it might be more difficult to squeeze in last-minute client appointments. Additionally, some customers may be hesitant to engage with a part-time realtor rather than a full-time real estate agent.
Alternative Real Estate Part-Time Jobs
A part-time profession in real estate may pay off in a variety of ways, not just as an agent or broker. You may utilize your real estate license to establish a part-time profession in one of these sectors if you appreciate being a part of real estate transactions but don’t have the time or schedule flexibility to satisfy the needs of would-be house seekers or sellers.
- Inspection of the house
- Appraisal of property
- Investing in real estate
- Managing real estate
- Manager of commercial leasing
Many of these jobs need professionals to complete coursework, similar to what is necessary to become a real estate agent. Most jurisdictions, including New York, enable you to finish this education online via a recognized institution such as Real Estate Express. Real Estate Express is an excellent choice since it provides more than just prelicensing education for agents; it also provides tools for professional growth.
Who Should Do Part-Time Real Estate Work?
A part-time real estate profession is a wonderful fit for people who have a flexible schedule and don’t need a consistent supplementary source of income. It’s also great for those who can effectively manage their time and prioritize duties so that they can satisfy customers’ demands without devoting time to other responsibilities.
As a consequence, it is an excellent choice for:
- Shift workers: People who only work part-time at another job or who work off-shift hours and have daytime available are suitable candidates for part-time real estate jobs.
- Parents with school-aged children: When their children start school, many parents find that they have more time to devote to being part-time real estate agents. While you will still have to balance parental responsibilities with professional obligations, having an open schedule during the day is a good opportunity to sell real estate.
- Realty office managers: Because they already have contacts in the business and resources to work as agents, real estate office managers often go into real estate sales.
While time management and the capacity to prioritize work are important, there are other elements that influence a person’s ability to generate money in a part-time real estate profession.
7 Steps to Becoming a Successful Part-Time Real Estate Agent
A competent part-time real estate agent successfully controls their time while producing regular transactions to improve income—all while paying expenditures like desk fees and marketing. Consider your schedule availability, financial necessities, and educational prerequisites to guarantee your personal success. You’ll also need to advertise yourself and locate a broker with lead-generating methods.
The seven stages of becoming a part-time real estate agent are outlined here.
1. Decide on your level of adaptability.
You’ll need time to meet with customers and promote your real estate services if you want to work as a part-time real estate agent. Agents often spend half of their time in the office and the other half with their customers. Be truthful about how much flexibility you have in your day so you can correctly estimate how many customers you can work within a week.
Speaking with a local agent is a fantastic approach to learn about a real estate agent’s time commitment. Call a local realty firm or inquire online about how much time an agent devotes to their job, especially how much time they set out weekly for client meetings and how much time they devote to administrative work. This can help you estimate how much time you’ll need to become a successful agent.
Take into account your other obligations as well. You should be able to set aside many hours each day to work on real estate. Look for any areas where your personal life and your profession as a real estate agent can collide, and consider how to prevent them. Being a part-time agent may not be the greatest decision if you encounter too many issues. A part-time real estate job is possible if you have three to four continuous hours available each day.
2. Confirm that you have sufficient financial stability.
Although working as a part-time real estate agent might generate extra money, making your first transaction could take a year or more. Consider your monthly expenses, then estimate possible revenue from your part-time real estate agent business and determine whether the work is sustainable to guarantee you’re financially covered while you establish your network and degree of expertise. Consult with local agents to assist in the creation of a workable estimate.
How to Make Sure You’re Financially Secure
This is a fantastic approach to see whether you have the financial means to pursue a part-time real estate career:
- Make a list of your monthly costs.
- Calculate your principal job’s monthly income.
- Subtract your monthly costs from your monthly revenue to arrive at a net monthly income.
If you have enough money to pay all of your expenditures, you should be able to work for many months without relying on real estate revenue. A part-time real estate job, on the other hand, may not be the greatest alternative if you are unable to meet your present bills and must rely on savings or financial reserves to keep afloat.
Additional Financial Factors to Consider When Investing in Part-Time Real Estate
It’s also vital to think about the initial expenditures of being a real estate agent, which includes pre-licensing schooling, license application fees, and any marketing efforts you’ll need to attract customers. To calculate the cost of prelicensing education, start by looking into online real estate colleges. Then, talk to a local agent about how much lead generation and marketing will cost. Check to see whether you have enough money in the bank to handle these expenses without going into debt.
3. Locate a Reputable Brokerage
Finding the correct real estate agency for a part-time agent is crucial; some brokers provide leads and training, while others provide virtually little. Begin by looking for the greatest real estate firm to work for, taking into account both national and regional franchisees. Then schedule interviews with brokers and inquire about desk fees, training, and sales goals.
Once you’ve decided on a brokerage, you’ll need to provide evidence of employment to the state in order to complete your application. Check with your state’s real estate commission to see what paperwork you’ll need to provide in order to avoid a delay in your license.
4. Build a network and expand your sphere of influence
Outside of the time, it takes to inquire for them, referrals are a terrific source of free real estate leads. To begin earning recommendations, though, you must first establish a practice of promoting yourself as an agent to your network. Another option is to form a partnership with another full-time agent who will coach you in exchange for client help.
5. Use Lead Generation Software
You’ll have to build up your own lead-generating channels if your selected brokerage does not provide leads. Begin by setting up a lead-generating platform that will send out adverts to expand your lead database, and then complement with leads obtained from your professional network.
Consider the following industry-leading lead generating tools:
- BoldLeads: BoldLeads is a $289-per-month exclusive lead generating service for agents looking for local leads that aren’t offered to other agencies.
- Zillow Premier Agent; (ZPA) provides a free internet data exchange (IDX) website and customer relationship management to part-time agents (CRM). Lead generation may cost anywhere from $20 to $60 per lead, depending on your region and the level of competition in your area.
- Real Geeks: Real Geeks is a fantastic alternative for real estate agents who want a simple IDX website with CRM and lead generation in one tidy package; Real Geeks costs $249 per month for a website and CRM, with a managed advertising package beginning at $300 per month.
- REDX: Beginning at $79.99 per month, REDX provides specialty marketing leads such as for rent by owner (FRBO) properties and expired listings; starting in smaller niche markets, such as rentals, is beneficial since leads are less costly and competition is less.
While the methods listed above are useful for obtaining leads as a new part-time real estate agent, there are many more options for obtaining high-quality, warm leads.
6. Promote Yourself
It will be simpler to attract new buyers and sellers by marketing yourself and your business, as well as moving current warm leads closer to a deal. To enhance exposure, attract visitors to your website, and persuade potential buyers and sellers to seal a transaction, use social media, advertising, networking, direct mail, and email campaigns.
Here are some ideas on how to advertise yourself as a part-time realtor:
- Agents should have a professional Facebook real estate page with weekly postings, according to social media. Consider using real estate knowledge, neighborhood information, and market specifics to engage your audience, or start a Facebook group.
- Advertising: Part-time real estate agents may use Google Ads and Facebook to get leads in their rural region. Learn how to make Facebook ads for real estate. Facebook is undoubtedly the most successful advertising platform for real estate due to its wide targeting capabilities; learn how to build Facebook ads for real estate.
- Direct mail: Using a direct mail business like ProspectsPLUS! to send postcards or fliers to your agricultural region boosts exposure while saving you time on design, printing, and mailing.
- Email marketing: Using a service like Mailchimp or Constant Contact for email marketing helps keep you in touch with leads and encourages them to inquire about particular listings.
To connect with prospective buyers and sellers, use each of the marketing techniques listed above. If you discover one that performs better than the others, devote your time and resources to it. However, constantly check your return on investment (ROI) to ensure you aren’t squandering money on ineffective marketing.
7. Become an expert at time management
A part-time real estate professional requires excellent time management skills. Schedule each day, follow leads on a regular basis, keep on top of deadlines, and utilize technologies to simplify activities to avoid any conflicts.
As a part-time real estate agent, there are four strategies to manage your time:
- Make a schedule for your day: Concentration on making a daily calendar of tasks to do and a time slot for each important job that has to be completed each day; it’s preferable to block off consecutive hours for work to retain focus.
- Track your leads: Use a CRM like Freshsales to keep track of and nurture leads; it has a Free Forever plan that allows you to track leads and ensure no chances are lost.
- Set reminders: Use a time management tool to keep track of your tasks and get notifications when you have work to accomplish.
- Streamline jobs using tools: Use the finest real estate agent software and tools to save time on the things that agents do the most.
Part-time real estate agent success hinges on your ability to manage your time. You must be able to fit all of your duties into a part-time schedule, from meeting with customers to promoting your part-time real estate firm.
Most Commonly Asked Questions (FAQs)
Are part-time agents hired by brokers?
Yes. However, since full-time agents earn more money for the firm, brokers may be reticent to recruit part-time agents.
How many hours does a part-time agent work?
Part-time real estate agents have more flexibility with their schedules. While you have total control over your calendar, you must plan meetings with clients and fulfill marketing or lead nurturing duties.
Conclusion
Consider your financial stability and weekly availability for dealing with customers before becoming a part-time real estate agent. A part-time real estate job may be a smart option to earn additional money while allowing time for other duties if you can manage your time efficiently and have the means to obtain a license.
