The real estate world has become a great option for those who need to earn extra income as an alternative to their regular salary, in recent years it has become possible to work as a part-time real estate agent, something very positive to be able to combine several work activities at once, and earn enough money to cover basic expenses, whims, and even potential investments for the future.
If you already have a regular job and would like to dive into real estate to generate extra income, here we show you what you need and what you can do to start your journey as a part-time real estate agent. Don’t miss it!
- What do you need to be a part-time real estate agent?
- Organization is the key
- Create a business plan
- Earnings expectations
What do you need to be a part-time real estate agent?
While part-time real estate agent work is quite tempting, you should keep in mind that not everyone is suitable to carry out this activity, because to get started you will require some elements that will ensure your success in the real estate field, and that will then be able to report substantial income for your future.
Real Estate Agent License
First of all, to become a real estate agent of any kind, it is necessary to have a license that guarantees that you can work as a real estate agent in your country or wherever you are located, the requirements vary depending on the different countries, but it is clear that in order to do this job you need to obtain your license.
Typically, prospective real estate agents must take a short real estate market introduction course and take test exams, to subsequently pass a state or national exam, only then will they obtain their license as real estate agents.
Joining a real estate brokerage firm
Once you pass the exams and get your real estate agent license, you will have the option to join a real estate broker to access their customer and property database, as well as to be covered by a support from a company with a track record, this will make your agent profile more credible and customers turn to you to buy or sell a property.
Many real estate brokers are only limited to hiring agents who work full time, but today there are many brokers who are willing to support agents part time, this will give you the opportunity to gain experience and recognition in an established company.
Organization is the key
To get a functional and fruitful scheme in your new job as a part-time real estate agent, it is necessary that you can organize your schedules and combine them with your regular work, your family life and your personal affairs, for this you can follow these simple tips:
- Tell the manager of your full-time job that you will now have other activities as a part-time real estate agent, assure him that this will not interfere with your regular job, so you can avoid misunderstandings and problems with your permanent job.
- Create your scheme and work schedule to develop as a real estate agent, this includes deciding how many hours a week you will work in this business, and how many weekends you will have to dedicate time to it. Share your schedule with your customers, so they know your availability times and when to contact you.
- Save some free time for yourself and your loved ones, remember that although it is important to generate extra income, and you may have to make some sacrifices to save and invest that money in the future, it is always good to rest to stay focused, happy and productive.
With these three steps in mind, it will be easy to arrange a schedule that suits your life and allows you to be comfortable with your new part-time real estate agent job. If you are wondering how many hours per week will be indispensable to obtain a good income with this job, it is subjective, but most people who work part-time in real estate, take around 15 to 30 hours per week to dedicate to this activity.
Create a business plan
Becoming a part-time real estate agent is not as simple as getting a license and starting to work right away, it is an activity that requires some preparation so you can generate income with it and feel satisfied. For this reason, it is important that you create your business plan before you start this job.
A business plan for a real estate agent includes three important things:
- Budget: the money you will need to invest to renew your real estate agent license (once a year), promote your services through social media, business cards and advertising, in addition to growing your customer network. Sometimes this may be covered by real estate brokers, but other times you must invest an amount to enter the company and have access to the customer database.
- A customer management system: this is a software that allows you to manage the properties you are selling and the customers who are interested in buying them, one of the most recommended is LionDesk. Through this software you can communicate with customers, make property publications, create alerts and calendars, as well as manage transactions.
- Create a lead plan: to be a part-time real estate agent and be successful, you will need to create a lead plan. Leads are contacts (names, phones or emails) of people you can turn into potential customers. With these leads you can grow your business and diversify.
Earnings expectations
Before becoming a part-time real estate agent, you have to be clear that there is no fixed salary for real estate agents in general, which means that even if you worked full time, you would not have a fixed salary, this is because agents earn commissions depending on how many sales they make, and from them they get on average 6% of the price of the properties, distributing it in half with the real estate broker.
However, the attractiveness of a real estate agent’s earnings on a part-time basis is the potential for profit margin. This means that the limit of what you can earn is very high, since real estate sales generate very large amounts, and everything will depend on the type of property being sold, so the more properties you sell, the higher commissions you can receive, and all this will be extra income for you, since your regular work will provide you with a fixed salary to cover your basic expenses.
For this reason, the work of a part-time real estate agent becomes a fairly substantial alternative to obtain extra income, which you can then invest as you wish, both in professional improvements, as well as in properties or other types of markets that attract your attention and that promote your profit from passive income.
Want to know more about passive income? Click here.
Now that you know more about the world of real estate and real estate agents, you can get ready and decide if it’s your best option to start generating extra income. If you want to see other ways to earn extra money each month, we invite you to check out our articles here.
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