A great way to embark upon your real estate career is to start off as a part-time real estate agent. Many people have different reasons to become part-timers first before transitioning to full-time real estate agents. One reason that everyone has in common is it gives them the necessary exposure and experience before switching or starting a full-time real estate career.
We felt that people who wish to make real estate their side hustle do need a different kind of advice and tips than the ones who made this their sole career. So, we put together all the relevant guidance and strategies needed in this article.
A. How To Become A Real Estate Agent
1. Obtain A Real Estate License
Even for working as a part-time real estate agent, you are required to possess a real estate license. So, the first step should be to complete the necessary educational and legal requirements to obtain a real estate license. The good news is that both the educational and cost barriers for entering this profession are low, so this will be financially feasible for all. The broad steps to take are as follows:
- Check your state’s licensing and mandatory educational requirements.
- Complete the pre-licensing course requirements.
- Clear the state’s real estate licensing exam.
- Apply for a real estate license.
2. Join A Brokerage
As a licensed professional, the next step is to become a part of real estate brokerage. It is mandatory for all real estate agents to work under a sponsoring broker. Now, most brokers are wary of hiring part-time agents because they will be working only limited hours a week and may not bring in as much income as full-time agents.
You need to be patient to find a broker and brokerage house willing to take you on and give you an opportunity to show that you are an asset despite the number of hours worked.
3. Create A Real Estate Business Plan
The next step is to create a detailed business plan to get your real estate business started. Plan out all the essential aspects such as sales goals, income and expense expectations, finance and budgets, and other key aspects.
Keep in mind that at present this is a side hustle, therefore, frame your goals accordingly. Try to balance your work each week so that you are able to manage your expenses and still find success as a part-time agent.
4. Focus On Lead Generation
The most challenging aspect of working as a part-time real estate agent is finding new leads. As you are already working for a limited time per week, you may not have adequate time to find buyers and sellers. Most part-time real estate agents make the mistake of relying entirely on their brokerage for leads. However, there are other options too.
A. Online Lead Generation Platforms
Sign up for an online seller lead generation platform like Dorrmat. You will get a good supply of quality seller leads. Moreover, you can reduce your expenses as Dorrmat provides a wide range of useful features like a Customer Relationship Management (CRM) tool, vendor inclusion, and even a customizable professional landing page.
B. Sphere Of Influence
When you work real estate part-time, you need to rely on your social circle to find more buyers and sellers. Ask everyone that you know about any clients who would be willing to hire part-time agents? This is an excellent way to get new clients without spending on prospecting.
C. Ask For A Referral
Always as all your clients for a referral. Most clients are not sure about hiring an agent who will only work part-time. They feel a full-time agent will do a better job. But in referrals, it is easier to convince a client, as you have helped sell a property that belonged to someone they know.
5. Create A Marketing Strategy
It is crucial even for a part-time real estate agent to have a strong marketing plan in place. The real estate industry runs on people knowing that you are a real estate agent, as a part-time agent, you already have limited time.
Therefore, you should invest in resources that can help you market your brand and service even during your non-working hours. A lot of automated resources are available for marketing your business in this manner.
B. How To Be Successful Part-Time Real Estate Agents
1. Time Management Skills Are Vital
If you have a full-time job and real estate is your side hustle, then you should try to plan a flexible schedule that lets you give your best to each job. Create blocks of time for each aspect of the job. This will ensure that you do not get overwhelmed and are able to successfully run your real estate business along with your regular day job.
Schedule specific time-slots for the following:
- Meeting clients.
- Working with your real estate broker and the team.
- Property sale-related procedures.
2. Be Realistic About Your Real Estate Agent Salary
There are pros and cons when you decide to work as a part-time real estate agent. And one of the issues is your income from this job. You need to remember that you should not compare the money you make with those of the realtors who are working full time.
However, your earning potential is in your hands. The more you work, the more you will have success and the higher your earnings are going to be.
3. Get Training To Enhance Your Education
Even though you are a part-time real estate agent, you should consider upgrading your skills and market knowledge by undergoing further training. You should consider becoming a realtor. Those who become accredited members of the National Association Of Realtors (NAR) are only permitted to identify themselves as a realtor.
Undergoing this process can widen your professional circle and help you sell better, as most customers do look for the realtor qualification.
A part-time real estate career is indeed a great choice when you are a student, a working professional wanting to make the switch, a mother looking for a flexible career, or even an experienced real estate agent looking to semi-retire.