Can You Be a Part-Time Real Estate Agent?
Being a real estate agent is one of the most flexible careers available. But is it flexible enough that you can do it part-time? With familial commitments, additional jobs, and other obligations, moonlighting as a realtor can be an appealing option. Before you dive into a part-time career as a real estate agent, you need to understand what's expected of you and what you can expect from a part-time career. Below, we'll explain the financial expectations and career outlook of a part-time realtor so you can decide if this career path is right for you.
Making Money as a Part-Time Realtor
The primary concern for many people breaking into any new career is the financial opportunity. Can you make money as a part-time realtor? The answer is yes. However, there are a few things to keep in mind.
Plan for Working Less Hours
Like any part-time job, your financial outlook depends on the amount of time you work. For instance, if you only work 20 hours a week as a realtor, you can expect to bring in about half the income as a realtor working 40 hours. While this isn't always the case, keep in mind that the amount of time you put in correlates to how much money you can make. So if you're planning on working part-time as a realtor, you need to ensure you have an additional source of income to support yourself in the leaner times.
Get Help from Your Fellow Real Estate Agents
Career flexibility is one of the biggest perks of being a real estate agent. And when you work part-time, your hours are even more flexible, ensuring you can keep additional commitments, like second jobs. However, working less means you might not be able to provide the same level of service as a full-time realtor—which means as a part-time real estate agent, you might require extra help. For example, if you're unable to show homes as soon as they come on the market, or respond to a client's text message because you're taking your children to school, you could potentially lose clients. Many part-time realtors rely on their colleagues to show homes or meet with clients when their schedules prevent them from doing so. Even though you will need to split your commission with the realtors that assist you, the additional help is extremely convenient. Plus, when you have the extra time, you can pitch in and support other realtors.
How to Be a Successful Part-Time Real Estate Agent
Succeeding when you work part-time as a real estate agent requires the same skills you would need if you worked full-time. The three main things part-time real estate agents need to master are marketing, lead generation, and time management.
Market Your Business
As with any business, nobody will know you exist unless you market yourself. While your brokerage may do some marketing for you, the most successful real estate agents take the reigns on their marketing and invest in:
- Personal websites
- Social media
- Paid ads
- Email marketing
- Direct mail
You should also stay active within the industry. Spend time networking and creating personal connections with potential clients or those who can refer you to potential clients.
Focus on Lead Generation
A real estate agent is only as successful as their list of leads. To be successful, you'll need to grow and nurture your list continually. Whether that's creating an email campaign to check in every couple of months or personally reaching out to those who are closer to purchasing a home, you always want to be top of mind for potential clients. It's important to note that some brokerages have their own lead generation system. If they haven't, consider investing in one of your own to grow your list of leads.
Manage Your Time
Time management is tricky enough with full-time realtors. Still, it's even more difficult if you only spend a portion of your time working in real estate each week. To maximize the time you can spend with clients, and balance it with your other obligations, create a schedule you can stick with. Set aside time each day for marketing, lead generation, and client communications—even if the time you can devote each day varies. You can also consider investing in project management software to ensure you're always on top of your to-do list.
Start Your Real Estate Career with Pre-License Training
We hope this post has been helpful in your understanding of the struggles and benefits of being a part-time realtor. If you're ready to take the plunge and become a real estate agent, sign up for our real estate pre-license course!