Real estate agents face a variety of challenges when starting their new careers. Realtors are no longer able to depend on that “guaranteed” paycheck to live on. For this reason most people want to “test the waters” before committing to becoming a full-time agent.
For many people, becoming a part time real estate agent and keeping a full-time job is the only way to get started in what they hope will be an exciting and successful career.
Several real estate agents started out as part-timers, and some still are. This type of career choice is great for single parents, who need to supplement their income, or retired people who want to stay active.
Key things to know before jumping into real estate part time.
Find the right broker
It is critical to remember that brokers fail or succeed due to the efforts of their agents. Brokers usually allocate office space and other resources to those real estate agents that are producing results. Part-time agents generally generate less business due to their limited schedule, and some brokers are unable to provide these services to someone who is producing fewer results. Although brokers do hire part-time agents, you should search for a broker who is best suited to your situation.
Scheduling can be a challenge
Part-time employees face the challenge of scheduling their work. With limited hours, it is not always possible for you to be available at a time that is convenient for your clients. In particular, this is true of buyers who are interested in viewing newly built properties. In addition to dealing with title companies and lenders, other aspects of the job are also more manageable since they operate during “normal” business hours, but if you work somewhere else during this time period, things may become somewhat challenging. If you are well organized, it is possible to keep everything running smoothly.
In spite of your best efforts, there are times when you simply cannot accommodate the timing requirements of others. Whenever you simply cannot accommodate a client at a time they insist on, you should ask other agents to help you. The usual arrangement is that you must compensate the other agent for their assistance. In order to avoid mishaps, you will want to discuss this with others in advance.
Be prepared for long days and busy weekends if you intend to continue your current job and work as an agent. Since agents spend most of their time evenings and weekends on the phone or on showings, finding a day off or a vacation is going to be a challenge.
Real estate agents who work part-time spend fewer than 40 hours a week building their businesses and assisting buyers and sellers. As a freelancer, you have a flexible schedule and a way to earn additional income. However, there are also challenges, such as upfront expenses and competing priorities. A career in this field requires strict time management, but having the right marketing tools and funds to get your license and pay business costs makes it a viable income option.
Knowing the pros and cons of a part-time real estate career and everything you need to know-from the salary and expectations to success tips-will help you decide.
Pros of becoming a Part Time Real Estate Agent:
- Possibilities for a higher income
- You’ll gain real estate experience as you work part time
- Networking will help you create new connections and relationships
- You’ll gain industry knowledge and gain experience
Cons of becoming a Part Time Real Estate Agent:
- Upfront costs may be high
- Scheduling conflict with your current employment
- Less focus on your real estate career and clients
Factors that determine your success as a Real Estate Agent
Several factors determine your success as an agent, but one of the most important is meeting your clients’ needs. Even if you’re not available 40 hours per week, it’s very important to be flexible with your schedule. It is not uncommon for you to have to schedule a showing within hours of your clients finding a new house. As a result, it is imperative that you consider your personal responsibilities and lifestyle when deciding if you may be able to do real estate part-time.
A real estate agent working part time must meet the same requirements as one who devotes 40 hours per week or more to their profession. Among them are:
- Assuring compliance with state licensing requirements
- Coursework completion
- Obtaining a state-issued license upon passing a real estate licensing exam
- Locating a sponsoring brokerage firm
- Maintaining a valid license by completing ongoing continuing education (CE) classes or post-licensing courses
In addition, you should consider your financial capacity and security when considering a part-time career in real estate. Although it is possible to earn well over six figures as a real estate agent, it is extremely rare for this to occur during the first year after receiving your license. Most new agents do not close a sale for six to twelve months.
If you are considering real estate as a part-time career, I hope this information doesn’t discourage you. While many part-time agents thrive with a limited schedule each week, it is important to understand the challenges ahead of time before committing your energy and time to something that might not be your cup of tea.