Jasmine Birtles
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Is It Possible to Become a Realtor as a Side Hustle?
Moneymagpie Team
15th Nov 2023
Real estate provides an excellent avenue for anyone to make money and achieve financial freedom. If you have the patience, personality, diligence, time management, and negotiation skills to strike a deal, you can easily build a career in this lucrative field.
However, full-time employment isn’t for everyone, and flexibility is vital to maintaining a healthy work-life balance.
On that front, studies show that realtors, on average, work anywhere from 40 to 60 hours a week, with top agents working for more than that. Which begs the question: Can you get into real estate as a side hustle? Keep reading to find out!
- Can You Be a Part-Time Realtor?
- How to Become a Part-Time Real Estate Agent
- Perks of Real Estate as a Side Hustle
- Drawbacks of Real Estate as a Side Hustle
- The Bottom Line
Can You Be a Part-Time Realtor?
Well, practically, Yes.
Real estate as a side hustle is possible. In fact, around 22% of real estate agents work part-time, earning an average of $24,566 a year.
The process of becoming a part-time realtor is similar to that of becoming a full-time agent. The only challenge is that some brokers typically won’t hire people who work part-time. If you’re lucky enough to get hired, you get the opportunity to “test the waters” before deciding to quit your 9-to-5 job and go full-time.
How to Become a Part-Time Real Estate Agent
Becoming a part-time real estate agent is easy and can be accomplished in five simple steps.
Step 1: Meet your state’s eligibility requirements. Most states require agents to be at least 18 years old and be US citizens.
Step 2: Complete a pre-licensing course. Depending on your state, you may be required to take anywhere from 30 – 120 hours of pre-licensing classes.
Step 3: Pass the real estate exam – Next, you’ll need to apply for, take, and pass the real estate licensing exam. You’ll be required to pay a fee to take the test.
Step 4: Find a sponsoring broker – You can’t be a real estate agent without working under a sponsoring broker. Unfortunately, for aspiring part-time real estate agents, finding a broker willing to bring you on board isn’t going to be easy. You’ll need to interview with the brokerage and convince them you can be successful working part-time.
Step 5: Consider becoming a realtor
That’s it! You’ve become a part-time realtor in 5 simple steps. For detailed information on how to become a real estate agent, check out this guide to real estate licensing.
Perks of Real Estate as a Side Hustle
Ready to hear about the rewards you get by working as a part-time real estate agent?
- Earning potential – The biggest perk you get as a part-time agent is unlimited earning potential. You don’t get paid hourly working as a realtor. You get to decide how much you want to make based on the number of hours you’re willing to put into it.
- Flexibility – Unlike a 9-to-5 job, working as a part-time realtor gives you nearly complete control over how you spend your time. You can decide how and when to squeeze in your real estate work—before or after your other job.
- Networking – A career as a real estate agent doesn’t confine you to your office desk. You get to go out, meet new people, network, build connections, and grow your portfolio.
- You can become a referral agent – Don’t want to get your hands dirty? You can become a referral agent and earn a decent commission. Referral agents earn their money by referring clients to other realtors. The other agent handles the entire real estate transaction, and you collect the referral fee.
Drawbacks of Real Estate as a Side Hustle
Much like any other career, working part-time as a real estate agent has its own challenges.
- Finding a sponsoring brokerage – Every broker’s goal is to maximize profits by attracting new clients and growing their brokerage. Achieving this goal can be difficult if some agents work only a few hours a week. For this reason, most brokers don’t hire part-time agents. Getting a sponsoring broker as a part-timer is easier said than done.
- The need to be available – Availability can become a problem for part-time realtors. Your clients won’t care whether you work part-time or full-time. If they’ve questions they need answered ASAP, they’ll call you or email you while you’re busy with your other job.
The Bottom Line
Working part-time as a realtor is possible, and many agents have taken this route. You benefit from unlimited earning potential, flexibility to work when you want, and an opportunity to network and grow professionally. If you can find a sponsoring broker and learn how to manage both jobs, you’ll have paved a clear path to a successful part-time real estate side hustle.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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