A part-time real estate agent usually has to spend less than 35 hours per week to find buyers and sellers for property transactions. Becoming a part-time real estate agent increases your earnings and gives you a flexible schedule.
One can successfully pursue a real estate part-time job. If you want to boost your income by turning into a part-time real agent, then here is the guide to follow.
Understand Your Market
A fact about the real estate industry, which is often overlooked, is that it is not a single market but is a collection of local and regional markets.
The dynamics of your market, such as location, pricing, community or society, and competition for real estate agents, have a profound effect on how you conduct a real estate transaction.
Some of the hotspots for real estates are:
- Omaha, Nebraska
- Boise, Idaho
- Rochester, New York
- Grand Rapids, Michigan
- Shawnee, Kansas
To understand the market well, conduct both primary and secondary research. It will help you as an agent to keep a tab on all the developments, such as the total number of apartments, types of residences, tenants living in the area, and preferences of locals. It provides a broader idea about the value of the market that you want to target.
Ensure You Have Financial Support
In the real estate industry, there is regular cash outflow, but the inflow of cash happens when you strike and complete a deal.
The outflow of cash can be in the following forms:
- Membership for MLS
- Broker costs
- Real estate license
- Operating costs
Ensure that you have back-up funds for at least six months to meet your daily expenses and to pay your bills. Know how much these outflows will cost you in your market area to get an idea of how much you should save.
Make a list of expenses that you incur every month and deduct this amount from your monthly income. If you have enough balance without leaning on your savings, then it is feasible for you to work for a few months without any earning as a part-time real estate agent.
Get Some Real-world Experience or Find a Mentor
Find and work under a successful broker who can mentor you. The state provides the license to a broker to oversee real estate transactions and ensure that you follow the required legal and ethical standards.
Working under a broker will help you understand real estate terms, such as title, insurance, liens, deeds, and encumbrances. It will provide you a chance to go through the past transaction folders and study the documents.
It helps you know the nuances of the real estate industry and generate income in the form of commission from your real estate transactions.
Some realtors like the 100comissionrealestate operate on a 100 percent commission model.
Complete Licensure Requirements
Before you can take the actual real estate licensing exam, all states demand completion of the pre-licensing course.
Here is the list of licensure requirements that you need to complete.
- Complete the real estate pre-licensing course specific to your state
- Pass the real estate licensing exam
- Submit your real estate license application
Choose an accredited real estate school or university that offers licensing programs specific to your state. Next is to pass the real estate licensing exams.
Once you pass the exam, check with your state-specific regulatory authority to complete the application process, such as submitting fingerprints, background check, payment of fees, and obtaining your official transcript.
Establish Boundaries Early and Often
Whether you are working full-time or part-time, the real estate industry lacks boundaries and involves long working hours. You will tend to take calls at any time of the day or night, and spend evenings writing offers.
In reality, setting healthy boundaries will help your real estate business and benefit your clients in the long term. Communicate and set expectations with your clients about your working hours, mode of communication, your response rate, and days off.
Invest in Lead Generation
As an agent, you need to find potential buyers and sellers, also known as leads to be successful.
How can you generate leads? Invest in the following ways.
- Social media: Create a professional real estate Facebook page and engage with your audience to provide real estate expertise, information, and market details.
- Networking: Build connections with other agents, brokers, potential buyers and sellers, appraisers, and inspectors to grow your sphere of influence.
- Real estate CRM tools: Using such software enables you to identify, track, and manage your interactions with your existing and potential clients.
Explore Certification Programs to Give You an Edge
Go for additional designations and certifications that will help demonstrate to your potential clients and the industry your commitment to professional development.
Select certifications that are specific to your target market. Some of these are Certified Real Estate Brokerage Manager, Certified Residential Specialist, Counselor of Real Estate, Certified International Property Specialist, Accredited Land Consultant, etc.
Working as a part-time real estate agent involves challenges such as cumulating funds, passing the real estate exams, and, most importantly, finding buyers and sellers.
However, being a part-time real estate agent can be an extremely rewarding career. It involves advantages, such as regular business, new connections, and a boost in your income.
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