BECOME A SUCCESSFUL PART-TIME REAL ESTATE AGENT

JOIN LOKATION REAL ESTATE

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Table of Contents

CAN YOU BE A PART-TIME REAL ESTATE AGENT?

Yes, you can be a part-time real estate agent, but it’s important to note that being a successful part-time real estate agent requires dedication, hard work, and time management skills.

There’s no law that dictates a minimum amount of time spent at the realty or brokerage, so if you want to, you absolutely can work just a few hours per week as a real estate agent. 

Finding a job as a part-time real estate agent can be a great way to make some extra income – it’s true that some part-time agents make a lot of money. 

So while it’s completely possible to be successful as a part-time agent, there are some things to consider before deciding whether it will work for you.

REASONS TO BECOME A PART-TIME REAL ESTATE AGENT

There are several reasons why someone may choose to become a part-time real estate agent.  

Almost 1 in 4 real estate agents work part-time, and there are many legitimate reasons you might start with a part-time real estate job.  

Real estate as job security

The reality of today’s labor market is that no one’s corporate career or long-time vocation is safe from layoffs, downsizing or pay cuts.

Becoming a part-time real estate agent, while still employed elsewhere, is an excellent way to hedge the risk of losing your full-time job or being laid off.  

It’s a lot easier to keep your full-time job as security when first starting out, and for many people it is the only way to begin what they hope is an exciting and successful new career.

But starting a new career as a real estate agent can be intimidating, to say the least. 

This is one of the main reasons that many people decide to “test the waters” before devoting themselves full time as a new agent. 

Here are some additional reasons why many licensed agents go the part-time route.

Real estate as supplemental income

Becoming a part-time real estate agent can be a great way to supplement your income from another job or source.

You may have a full-time job but want to earn an extra income from being a real estate agent on the side.

Flexible schedule

Part-time agents typically have more control over their schedules, which can be beneficial if you have other commitments such as family or another job.

This type of situation is perfect for single parents, persons looking to supplement an existing income, or retired persons who want to stay active and involved.

On the job learning experience

If you are interested in real estate as a potential full-time career, becoming a part-time agent can be a good way to gain experience and knowledge of the industry before committing to it full-time.

Maybe you are still in school or working towards an advanced degree and would like to do some real estate work on the side to help pay for your education. 

Real estate networking opportunities

The real estate industry, by its nature, requires meeting a wide variety of people both personally and professionally.  Becoming a part-time agent can provide opportunities to network with other professionals and potential clients.

Personal growth and development

Working as a part-time agent can provide opportunities for personal and professional growth, including developing new skills such as negotiation and communication. 

Investing in real estate

If you’re a real estate investor, becoming licensed as a part-time agent can provide yourself and clients insight into the market and potentially give you an edge in finding good deals.

Perhaps you are considering house flipping and renovating but are not yet sure this business model will be suitable for you. 

It’s important to note that becoming a part-time real estate agent requires dedication and hard work, just like any other job.

While it can provide a variety of benefits, it’s important to carefully consider your goals and whether becoming a part-time agent aligns with them.

JOIN LOKATION AS A PART-TIME REAL ESTATE AGENT

WHAT DOES A PART-TIME REAL ESTATE AGENT DO?

In reality, a part-time real estate agent performs most of the same duties a full-time agent does,  but typically with less buyers and sellers and subsequently, fewer hours per week. 

As a part-time professional in the field, you may not make as much of a salary as full-time real estate agents, but your schedule is much more flexible. 

Some of the key responsibilities of a part-time real estate agent may include:

Prospecting for home buyers and sellers

This involves identifying potential clients who may be interested in buying or selling a property, and reaching out to them to offer your services, by phone, email, in person, by referral or through social media platforms like Facebook.

Listing properties

If you’re fortunate to have a client who’s asked you to list their house for them,, you will need to create a listing for their property, which involves taking photos, creating a description, and marketing the property to potential buyers.

Showing properties

A part-time agent can show properties to their buyers as their schedule permits – in this role, you’ll coordinate showing times with the sellers and their agent.

Negotiating offers

When an offer is made on a property, you will need to negotiate on behalf of your client to get the best possible price and terms.

Managing transactions

This involves coordinating with other parties involved in the transaction, such as lenders, inspectors, attorneys, to ensure a smooth closing process.

As you can see, a part-time real estate agent will have to be efficient with your time and prioritize tasks to ensure you are maximizing your productivity. 

Effective time management and communication skills are key to being a successful part-time real estate agent.

BENEFITS OF BECOMING A PART-TIME REAL ESTATE AGENT

Becoming a part-time real estate agent can be personally and professionally rewarding, as well as lucrative for the right person. 

On top of that, there are other significant benefits to becoming a part-time agent.

Flexibility

Part-time real estate agents have the flexibility to work around their other commitments such as family, another job, or personal pursuits.

Extra income

Being a part-time real estate agent can provide additional income to supplement your other sources of income.  

Networking opportunities

Becoming a real estate agent requires networking; when done consistently, the relationships you develop can and will  lead to future business opportunities.  

If you have a large social network, all the better – becoming a part-time real estate agent will allow you to serve those in your social network as well if they are looking to buy or sell real estate.

Personal and professional development

Working as a part-time agent can provide opportunities for personal and professional growth, including developing new skills such as negotiation, communication, and marketing. 

Real estate investing

If you are interested in investing in real estate, becoming a part-time agent can provide insight into the market and potentially give you an edge in finding good deals.

Path to become full-time agent

If you enjoy working as a part-time agent and find success in the industry, you may decide to transition to becoming a full-time agent in the future

Learning opportunity

Being a part-time agent can provide an opportunity to learn about the industry without the full-time commitment, which can help you decide if you want to become a full-time agent in the future.

Working real estate part time will allow you to learn from other real estate agents, which can help you determine if you want to start doing it as a full-time job.

Slower pace and lower stress

As a part-time agent, you may have fewer clients and transactions to manage, which can lead to a lower stress and less likelihood of becoming overwhelmed.

It’s important to note that being a part-time real estate agent still requires a ton of dedication and effort.

There is no guarantee of success, or even a paycheck.

However, for those who are able to manage their time effectively and are committed to growing their business, becoming a part-time real estate agent can be lucrative, satisfying and highly rewarding.

HOW MUCH CAN PART-TIME REAL ESTATE AGENTS MAKE?

In most cases, real estate agents work on a commission basis, meaning they only get paid when they help their clients buy or sell a property. 

The income of part-time real estate agents can vary widely depending on several factors, including the number of hours worked, the commission split with the brokerage  and the average home sale price in their market. 

It only takes a few home sales a year to bring in considerable supplemental income.

This is why you’ll often see people getting their real estate license and working part-time, especially if they feel that they have a strong network of friends and neighbors who may want to sell their homes or buy new ones.

THE DOWNSIDE OF BEING A PART-TIME REAL ESTATE AGENT

There are many part-time real estate agents who do extremely well, but it is important that you understand the challenges and potential downside and requirements to be a successful part-time agent.  

Your biggest challenge and downside are the consequences of having limited time to devote to your real estate business as a part-time agent.

There are many facets of this.

Less time to prospect

You’ll have less time to prospect for leads, less time to show and list houses and ultimately fewer opportunities for sales.

Less time for clients

You’ll have less time to build a client base

Part-time agents may find it more challenging to build a strong client base compared to full-time agents who have more time to network and build relationships with potential clients.

Many people won’t trust part-timers with their transactions. 

Understandably, people want to have an agent that is all on board for their real estate transaction, not someone who they perceive aren’t 100% committed to their needs.

Less personal time

You’ll have little to no time left for personal commitments – if you are planning to continue your current employment, as well as work as an agent, be prepared for long days and busy weekends. 

Potential for stress and burnout

The risk of burnout and stress overload increases. 

Part-time agents may feel pressure to juggle multiple commitments and responsibilities, which could lead to burnout and stress.

While real estate as a whole allows a flexible work-life balance, the job can often be more demanding than anticipated. 

Less time for professional development

Less time means agents will be less likely to stay up-to-date with industry trends and changes due to their limited time commitment.

Less control of schedule

Also, there are other parts of the real estate transaction that typically need to be coordinated during a “normal” business day, which makes things challenging for someone with a full-time job.  

Dealing with home inspectors, title companies, lenders and even your customers will want and need to communicate during normal business hours.  

Sometimes it will feel impossible, but it can be done.

Time, time, time

Your time management, communication and organizational skills will be put to the test.

With less time available, you’ll have to be selective about the buyers you work with as well – if you work a Monday through Friday job, you’ll only be able to coordinate showings for them in the evenings and on weekends.  

Less availability can lead to missed opportunities and client dissatisfaction.

Less time devoted to helping buyers and sellers means lower income potential.

Part-time agents may not earn as much income as full-time agents due to their limited time commitment and fewer transactions.

And what if your full-time job or family commitments get in the way of fulfilling your obligation as an agent?

The reality is there will be times you just can’t accommodate a client. 

You’ll need to ask other agents to help you, and this likely means you’ll need to compensate and/or share or split your commission.

Lower profit and ongoing expenses

Plus, you’ll have upfront expenses. 

To pursue a part-time real estate career, you’ll need to cover the costs of licensing, education and training, advertising, marketing and even transportation. 

While being a part-time agent can provide flexibility and additional income, it may also require more time and effort than anticipated to be successful in the industry.

FINDING THE RIGHT REAL ESTATE BROKER

Finding a broker can be more difficult

If you embark on your journey as a part-time real estate agent, you’ll need to find a broker and agency that supports your work commitment.

Brokers are compensated and their success is predicated on the sales results of their teams and agents who work for them.

Also, if the brokerage you are working for pays rent for office space, commits desk space and resources to their agents, those resources will be allocated to the agents who utilize and make the biggest return on the broker’s investment.

These traditional brokerages, which may charge desk and technology fees, may not have pro-rated or modified monthly charges for part-time agents, which makes it all the more prohibitive and difficult for a part-time agent to cover their costs and make a reasonable profit if and when they sell homes.

Banyan Bridge Group is part of LoKation Real Estate – their 100% commission model is perfect for someone considering or already working as a part-time agent.  Joining and hanging your license with LoKation costs $99, and with a successful sale, LoKation receives only $495 as a flat fee for processing the transaction and supporting you through the process.

This has proven to be the best way for part-time real estate agents to keep more of their commission.  

BECOMING A PART-TIME REAL ESTATE AGENT

Before starting as a real estate agent, be sure to research your state’s licensing requirements, as they vary by state. 

The eligibility requirements to become a real estate agent vary by state, but typically include being at least 18 years old, completing a certain number of pre-licensing education hours, and passing a state licensing exam.

This will typically include completing a certain number of pre-licensing education hours, passing a state licensing exam, and meeting other state-specific requirements.

These courses are usually offered online or in-person and can be completed on a flexible schedule.

If you haven’t already decided on what brokerage you’ll work for, you’ll need to start that process. 

You’ll need to research and potentially interview with the brokerage and convince them that you can be successful, even as a part-time agent. 

You should research and compare different brokerages to find one that offers part-time opportunities, training, support, and a compensation structure that makes sense for your part-time status.

Once you have passed the licensing exam, you can join a brokerage. 

Depending on your brokerage, you’ll receive tools, training, and support to get started.

Most brokerages offer training for new agents, which can include online courses, in-person classes, mentorship programs, and continuing education.

As a part-time agent, you may need to invest in equipment such as a smartphone, laptop, business cards, and marketing materials – some brokerages have direct mail, print and technology resources that make ordering business cards, brochures, photography services and tech tools easy.

As you become acclimated to your new role as a part-time agent, you need to start generating leads and referrals to buyers and sellers.

Building a network is crucial to being a successful real estate agent. 

Attend as many industry events, local organizations and social or business events as your budget and time allow.  If you have another full-time job, start to think about work related events and how these can be leveraged with your new real estate career.

Use your new status as a real estate agent to amplify your social media presence – let your social network and other real estate agents know that you’re in the business now.  Other agents may want to connect with you and co-list or partner with you on listings or with buyers.

Every real estate agent needs a business plan, even more so for part-time agents who have to get the most of their time and schedule.

The plan must have realistic goals, a target market, marketing strategies, and a budget.  

Writing a real estate business plan will help you figure out what the best steps are for you to find clients and make money. 

You’ll want to focus on how to make the best of your time as you’ll be competing with agents that do this full-time. 

Remember that being a part-time real estate agent still requires hard work and dedication, even if you are not working full-time. 

It may take longer to build a strong client base and generate income compared to full-time agents, but with persistence and the right mindset, it is possible to succeed as a part-time real estate agent.

TRAITS OF A SUCCESSFUL PART-TIME REAL ESTATE AGENT

Becoming a real estate agent is less complicated than you might think, but being successful in the field is another story. 

If you’ve read this far, you’ll see several themes emerge that are the foundation for part-time real estate agents.

In order to be successful, the most important skills revolve around effective communication, time management skills and establishing priorities and expectations that are aligned with your schedule and commitment.

Successful part-time real estate agents typically possess the following traits:

Time management skills

As a part-time agent, it’s important to effectively manage your time to balance your real estate responsibilities with your other commitments. 

Successful part-time agents are able to prioritize their tasks and maximize their productivity.

Most if not all successful agents will have both a written business and marketing plan but also a daily schedule that keeps them on track with their short and long-term goalsl

Because you’re working with other people, who have their own schedules and commitments, expect there to be disruptions; when successful agents build their schedules, they build in flexibility and make sure not to overcommit.

Successful part-time agents must also have plenty of time prospecting for new leads and managing your relationships with past clients, making sure they feel taken care of enough to call you again when they want to buy or sell another property. 

Leads are not going to suddenly appear when you get your license; this is all the more true as a part-time agent.  You’ll have to be a self-generating lead machine.  Make sure that your schedule includes time set aside each week for lead generation purposes only.

Communication skills

Good communication skills are essential in real estate. Successful part-time agents are able to effectively communicate with clients, colleagues, and industry professionals.

It’s even more important to be transparent with your clients about your availability and set clear expectations for communication and response times.

Commitment & Motivation

It goes without saying that successful agents have to be self-motivated and committed to reaching their goals.  Staying organized and committed to success as a part-time agent, even during difficult times or when your priorities are being challenged, requires an extraordinarily high commitment level.

Networking expertise

Successful part-time agents are able to effectively network with potential clients, other agents, and industry professionals to build relationships and gain referrals.  With limited time and resources, part-time agents have to be even more creative with their networking and social activities. 

Tech-savvy

Technology tools in real estate can make an agent’s life easier, especially for part-time agents.  Successful agents can leverage technology to market themselves, connect with clients, and manage their business.

Invest in real estate marketing

If a part-time real estate agent has another source of income, one strategy that successful part-time agents can use is to invest some of their income into lead generation tools such as print advertising, direct mail or social media ads.  

The right marketing strategy for a part-time agent can minimize the time spent finding leads from scratch – with leads generated from direct mail or ads, a part-time agent can use their limited time with their clients more effectively.

BECOME A PART-TIME AGENT WITH LOKATION REAL ESTATE