If you're considering becoming a part-time real estate agent, you're likely curious about the earning potential in this field. Understandably, your projected income will heavily influence your decision to embark on a real estate career. While numerous factors affect the earnings of part-time real estate agents, there is research available that can give you a general idea of what to expect.
Part-Time Real Estate Agent Income
In a recent survey conducted across the country, it was discovered that agents who dedicate more hours tend to earn higher incomes. On average, part-time agents who work less than 20 hours per week earn $24,566 annually, while those who work between 21 and 40 hours per week earn an average of $46,458 per year.
If you're looking for supplemental income or a flexible job that helps cover your bills, becoming a part-time real estate agent might be the perfect fit. However, it's important to note that the number of hours you work is just one aspect that determines your earnings.
Other Factors Influencing Part-Time Real Estate Agent Income
Several additional factors can impact your income as a part-time real estate agent.
1. Your Local Real Estate Market
The strength of your local market plays a significant role in your earning potential. According to our survey, Maine boasts the highest average income for full-time real estate agents, with agents earning over $150,000. Check the top ten list of states to see where your local market falls.
2. Happiness and Job Satisfaction
Believe it or not, your happiness directly influences your earnings. Our survey revealed that agents who are satisfied with their jobs earn approximately three times more than their less satisfied counterparts.
To avoid burnout and maximize your satisfaction levels, it's crucial to develop positive mental habits.
3. Your Niche in the Real Estate Environment
Your chosen niche also plays a critical role in determining your earnings. In our survey, real estate agents specializing in 12 different fields disclosed their earnings. As a part-time agent, selecting the right niche could have an even greater impact on your income since you'll be dedicating fewer hours compared to full-time agents. Strategically consider your niche before making a commitment.
4. Professional Development
Investing in professional development opportunities can significantly boost your earning potential. Agents who prioritize ongoing education and skill enhancement earn nearly $50,000 more than those who neglect this aspect. Embrace various avenues, such as online courses and in-person conferences, to expand your real estate expertise.
5. Experience in the Real Estate Industry
Success in real estate takes time, and as a part-time agent, your initial income might be modest. However, our research indicates that agents experience consistent income growth the longer they stay in the business.
Is Part-Time Real Estate Agent the Right Job for You?
Understanding the potential income as a part-time real estate agent is crucial in determining if this path is right for you. If you're seeking a side gig or a way to stay busy without committing to a full-time career, being your own boss and helping people find their dream homes can be fulfilling. It's an experience every real estate agent gets to enjoy.