Can you do real estate part time? Absolutely! Many people successfully balance real estate with other commitments. However, working part-time in real estate brings unique benefits and challenges. In this article, we will explore what it means to be a part-time realtor, how to get started, and the considerations you need to keep in mind when ramping up your real estate career.
Can You Do Real Estate Part-Time?
Before we delve into the details, let's clarify what it means to work in real estate part-time. Whether you spend five hours or 35 hours a week on real estate, if you have another full-time job, you're already a part-time real estate agent. The beauty of this profession is that you have the flexibility to invest as much or as little time as you want. Some agents start by dedicating 10 hours a week to their real estate career and gradually increase their commitment until it becomes their full-time pursuit. It's important to remember that becoming a full-time real estate agent may not happen immediately or be financially sustainable for everyone.
How Do You Get Started With Real Estate Part-Time?
Getting started with real estate part-time follows the same process as becoming a full-time real estate agent. You'll need to take a real estate course to learn more about the license exam and obtain your license. Then, you can find a managing broker, start building your leads, and continue with continuing education classes and license renewal. The only difference when starting part-time is that you'll need to manage your time effectively. Balancing a full-time job with real estate requires careful scheduling. You'll also need to assess when your profit potential would be greater as a full-time real estate agent. Some individuals may find that the part-time agent lifestyle suits them better, allowing them to negotiate deals for personal projects or for family and friends. While working part-time comes with unique challenges, it also offers greater flexibility and freedom as you're not solely reliant on real estate commissions for your income.
Why Would You Be a Realtor Part-Time?
There are various reasons why people choose to be part-time realtors, but the most common one is the desire to ease into an unpredictable income stream. Building a successful career in real estate takes time. Understanding your local market, networking, and reputation building are crucial components of the process. It may take months or even years to generate consistent leads and income. By working part-time, you can give yourself the opportunity to learn, grow, and explore the industry without the same pressure to make immediate sales. Part-time real estate can also be an attractive option for parents looking to supplement their household income while taking care of young children. However, it's important to note that being a real estate agent, whether part-time or full-time, requires dedication and availability. You must be committed to being responsive and attentive to your clients' needs.
Is Being a Part-Time Realtor Worth It?
According to surveys by Real Estate Express, part-time realtors who worked under 20 hours per week earned an average of $26,000, while those who worked more than 20 hours earned closer to $46,000. Considering the part-time nature of the work, these earnings are promising. If you're looking to gradually build a career in real estate, working part-time can be worthwhile, particularly for new agents. However, there may come a point where you need to increase your hours to further increase your earnings. Ultimately, the decision depends on your goals. If you're content with the additional income and flexibility that part-time real estate offers, it might be the perfect fit. On the other hand, if you aspire to become an accomplished real estate salesperson or investor, transitioning to full-time may be necessary.
How Do You Manage a Part-Time Realtor's Schedule?
One of the challenges of being a part-time realtor is effectively managing your schedule. As a licensed agent, you must always prioritize the best interests of your clients. Whether it's responding to urgent calls or attending open houses on weekends, availability is key to building your client base and reputation. While you can decide how many hours you dedicate to your real estate career, being a part-time realtor is best suited for those with flexible schedules. It's important to strike a balance between your other commitments and your availability to serve your clients effectively.
What Are the Pros and Cons of Doing Real Estate Part-Time?
For new agents, starting part-time can be a feasible option with several advantages. It allows you to test the waters and gain a deeper understanding of the market before fully committing. You can build your career without the pressure of immediate results and take the time to grow and establish yourself. However, there are also challenges to consider. Scaling your business may be limited as certain aspects of real estate require a full-time commitment. Additionally, balancing a part-time real estate career with another job can be demanding and may affect your performance in both areas. Ultimately, your end goals will determine the amount of time you invest. If becoming a real estate broker is your ultimate ambition, you may need to be more aggressive in building your career sooner.
How Do You Transition to Full-Time?
Many part-time real estate agents eventually strive to transition to full-time. Proper planning can make this transition smoother. Start by addressing any cash flow issues and ensuring you can sustain yourself during periods without sales. Inform your broker about your intentions, allowing them to support and accelerate your growth within the brokerage. Leverage tools from the National Association of Realtors (NAR) to find more leads and supplement your own research for lead generation. As you prepare to transition, invest in marketing strategies such as search engine optimization, paid marketing, and social media to promote yourself independently. By capitalizing on existing knowledge and experience, the transition to full-time can be a natural progression.
Is There Any Reason You Shouldn't Be a Part-Time Real Estate Agent?
Although part-time real estate agents are common, it's not the ideal choice for everyone. If you prefer to fully immerse yourself in one endeavor, balancing a full-time job with a part-time realtor career may prove challenging. Additionally, if your current job demands significant time and attention, it may hinder your ability to serve your clients and build your real estate business effectively. Some individuals find it difficult to manage the demands of marketing, client interaction, and career development while working part-time. In competitive markets, working part-time may not yield the desired results, requiring a full-time commitment. Ultimately, it's essential to consider the impact on your lifestyle and schedule before deciding if part-time real estate is the best fit for you.
FAQs
Will clients work with a part-time real estate agent?
To clients, the distinction between part-time and full-time real estate agents is inconsequential as long as you are available when they need you. Ensure you are responsive and accessible, and clients won't mind that you're working part-time.
Will brokers hire part-time real estate agents?
Most brokers understand that many real estate agents prefer to start part-time. While there may be a few brokerages that do not hire part-time real estate agents, they are rare. However, it's essential to be upfront about your part-time plans when obtaining your real estate license.
Remember, whether you're working part-time or full-time in real estate, your success relies on your dedication, expertise, and ability to offer value to your clients. With the right mindset and a proactive approach, you can thrive in the real estate industry, regardless of your chosen work schedule.
