Becoming a real estate agent requires a leap of faith and an investment of time and money. That’s why some agents may choose to test the waters with a part-time real estate position while hanging onto a steady income from another job. Industry veterans may also find that working for a part-time real estate agent salary provides an alternative to retirement or a way to balance work and family life.
Tips for Finding Time for Part-Time Real Estate
Whether you’re looking into real estate career opportunities for a second job or a brand new career, you may struggle only working part-time as a real estate agent.
Valorie Easter, a REALTOR in Charlottesville, VA, worked part-time for two years while her children were young. Here are her eight tips for effective part-time real estate:
- Dedicate two hours a day to lead generation.
- Control your time by time blocking so you can stick to your schedule.
- Set clear expectations upfront about your availability.
- Work with a coach to map out your business.
- Receive basic training in contracts and how to price properties using comparative marketing analysis.
- Meet with and learn from service providers such as loan officers, title companies, attorneys, home warranty professionals, and insurance companies.
- Build a concierge list of real estate professionals, such as builders and plumbers.
- Join a real estate team that can handle administrative work.
“If you work part-time you need to focus on generating business or going on appointments. Paperwork is not necessarily a money-maker,” Easter says.
Retired REALTOR Lee Dworshak believes working with an established team and administrative assistant is crucial to a new agent’s success. “If you are unavailable, your team member can make the appointment,” he said.
Needless to say, you’ll have to make some sacrifices to earn a part-time real estate agent salary or commission. You may have to give up some time off and vacations. You’ll also have to put up with the naysayers in the business who claim you can’t be effective part-time because of the commitment expected in the industry.
For those who don’t want to “hit the pavement,” Easter recommends another method for being a part-time agent. “Create a referral network. Refer buyers and sellers out to other agents locally and across the country. You can ask for a 25 to 30 percent or more referral fee when the property closes. You really can control your time and costs with referrals.”
How much is a part-time real estate agent salary?
Agents generally work on commission, although some may earn a salary plus commission. The part-time salary of a real estate agent depends on the agent’s location, niche, and skill.
Real estate is often a second career
Working part-time in real estate is not the norm. However, most REALTORS surveyed said real estate was not their first career. Of the members surveyed, only 5 percent reported that real estate was their first career; 17 percent had a previous career in management, business, finance, sales, or retail.
Dworshak started in the real estate business at age 53. He believes agents are more successful when they come into the field with solid business skills. He said that certain fields lend themselves to being agents or offer the flexibility to take on real estate as a side job.