PART-TIME JOB – REAL ESTATE AGENT

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Income in the real estate industry is not stable. You will not get paid until you successfully close a deal, so a lot of people take it up part-time. Transitioning into this industry can be intimidating, but with the proper strategy, you can become a successful property broker. It can be a great side hustle, even for students who have time.

It can pay you a significant amount of money and that too in a short period of time. Whether you want to do it part-time or as a full-time career, there are certain challenges you should be prepared for.

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HERE ARE SOME REQUIREMENTS TO BECOME A REAL ESTATE AGENT:

Be over 18 years of age
Find out if your state has a pre-license educational requirement
Pass the licensing exam of your state
Submit your application for getting the license

HOW IS THE PAY OF A REAL ESTATE BROKER?

No matter whether you work full-time or part-time, there is no fixed salary for real estate agents. Agents only earn commissions whenever they close a property deal. They receive a commission of about 3% on the sale, but you can earn up to 25% on referred sales. However, this is negotiable and varies according to the situation and your network.

Referral commissions are a great way to earn if you are just starting. This also takes less of your time than if you were to represent the client yourself. Building great networks is really great in this case.

HOW TO GET STARTED

Some famous brokers hire part-time brokers. It depends on person to person but it is a great method to make your way into this industry. They can train you as well, but it can be time-taking and costly for them so they can be hesitant at times to hire newbies. You can increase your chance of getting selected by starting searching early on about the licensing exams and brokers you want to work with.

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Try to talk to them or ask people for suggestions and referrals. Sometimes independent, small brokerage firms are more willing to hire newbies than established brokers.

MAKE A SCHEDULE

Now that you have to juggle between your job and being a part-time broker, you need to allot your time carefully to both of these tasks. Have a calendar eve before you start so you know how much you can devote to being a broker and find a firm accordingly. Remember that you will only be able to build trust with potential buyers if you are available when your buyers need you. Dedicate your weekends to this part-time job as most people would prefer searching for houses on weekends but don’t devote less than 20 hours to it.

PROS OF BECOMING A PART-TIME REAL ESTATE BROKER

Making some extra money is the whole point of doing a part time job, and there is no better job than becoming a real estate agent. If you have the marketing and networking skills, look no further. You’ll have the luxury of making your own schedule. The hours you work depend upon your buyers or your brokerage firm. You can decide when you want to give the appointment to the buyer. You get to grow your network. If you are interested in switching or quitting your full-time job then this network that you built can be very helpful for you.

CONS OF BECOMING A PART-TIME REAL ESTATE BROKER

You might find it hard to balance two jobs, but like everything else in life, you get what you put in. You will have to face fierce competition as there will be hundreds of brokers already working. And since you are a part-time worker plus a newbie, things will be difficult.

FOCUS ON LOW HANGING FRUITS

Focus on setting up a system/strategy in the initial few days and when you have a system, start finding buyers who are most likely to purchase a property.