Most people get into real estate thinking that it’s not only a full-time job for them but something they will have to work overtime on. That’s not necessarily true. Many real estate agents work at it part-time to start. Any licensed real estate agent can set their schedule, and there’s no necessary commitment to working full-time hours.
If you’re looking for part-time work with flexibility and earning potential, here’s how to become a part-time real estate agent.
1. Get Your Real Estate License
Any real estate agent has to be licensed and have the necessary accreditations. Before jumping in, you must pass your exams and tests, pay the associated costs, and register your license with the appropriate parties. For example, in Ontario, you must register with the Real Estate Council of Ontario.
It’s also important to note that the average time to get a license is 9-12 months, as you complete different aspects of the real estate program towards certification.
2. Find A Real Estate Brokerage
A real estate agent who is just starting is best referred to start with a brokerage. A brokerage can offer many training opportunities and allow you to work with others who can help fine-tune your skills. When choosing a real estate brokerage, you will likely have a few in mind.
Ideally, you will want to find a brokerage that you believe has the resources to ensure you are properly managed and supported, maximizing your potential and converting potential into income.
3. Set Up a Weekly Schedule
There is no one setting your hours. It’s up to you to carve out the hours you want to work. You won’t want the hours to eat into other professional commitments or spending time with family, relaxing, or your days off. You may want to work with your boss to decide on an appropriate schedule.
You may need to be flexible week-to-week as clients may only be available during certain hours. The challenge can come in when you’re a part-time real estate agent.
4. Set The Right Expectation
You cannot expect to make as much income as someone working full-time when you’re a part-time real estate agent. Make sure you set the right expectations income-wise and your commitment in time.
Some clients can be very demanding. The flexibility you might think you have will sometimes not be there. To be a real estate agent does require one to be able to move schedules around and be available for their clients.
You should also set up expectations regarding your income potential. On months when you wait for a sale to finalize, real estate commission advance companies can help you manage your finances. These commission advances give you flexibility when it comes to how much you earn per month.
5. Come Up with a Business Plan
You may not be working full-time hours, but that doesn’t mean you need to treat real estate as a hobby. Create a business plan. This will involve not only the time you want to invest but also what the expectation will be income-wise, what systems you need in place, and your policies regarding client communications. You will want to map out any time and cost spent on marketing and other expenses you could accumulate along the way.
6. Set Up Your Systems
Successful real estate agent has several systems to help them cultivate leads and organize communications. Each of these will need regular updates and checks, sometimes daily.
On part-time hours, this can be difficult on certain days, but setting aside the time to do these checks may be the difference between you nabbing the next lead or someone else.
- A real estate CRM system will help manage interactions with clients, leads, and prospects.
- A business phone line and business email are separate from your phone/email for real estate-related interactions.
- Get marketing materials made, including business cards.
- A website and social media presence are necessary for any real estate agent to help accumulate potential leads and create market awareness. It’s like having your own online 24/7 business card with all the info a client would ever need.
7. Put Yourself to Work
Real estate works like a wheel. You locate a buyer or seller. You help them sell the property. You collect your commission. Then, you do it all over again. A part-time real estate agent has the responsibility to feed them lead after lead, and if they aren’t able to keep those leads coming, they’re in trouble. A large part of your part-time real estate agent hours will be spent cultivating leads and marketing yourself in various ways.
8. Market Yourself
The last point we want to make is being the best part-time real estate agent and being able to succeed in the face of competition from full-time agents is marketing. Clients hire agents based on their perceived skills, what they bring to the table, and their expertise.
Differentiate yourself from the competition by focusing on a niche, i.e. a neighbourhood, a specific demographic, or a type of real estate. When you’re marketing online, have high-quality images and graphics done. Present yourself in the most professional way possible.