Have you got a side hustle? Earning extra money on the side in addition to a full or part-time job is a great way to pay off debt, save money for a house or retirement, or start your independent business. Not everyone has the luxury of being able to drop everything and open their own start-up. You may need the financial security of another job while you start your own business.
One way you can start earning extra money and building an independent business is becoming a real estate agent part-time. But is it something you can pull off? Here’s what you’re going to need to succeed.
#1 You Need Flexibility in Your Other Job
People expect their real estate agents to be available. When they call or email, they want quick answers. You don’t necessarily need to be able to walk out the door at your first job at any moment, but you should be able to take five minutes to take a phone call or answer an email to keep your clients happy.
#2 Be Prepared for Long Days
Be prepared to show a house or file paperwork in the evening after your regular 9 to 5. You may need a lot of coffee, but once you start pulling in those commissions, you’ll see that it was worth it.
#3 Get Educated Online
Earning your qualifications as a real estate agent is affordable and convenient online. With online classes from real estate licensing schools like RealEstateU, you can fit studying around your job. Online courses can be very affordable and you can take them at your own pace, from home.
Online courses mean you can complete your education while you work and raise a family. The flexibility makes it one of the most accessible qualification processes available.
#4 Set Aside Time for Real Estate
There will be days when it’s hard to get to work on your own business after a long day working for somebody else. Set aside time each day for your own business, even when you’re not working directly with clients. Use this time to generate leads, build marketing materials, and do your follow-up to build your clientele.
#5 Try Starting Out with Rentals
The rental market is often an easier one to enter than houses, especially in major cities with a lot of tenants and rental units. There are plenty of landlords who want their units rented out quickly to reliable tenants, but don’t want to go through the process of showing the unit and combing through applications themselves. Typically, you can make a 10% commission on the year-long lease for finding the tenant. In hot rental markets, that can be a significant sum; the average rent for a 2-bedroom in Austin, TX is $1,400 a month, meaning you’d make $1,680 for finding a tenant.
Working part-time as a real estate agent can also be a great way to earn extra income if you’re a stay-at-home parent. You can balance part-time work with raising a family and add some savings to your household budget. Get your real estate license online today.