Are you about to jump and grab the opportunity to become a real estate agent, but are having second thoughts? This is THE article for you. Here you will get a detailed look at how to get started and how you can use your time in the best and most effective manner.
A popular choice among real estate agents is to start their real estate career as a part-time venture instead of going all in. So you can continue with your regular 9-5 but work on the side to learn the ropes before taking the leap of faith. This part-time phase is also attractive for veterans who have other priorities. Individuals who are seeking a better life-work balance.
While a real estate career can be very rewarding and fulfilling, keep in mind the challenges you will have to face as you choose this less chosen path.
Finding time for part-time real estate
You can always earn more money, but you cannot earn more time. One key factor you need to keep in mind is irrespective of your work schedule. Your clients will want you to be available for them at a moments notice.
So let’s hear it from someone who has been there, done that. Valorie Ester worked as a part-time realtor for a couple of years, when she had young children to look after. One general advice she gives is to align along with a broker so all your office essentials are taken care of. If you are doing the real estate gig part-time, ensure that you are operating at the level of a professional. Set specific crystal clear expectations of your earning potential.
Here are 8 effective tips for the part-time real estate agent
1. Set a specific time goal for lead generation. This will be an absolute fundamental for your success. Having a two hour period daily for chasing leads is a good place to start.
2. Be specific about your availability. This saves your time and saves the time of your clients too.
3. Since you won’t be available always, have a schedule that works for you and stick to it.
4. Find a mentor to chart your future progress. You could also take the help of a coach or an expert in this field.
5. Educate and train yourself about contracts. Focus on the ability to price properties after analyzing and comparing market prices.
6. Network and seek advice from various service providers. Attorneys, loan officers, insurance companies, title companies, and home warranty are great sources.
7. Maintain a healthy relationship. Build a network of those who will ensure your prime property remains in its prime. So befriend plumbers, builders, and electricians.
8. Make sure you join a real estate team that already has a branch that takes care of the administrative work. This one thing will cause your productivity to soar through the charts!
Remember time is your most important commodity so do high ROI activities.
Another way to earn commissions for yourself would be to put the “referral trick” into action. If you do not have enough time refer buyers and sellers to other agents. You can pocket a sweet 25 to 30% referral fees once the deal is final. This saves your time and adds icing to the financial cake.
Lee Dworshak has been in the game for quite a while. He is now retired. He believes that one of the key ingredients to a real estate agent’s success is the team and administrative support. Your team members can make appointments for you in your absence. Keep in mind that the commissions will have to be shared. Only until you can afford to have your own administrative assistants and team.
It’s not going to be a bed of roses at the very beginning. Weekends will be sacrificed for work to be done. Hold on to the thought of basking in the beaches of an exotic location for now. Get ready to hear brickbats and criticisms of naysayers. They will keep telling you that a part-time gig in the real estate field won’t bring you success.
Because it can. But it will must time, effort and strategy. It’s best to have at least a years income saved before jumping on the real estate scene. Also keep in mind that setting up a license, plus other fees could set you back by $2000.
How much you will make depends on whether you think the salary of a part-timer is right for you. You could pursue a different choice of a career in the real estate industry. Agents who put in roughly 20 hours of work weekly, pocket over $31,000 per year.
A second career? Why not in Real Estate?
While part-time is not an option for many in this field, it is but a lucrative option. Among the NAR members surveyed, only a meager 4% stated that they started their career in real estate. 16% came from backgrounds such as finance, management, sales, and business.
Dworshak himself was a latecomer in this field having started at 53. If you have a strong background in business, you are at an advantage, Dworshak believes.
Surveys done by NAR shows that most realtors work 40 hour weeks with about 74% working as a full-time real estate agent.
For those who worked less than 40 hours a week too, have reported that real Was still their main income source. Talk about lucrative! The trend also shows that the more years you invest in this field the more likely it is to be the sole cash cow of your income.