20 Jan

Many people have dreams of making it big as a real estate agent, but they want to start slow. People want the freedom, income and the other perks that come with being a real estate agent. but are scared to lose a steady income. Getting a real estate license and working part-time as an agent seems like a great idea, but it will not be easy to succeed as a part-time agent.

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Why you should become a part-time real estate agent to save money on investments

I think the best situation to become a part-time real estate agent is when you are a real estate investor. I own 10 long-term rentals and I complete 10 to 15 fix and flip s a year. I save money when I buy a home off the MLS and when I sell a home, because I dont have to pay a listing agent. Being a part-time agent who invests in real estate would be well worth it in my opinion. I talk much more about becoming an agent when you are an investor in this article.

It takes a lot of work to become a real estate agent

One of the drawbacks of becoming a part-time real estate agent is how much work it takes to become a real estate agent. One of my team members just got their real estate license and I talk more about how hard it is to become an agent here. It takes hundreds of hours of education and testing to become an agent. If you already have a job, even part-time, it will be tough to find the time to complete the education.

There are night classes and online classes that you can take to get your real estate license, but you are going to have to spend a lot of time studying. The real estate exam is not easy to pass and it will take a lot of studying to make sure you are prepared for it. If you want to become a part-time agent, make sure you factor in the time it will take to get your license into the equation.

If you are interested in getting your real estate license, Real Estate Express offers classes in all fifty states and is very affordable.

How much time will you need to devote to clients as a part-time agent?

Once you get your license you must hang it with a brokerage which I discuss here. After finding a brokerage you have to start working with clients and generating business. This is where it gets tricky for a part-time agent who may have another full-time or part-time job. Whether you are listing homes or working with buyers, selling real estate is a random hours job. You may not have to work 40 hours a week, but you have to work all hours of the day.

If you have a full or part-time job during the day, you better be able to get away from that job to take calls for your real estate job. Buyers are going to want to look at houses and offers will need to be negotiated and presented. If your clients have to wait 8 hours to get a hold of you, they are going to get frustrated. There is a good chance you will lose many clients if you cant get back to them in a timely manner. In a tight sellers market like we have now, speed is very important to getting offers accepted. If buyers feel an agent cant submit offers fast enough for them, they will probably find another agent.

What is involved with being a real estate agent?

Most people feel being an agent is about showing houses and writing offers. There is much more to being a real estate agent and that is why we get paid so much for selling homes. Real estate agents have to do many things to close deals and generate business. Here are some of the things an agent has to do to be successful:

As you can see there is a lot a successful agent must do. Not only do you have to work with clients, you have to find clients. It takes a lot of time to be a great agent and I think t is very difficult to do it part-time. Being able to answer your phone at any time is one of the best ways to get business. If you are calling people back hours after they called you, there is a great chance they already have an agent who called them back quicker.

Can you maintain a good reputation as a part-time agent?

As a real estate agent I deal with a lot of real estate agents, title companies, buyers and sellers. I also deal with lenders, attorneys, investors and many people in our community. My reputation is a huge reason why I sell a lot of houses every year. My team sold almost 190 homes last year and much of that business is because clients knowing I can get the job done. When you are a part-time agent it is very tough to find enough time in the day to get all your tasks done and follow up with people. If you are calling back people days later or not at all, then work will spread very quickly. It is very important to provide great service as a real estate agent and it is tough to do when you only work part-time.

If you get a reputation as someone who is hard to get a hold of, doesnt call back or is too busy to follow up on their work, it will be very hard to shake that reputation. Even if you become a full-time agent and do an amazing job, people will remember the less than par work that was previously done. People remember the poor work people do and expect people to do good work.

If you want to be a part-time agent join a team

If you want to be a part-time agent and there is no possible way you can quit your current job, there are some steps you can take to be more successful. I have a team of 8 people who help me run my real estate business, fix and flipping business and REO business. We have some part-time help and many members of my team started out as part-time workers. If you join a team, that team can help cover for you when you have to work your other job. By joining a team you agree to give up part of your commission to the team so the team has motivation to help you succeed. I think there is a better chance of succeeding as a part-time agent if you can join a team and try to do everything yourself.

For more information on how to become a great real estate agent, check out my E book: How to Make it Big in Real Estate, From a Millionaire Agent available at Amazon as a 125 page E book or in PDF for only $6.49 .

Conclusion

A part-time agent can make it in the real estate industry, but to be successful I think part-timers need to join a team until they can go full-time. If you are an investor who just wants to save money on their own investment properties I think becoming a part-time agent is a great idea.

Many of my sales come from listing REO and HUD homes for banks and the government. If you ever want to become an REO agent you are going to have to be a full-time agent. Banks and HUD will need responses right away on their properties and getting back to them in a day or two wont cut it. I have to do inspections in 24 hours or sometimes less. For more information on being an REO listing broker check out this article .