Can Real Estate Be My “Side Hustle”?
Oct 26, 2020
A lot of our students arrive in class wanting to take on real estate as a part-time job. Now it’s all about the side hustle. That certainly sounds more fun – though some would argue there’s no such thing as a less than full-time agent. But, if you’re going to try, what you need is a “full-time attitude.”
Here are a few things to consider if want to make real estate your side hustle:
- Are you ready to hustle? Are you ready to focus on building your business as if it were your full-time job? With that attitude, you won’t be surprised by the amount of time it takes.
- Is your current obligation flexible? An agent’s schedule is really the client’s schedule. Home hunting is much more than open houses on weekends. Will you be able to drop everything to show a must-see home and then put together a time-sensitive offer? Will you be available for a home inspection when the inspector has time available?
- Do you have a job where you are constantly talking to potential home buyers or sellers? Many of our students arrive in class because they are contractors, relocation specialists, or leasing agents at luxury apartment buildings, for example, and they saw the opportunity in further developing their relationships.
- Are you just that right age? Are lots of family and friends getting married or having kids and looking to move? Are a number of friends or colleagues empty-nesters looking to downsize? Are your college buddies all looking for new apartments? You might have a built-in client base that many full-time agents could only dream about.
- Do you just know a ton of people and like to talk about real estate? Did you know that you can simply connect a potential home buyer or seller with a real estate agent – and get paid? What!? Yes. That’s actually a thing. With an active real estate Salesperson’s license hanging with a real estate Broker, you can be what is called a Referral Agent. Real estate agents refer business to other agents all the time when they cannot physically or logically work within the client’s search parameters. A lesser known role is an agent who only does this referring of clients to real estate agents, whether it be in their own neighborhood or anywhere in the country. A pretty great job, but first you need the license. Our school can even help you get started.
- Do you already have a background in real estate or finance? A number of our students have been acting as property managers for their jobs or families; some are landlords or investors; some, appraisers or mortgage brokers – paid or volunteer. You might already know the industry so well already that, like them, you can evolve into an income-producing opportunity by getting a real estate license -- with a much shorter curve!
- Can you be flexible in your choice of real estate brokerages? Real estate salespersons need to be affiliated with a real estate broker (or brokerage). Some offices may have fees (MLS, Realtor® membership dues, E&O insurance, etc.) that are prohibitive for a part-time affiliation. Some offices may exclude or limit part-time agents. You may need to search a bit harder to find the right fit for a brokerage. Show your worth! And look for the benefits of simply learning at an office that is a good fit for a self-starter like you.
- Are you an Uber driver? A firefighter or nurse? A bartender or restaurant server? Maybe a yoga teacher? Why do we ask? In addition to flexibility, some jobs develop skills that translate perfectly to the real estate professional. Has your job shaped you to be a person who listens well and understands people? To relate to a wide variety of people? To know how to stay calm and help others remain calm, confident, and reassured? Do you know the quickest way to get across town? You might have innate skills that will attract clients and make them glad to have found exactly you.
- Do you speak more than one language? For us, one of the most rewarding experiences is meeting students who’ve come from all around the world. Nepal, Morocco, Brazil, Russia, Peru, Brazil, Haiti, Brazil. You name it. If you speak more than one language, your background and language skills may set you apart, providing a comfort level with a natural network of valuable clients.
- Do you have a strong desire to make a change in your life? Working in real estate for the first two years can feel like a part-time job. As an independent contractor, your pay comes when you close a transaction and it can take time to build your business. Many agents actually start out as part-timers because they are not yet in a position to support themselves without giving up their current employment. Do you have the energy to build that side hustle into an income-generating pay off?
- Do you just want to make more money? Let’s face it. Real estate is for hustlers. It is a career that draws independent, self-driven, hard-working, professionals with positive attitudes and people skills. It is one of the rare careers that invites all ages, all backgrounds, takes only a 40-hour class, an SSN, 18 years of life and a 70% score on an exam to get started! The best agents aren’t those who just work full-time, the best agents have good tech skills, excellent people skills, along with a need or desire to improve their income. Is that you?
- And, finally, another way you can work part-time in real estate is to . . . wait for it . . . be an agent for more than 10 years and have such a great list of repeat business and referrals from happy clients that all you have to do is answer the phone and voila: $$$.
Join us in our next class and let us help you get started!!
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THE METROPOLITAN SCHOOL OF REAL ESTATE