Considering delving into real estate as a side hustle or a part-time gig? The allure of a part-time real estate agent income is undoubtedly a pivotal aspect of your decision-making process. However, how much you earn as a part-time real estate agent isn’t merely about the hours you put in. Numerous factors come into play that can shape your projected earnings in this field. Luckily, there’s some research to shed light on what you might expect to earn if pursuing a part-time real estate role. Let’s delve into some numbers and insights to help you chart your course.
Part-time Real Estate Agent Income
In our recent survey of real estate agents across the country, we discovered, perhaps unsurprisingly, that agents who work more extended hours tend to earn more than those who don’t. Agents who work less than 20 hours per week earn an average of $21,000 per year, while agents who work between 21 and 39 hours a week – still part-time – earn an average of $63,500 annually.
If you’re looking for supplemental income or a job that will help you pay the bills while still providing flexibility, it’s possible that you can meet your financial goals with a side gig as a part-time real estate agent.
Other Factors that Impact Part-time Real Estate Agent Income
It’s not just the hours you dedicate that shape your earning potential. Our survey revealed numerous other factors that influence how much you can earn as a real estate agent.
1. Your local real estate market
The stronger your market, the more likely you’ll make top dollar as a part-time real estate agent. Based on our latest survey, we found that the state with the highest average real estate income was Maine. There, the average income for a full-time real estate agent is over $150,000. You can check out the top ten list of states to see where yours falls.
2. How happy you are
It’s true – your happiness can significantly affect how much you earn. In our survey, we discovered a striking correlation: agents who are satisfied with their jobs earn approximately three times more than their unhappy counterparts.
That’s why it’s crucial for real estate agents to proactively safeguard against burnout and nurture a positive mental state. By cultivating healthy habits and prioritizing your well-being, you can significantly enhance your job satisfaction and, consequently, your earnings as a real estate agent.
3. Your real estate niche
Your niche can significantly impact your earnings, but to what extent? Our survey asked real estate agents in 12 specialties to reveal their earnings. Regardless of location, agents specializing in commercial and luxury residential properties typically earn more than their colleagues in other niches, as these properties have higher price points and, thus, higher commissions.
As a part-time real estate agent, choosing a niche could have an even more significant impact on your earnings since you won’t be putting in as much time as agents who work 40 hours or more per week. If you’re looking for maximum impact for your time, think strategically about your niche before you commit to it.
4. Professional development
Agents investing in professional development opportunities earn nearly $50,000 more than agents failing in this area. There’s no shortage of ways to increase your real estate expertise. From online professional development courses to in-person conferences, there’s always something new to learn.
5. How long you’ve been in real estate
Gaining momentum in real estate takes time, and as a part-time real estate agent, your initial income might be sparse. But here’s the good news: Our research indicates that agents see significant and consistent gains in their pay the longer they stay in the business.
Tips for Maximizing Earnings as a Part-time Real Estate Agent
What does it take to be a high earner as a part-time real estate agent? Let’s explore some invaluable tips to help you maximize your venture into this field.
1. Efficient time management
Balancing part-time work with other commitments requires exceptional time management skills.
2. Leverage your network
Your personal and professional network can be a goldmine for referrals and potential clients. Inform friends, family, and acquaintances about your real estate services. Don’t hesitate to ask for referrals, either.
3. Specialize wisely
Consider focusing on a specific niche within the real estate market. You can position yourself as an expert in a particular area by specializing. This makes it easier to attract clients seeking your unique expertise.
4. Stay tech-savvy
Embrace technology to streamline your processes and reach a wider audience. Utilize social media platforms, online listings, and virtual tours. These tools will help you showcase properties and engage with potential clients.
5. Embrace continuous learning
As a part-time agent, committing to learning about the latest industry trends and best practices can set you apart. Explore continuing education courses to expand your knowledge base and keep your license current. Attend workshops, webinars, and seminars to stay updated and enhance your skills.
6. Provide exceptional service
Your reputation as an agent is invaluable. Make it a priority to deliver exceptional service to every client. Positive word-of-mouth can lead to a steady stream of referrals.
7. Collaborate with full-timers
Partnering with full-time agents on larger projects can provide you with valuable experience and exposure. These collaborations can also lead to shared clientele, further expanding your network.
The notion that success in real estate is reserved solely for full-time professionals is being challenged by the growing cohort of part-time real estate agents. By carefully managing your time and utilizing tools to your advantage, you can maximize your earning potential while allowing yourself the flexibility of part-time work.
Is Being a Part-time Real Estate Agent the Right Job for You?
Knowing how much money you’ll make as a part-time real estate agent can be essential to discover if it’s a path you’ll want to pursue. If you’re looking for a side gig in real estate or a way to keep busy without committing to the scheduling demands of a full-time career, you might find fulfillment in being your own boss and helping people find their dream homes – which is something every real estate agent gets to experience.
No matter how many hours you plan to dedicate to your real estate career, you must first earn your real estate license. Learn more about becoming a real estate agent by connecting with a trusted real estate school – Colibri Real Estate.
