Are you interested in working in real estate but unsure if you want to commit to being a full-time real estate broker? Fortunately, working part-time in real estate is not only possible but also very common. This article outlines the pros and cons of doing real estate part-time and some strategies to help you become a successful part-time real estate broker.
Key Takeaways
- Working part-time in real estate is common and feasible. It offers the flexibility to earn income while maintaining other commitments. This arrangement suits students, retirees, parents, and those testing the waters in real estate.
- Part-time brokers can earn a significant income, with those working under 20 hours per week averaging $54,766 annually in 2023. Working 21-39 hours per week can potentially double that income, showcasing the financial viability of part-time real estate work.
- Part-time real estate work can limit client servicing and earning potential. Balancing personal and professional life can be challenging, and finding a supportive brokerage for part-time agents may require effort.
- To thrive as a part-time broker, prioritize networking, leverage technology for efficiency, set realistic expectations, and build a supportive network. These strategies can help manage the demands of part-time real estate work effectively.
5 Steps to Getting Your Real Estate License
Whether you want to do real estate full-time or part-time, you must get your real estate license. In Washington, there are five steps to getting your broker’s license.
- Meet the basic requirements. You must be 18 or older and have a high school diploma or equivalent education.
- Complete the pre-licensing education. You must complete 90 hours of real estate education in Washington from an accredited school.
- Pass the real estate exam. After you complete your pre-licensing education, you must pass the state and national real estate exams.
- Pass a background test. Once you pass the real estate exam, you must submit your fingerprints for a background test.
- Submit your application. Finally, you must submit your application to the Washington State Department of Licensing.
Once you receive your real estate license, you need to determine whether you will work in real estate full-time or part-time.
Understanding Part-Time Real Estate
Part-time real estate simply means that working in real estate is not your full-time job. Some people work on their real estate business less than 40 hours per week and consider themselves part-time brokers. Others may work 10 hours a week or less.
Because your income from real estate is based on commission and not the number of hours worked in a week, achieving a high income and working only a handful of hours a week is possible. On the other hand, working more than 40 hours a week is not a guarantee for high income.
Apart from working as a part-time real estate broker, there are other real estate-related roles that you can work part-time in as well, such as working at a brokerage as an administrative professional or marketing specialist. These roles don’t require licensing and can be an excellent way to dip your toe into real estate before getting your license.
Overall, a day in the life of a part-time and full-time real estate broker is very similar. The only difference is the amount of time spent working on your real estate business.
Advantages of Doing Real Estate Part-Time
There are many advantages to doing real estate on a part-time basis. To begin with, you can earn a sizeable income and only work less than 20 hours a week. According to a recent survey, brokers who worked less than 20 hours a week earned an average of $54,766 in 2023. Those who worked between 21-39 hours a week earned an average of $111,361 a year. Thus, spending 10-20 hours a week in real estate could double your income!
Another benefit of working part-time in real estate is that you can maintain your other commitments, whether to your family, lifestyle, or current job. With real estate, you can determine how many hours you want to work. This flexibility is excellent for people who want to earn supplemental income as students, retirees, or parents.
Plus, working part-time enables you to continue working at your full-time job as you determine if real estate is a good career fit for you. Plus, since the cost of getting your real estate license is relatively low (approximately $500-700 for Washingtonians), you don’t have to make a significant financial investment to see if working in real estate is suitable for you.
Challenges of Doing Real Estate Part-Time
While part-time real estate can be an excellent fit for many people, it does pose some challenges. For instance, not working as many hours means less time servicing clients and taking on new clients, potentially meaning less earning potential. Likewise, staying competitive with other brokers can be difficult if you aren’t as available to clients.
It can also be challenging to separate your work life from your personal life. For instance, if you have a client looking to buy, they may only be able to look at houses in the evenings, which may pose a challenge if you want to keep your evenings open. However, it is possible to block out certain evenings or parts of the day while still being able to help your clients. If you’re worried about your work life taking over your personal life, you can set a rule for yourself of only working with one or two clients at a time to keep the number of hours you work to a minimum.
If you want to become your area’s top real estate broker, working part-time probably won’t cut it. Real estate is a “what you put into it, you get out of it” type of business, and those at the top have put in a lot of work to get to where they are. However, if being number one isn’t important to you and you are more concerned with having a good work-life balance, part-time real estate is a great option.
Lastly, finding a brokerage that will take you on as a part-time real estate agent may be challenging. However, most managing brokers understand that many get into the real estate business specifically for flexible work arrangements and care more about performance than the number of hours worked.
Strategies for Success in Part-Time Real Estate
While working as a part-time real estate broker can be difficult at times, there are strategies you can use to overcome these challenges.
Make networking a habit
Part of a real estate broker’s job is to network to acquire new clients. However, this doesn’t have to be “work.” Instead, you could incorporate fun networking events into your social calendar. Or, you could be more proactive when you meet new people to mention that you work in real estate. Carry a stack of business cards with you, and when people ask you what you do, let them know you are available to meet their real estate needs.
Save time with technology
If you want to work fewer hours, consider incorporating more time-saving technology and automation tools into your business. For instance, using a CRM (or client relationship management) tool can help you keep track of your contacts and automate repetitive tasks. Some CRMs (like Hubspot) even do email marketing, social media scheduling, and web hosting. The more comprehensive the tool, the less time (and potentially money) you have to spend managing the various aspects of your real estate business.
Set realistic expectations
Building your real estate business from scratch can take time, especially for those new to real estate and want to work part-time. So, you’ll want to set realistic goals and expectations for what you can achieve.
Surround yourself with support
Finally, surround yourself with people who encourage you to keep going, even when times get tough. These could be friends, family, or even your brokerage colleagues. And remember: You don’t have to go it alone. Whether you decide to do real estate part-time or full-time, Rockwell Institute has the education and support you need to become a successful licensed real estate broker. Get started today!
