So you just got your real estate license, and now you’re ready to dive into the world of real estate part-time. But what does it take to avoid failure as a part-time real estate agent? Is it possible to find a similar level of success to a full-time agent?
In this post, we’ll cover 15 tips that will help you find success as a part-time real estate agent so that you can make the most out of this rewarding career.
15 Tips To Avoid Failure As a Part-Time Real Estate Agent
15. Envision the Future
Most people who become a part-time Realtor are looking to become full-time at some point in the future. But being a part-time agent comes with its own difficulties. To avoid failure, you need to approach it with the proper mindset.
Picture what your life will be like when you are a full-time agent. Picture the success you want to have, and use that vision as motivation to make it through the challenges. Know you will struggle, but that you will make it through and find success.
14. Have a Supportive Network
Another element to avoid failure as a part-time real estate agent is having a supportive network that you can rely on for help.
This can include friends, family, or neighbors. For example, if you’re hosting an open house on the weekend and require childcare, make sure you have someone who can help you.
Or, if something comes up suddenly in your primary job, have another agent in your brokerage you can rely on to take care of an open house or showing for you.
13. Find Flexibility As a Part-Time Real Estate Agent
While you’re not giving up entirely on your primary job, you will need a certain amount of flexibility to run your real estate business.
For example, while you can take clients to showings and host open houses on the weekends, you will still have to answer emails, take phone calls from prospective clients, and pursue leads within normal business hours.
If this conflicts with your primary job, see if you can carve out some time in your day or shift your schedule around so you can devote some time to these activities.
12. Invest in the Right Tools
Find the right tools to help you meet your goals. What you use will depend on your income and budget. In the beginning, less is more. Only buy the tools you need, and you can upgrade and add more over time as you become more successful. As you start adding leads, consider investing in a CRM system to help you stay organized.
11. Focus on Lead Generation
As a part-time agent, you will have to put a lot of your efforts towards lead generation. You have two options when it comes to lead generation: expending time (cold-calling) or money (advertising).
Figure out which route you want to take, or come up with a blend of both that works well for you. Then, work on building a marketing strategy around it.
10. Have a Website and Professional Social Media Pages
Having a great online presence is important for any Realtor and is part of a well-thought-out marketing plan.
All too often, part-time agents don’t want to announce to their circle, and especially to their primary job, that they’re working in the world of real estate. They tend to be afraid of what their boss will say about them beginning a second job.
Don’t be a secret agent! If you’ve committed to being a part-time agent, you need to announce it to your circles. Otherwise, your business will never gain any traction.
An essential part of starting a successful real estate career is that people know you’re an agent. So don’t be afraid to tell people. Make a Facebook business page, professional Instagram page, and website, and share them all with your friends, family, and coworkers. Who knows, your boss could end up being your first client!
9. Be Consistent As a Part-Time Real Estate Agent
It can be hard to focus as a part time agent because you usually have a primary job that you depend on as your main source of income.
But if you don’t find the time to focus and be consistent with your real estate business, you risk going back to what you’re used to and staying comfortable. When this happens, you’ll never see success working part time real estate.
People like to stick to what they’re good at and avoid failure. So while you will certainly encounter struggles as a part-time agent, you must stay consistent and get through them. Once you overcome your challenges, your business will really start to take off.
8. Build a Schedule
It’s true, being a part time agent will be difficult. You’ll have to find a way to manage your time effectively, and you might find yourself working weekends or evenings at times.
Build a clear schedule that you can stick to consistently. For example, set aside 9 am to 12 pm every day to work on your real estate business. Then, hold yourself accountable to that time every single day without fail to ensure you find maximum success.
Think of your real estate business as opening a physical store. The store wouldn’t be open “whenever.” They have an expected time, so people know when to reach out to them. This will make it easier for your prospective clients to know when you are working and when you are not.
7. Part-Time Real Estate Agents Need to Know Their Numbers
Also, every agent needs to know their numbers to have a healthy and successful business. This is important for part-time agents so they can determine if they are making a profitable income or not.
Based on the numbers in your local market, calculate how many deals you will have to close to have a healthy income. This will determine how much time you will have to put into your real estate business. The average salary of a part time agent will vary depending on how many hours you can devote
Be sure to factor in costs such as license renewal fees, MLS fees, brokerage fees and commission split, taxes, and marketing and advertising expenses.
6. Treat It Like a Business
It’s important to note that part-time is not “some time.” You can’t just dedicate the spare hours of your day to your real estate business. And that’s exactly how you have to treat it: as a legitimate business.
Don’t neglect it for your primary job, or you won’t see any return on your efforts. This means creating a business plan, figuring out a budget, and planning a schedule.
5. Part-Time Real Estate Agents Should Join Facebook Groups
Another crucial step to finding success as a part-time agent is to connect with other agents. Aside from joining a brokerage, there are also hundreds of Facebook groups you can join.
When you connect with other agents, they can help you and hold you accountable. You might also consider connecting with a more experienced agent who can be your mentor as you begin your real estate career.
4. Take Advantage of Your Brokerage’s Resources
Just because you have completed real estate school and have your real estate license doesn’t mean your education is over. An important aspect of working in the real estate industry is continuing your education.
If you’re brand new to the world of real estate, a great way to continue educating yourself and learn more about the field is to take advantage of online classes, books, podcasts, and resources provided by your brokerage.
For example, eXp Realty has eXp University, a resource with dozens of videos on various real estate topics that you can watch on your own time.
3. Choose the Right Brokerage
As a real estate agent, and especially a part-time one, you should never work alone! A big part of your success will be what brokerage you join. One of the first things you should do after you get your real estate license is to find a brokerage that aligns with your goals.
Look into their fees, commission split, what resources they have, and what kind of training they give. But overall, look for one that is a good culture fit so that you will enjoy working there.
Joining a brokerage is beneficial because you will gain more credibility as a part-time agent. In addition, you will also have access to that brokerage’s network so that you aren’t completely starting from scratch.
2. Get to Know Your Local Market
Learning all the aspects of your local market will help you make better decisions about what to do in your business. While every agent needs to know the details of their local market, part-time agents especially need to stay on top of the trends since they are more distracted by the demands of their primary job.
1. Your Clients Always Come First
If you’re just part-time, you might think that you can prioritize your primary job and have your real estate career come second.
But of course, this is not the case. As a real estate agent, you are essentially your own business, which means that customer service needs to be your main priority. This means you have to be responsive to your client’s needs and find a way to balance helping them with the tasks of your primary job.
Final Thoughts on How To Avoid Failure As a Part-Time Real Estate Agent
If you’re wondering how to avoid failure as a part-time real estate agent, keep in mind that you’ll get what you put into it. If you treat it like a real business, you will see your success grow over time.
Are you a part-time Realtor? What advice would you give? Let me know in the comments below!
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