Second jobs for real estate agents

by Helana Mulder on 12 Jan 2022

Being in the real estate industry in any capacity can keep you quite busy. Real estate agents depend on commissions for their salary so when the market is hot and clients are calling, they will likely be extremely busy. However, just like any industry, there are times when the market slows and the commissions get further and further apart.

Setting up multiple sources of income

Having multiple income streams is one of the most important financial steps you can take in your life, especially in today's gig economy. As investing 101 teaches you, you want to diversify and keep from having all your eggs in one basket. Relying solely on the real estate market for your salary can be risky, as seen in 2008 with the fall of the housing market. This is why it can be beneficial for you to generate passive income or begin bringing in money from a different source.

Starting a part-time gig can be extremely advantageous, especially for a part-time agent who might have a bit more time on their hands. A lucrative side hustle can help cover bills, go into RRSPs, or even be put towards a nice vacation home.

Side hustles for licensed real estate agents

If you're in the real estate industry and thinking about taking on a second job or side hustle outside of your real estate business to help with bills during these slow periods, there are plenty of options you can consider. Especially when you can be your own boss and work at your own pace, having a second job can be extremely satisfying for most real estate agents.

Here are five solid second jobs or side hustle ideas that you might consider taking on while also working as a real estate professional.

1. Start in property management

Even though many real estate agents help the clients with buying and selling properties, there is also work to be done as a property manager. Property owners who want their latest investment to be a rental property will require someone to manage the place.

As a property manager, you'll work with your clients to find reliable tenants, manage any repairs or disputes, collect rent, and be a representative of the property owner.

While managing property can be a full-time job on its own, balancing a few clients and properties here and there can make you some extra money while you continue working as an agent.

Easy access to clients

This second job is pretty easy to get into as a real estate agent as you can work with clients that you helped with buying and selling in the past. While property management can sometimes involve dealing with frustrating tenants, it's still a quick way to start making some more money while still advancing your real estate career.

2. Work as a notary

While you might associate the job of a notary with lawyers and paralegals, real estate agents can also work as notaries while continuing their day job. A notary is someone who is authorized to verify documents and witness the signatures of those identified in the document.

Becoming an official notary doesn't take a lot of time and money, so it won't be a burden in an already busy schedule. Also, working as a notary doesn't require a lot of time either, meaning that you can make this side income without it interfering with your other duties as a real estate agent.

Set up appointments

Depending on the type of clientele you work with and your years of experience, you can make somewhere between $75-$200 per appointment.

As a real estate agent, you have connections with mortgage brokers, title company agents, loan officers, and other service providers who want a symbiotic relationship with you. Working with real estate clients who need to take out loans and mortgages also requires a loan signing agent - or a notary - to oversee the signature and verify the documents. If you have this skill under your belt, you can use both to your advantage and steadily increase your client list.

3. Offer education through ebooks and courses

First-time buyers and people new to real estate investing might be lacking the knowledge necessary to make moves in the industry. There is so much to know about buying and selling a house, investing in real estate, financing a house, managing a mortgage, etc.

One of the best second jobs for real estate agents is offering real estate services and education through e-books or online courses.

E-books and virtual courses have grown in popularity over the years as we've transitioned to more online events. Along with this, more people are interested in learning skills and taking virtual courses in order to be more productive with their time and money.

As a course instructor or e-book author, a real estate agent can discuss different topics in the real estate and investing world. From buying a first home to growing your portfolio as a real estate investor, you have a lot of knowledge and real-world experience that plenty of people would be willing to pay for.

How to make money

Making money with these side hustles would come from users paying to read your ebook, sign up for a course, affiliate marketing, and so on. They could also lead to future opportunities with local businesses and other companies, depending on the success and popularity of the resources.

While these two methods of bringing in some extra cash take a bit more time and dedication, they are great ways to grow your business and stay on top of relevant topics. Real estate professionals rely heavily on networking.

Creating resources that people use can also generate leads and grow your client list. You can bring in readers and students by offering some initial free resources as a way of getting them interested in the content.

4. Double as a real estate broker

If you have already built a name for yourself as a real estate agent, becoming a real estate broker is the next step that just makes sense.

There are hundreds of thousands of real estate agents out there, and all of them need a broker to oversee their transactions.

Brokers are agents who have their real estate license and additional education that allows them to work as a licensed broker in the industry. Brokers can work independently and oversee their own transactions. They can also hire other licensed agents to work under them and make money off referral fees.

It's like starting a business

Working as a broker and another licensed agent is kind of like starting your own business. As a broker, you no longer need to work under a parent company or local association where you pay membership dues.

You can begin generating leads on your own and grow your business by bringing in new agents and clients. This can help you generate a steady stream of income and a competitive advantage without changing too much of your daily routine.

5. Start house flipping

While the current competitive housing market doesn't allow for many buyers to find a great fixer-upper for a cheap price, house flipping is still a popular real estate side hustle for people with a bit more time on their hands.

House flipping, which is popular among real estate investors, is the process of renovating a house that needs a bit of work and selling it for more than you bought and put into it.

This side hustle could double as a full-time job as it can take a lot of planning and work in order to get the best profit out of it.

Use your real estate knowledge

However, if you're a real estate agent looking for a new way to generate income, this could be a great option for you. Being a realtor brings with it a strong knowledge of housing markets, trends, and strategies for finding the best house for the best price.

Additionally, you don't have to pay a realtor your commission fees when the house sells as you can list it yourself. These factors alone can be extremely beneficial if you're looking at flipping a house.

While this side hustle might not be the best option if you're looking for a quick and easy way to make a few extra bucks, it can be a great way to get into the real estate investing market and hone your home renovation skills.

6. Affiliate marketing

If you're a realtor, you likely have a real estate website where you post your listings, your team, and some blog posts for your clients. A strong website is extremely important for all real estate companies and agents.

An easy way to generate extra income as a realtor is through affiliate marketing. This is a type of performance-based advertising that involves inserting external links into your content or emails. In a way, you're referring your clients and website users to products, services, and web pages who then pay you a commission.

Getting started

Including affiliate links in your content means getting set up with an affiliate program or some businesses that you want to work with. Then, you can insert these affiliate links into your blog or email marketing content for your clients to use.

This side hustle takes no education and doesn't cost anything to get started. While it won't necessarily make you millions, it's a quick and easy way to start making a little bit of extra cash without dedicating a lot of time to the job.

Balancing schedules with multiple jobs

Finding second jobs for real estate agents isn't always the hard part. When you work multiple jobs at the same time, you might notice that it's hard to balance schedules and commitments. It doesn't matter how much money you're making if you can't handle all your time commitments.

Dedicated time blocks

If you have time in the early morning, you might dedicate those moments to working on a side hustle. Setting aside a certain amount of time for your other streams of income can help you stay on top of your responsibilities.

Don't take on more than you can handle

One of the most important things to consider is managing your commitments so that you don't fall behind. If your side gig is taking up too much time, it might impact the quality of work you do for your real estate business. This can have a huge impact on your sales commissions and your clients' experiences.

Be sure to manage your time well and avoid taking on more than your schedule permits.

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