If you’re thinking about becoming a real estate agent, you might be wondering how much money you can expect to make. After all, one of the benefits of this career is that it offers the potential for a good income. So, how much do part time real estate agents make? The answer may surprise you!
While earnings vary depending on factors such as location and experience level, many part-time agents can earn a very decent income. In fact, some even make more than full-time agents! Of course, like with any job, there are no guarantees when it comes to earnings in real estate. However, if you’re willing to put in the hard work required to succeed in this field, there’s definitely potential for a great income as a part-time real estate agent.
How Much Do Part Time Real Estate Agents Make?
The amount that real estate agents make can vary greatly. Some agents may only work a few hours per week and only make a few hundred dollars, while others may work full-time hours and make several thousand dollars per week. The amount that an agent makes is typically based on the number of sales they can make, so those who are more experienced and have more connections may be able to make more money than those who are just starting.
So, how much do part time real estate agents make? This is a difficult question to answer because salaries for part-time real estate agents vary so much depending on the location. In general, part-time real estate agents in New York will make more money than those in Tennessee.
While we all hope to one day be earning six figures, there are a few factors that go into figuring out how much you can make.
It’s important to research whether it’s currently a buyer or seller’s market before you begin the process of buying or selling a home.
Study the market you plan on entering and discover whether it’s a seller’s or a buyer’s market. In layman’s terms, a seller’s market is when there’s more demand than there is supply.
If the housing market is “hot” then you’ll likely see fewer homes on the market than you did this time last year.
Additionally, you’ll be pleased to know that “for sale” signs don’t stick around for very long. In fact, there’s less than a three-month supply of inventory on the market.
To find the median sale price for an area, you can look at sites like Realtor.com or Zillow.com. This will give you a good idea of what houses are selling for in your local market, and help you to understand your potential earnings.
How much do you want to make? This is the first step in understanding how much you’ll need to sell as a part-time real estate agent. Take some time to calculate your desired income, so that you can have a clear understanding of what you need to achieve.
To calculate your potential earnings as a part-time real estate agent, take the median sale price and multiply it by 2%. This is the estimated percentage you’ll take home after everyone else gets their cut of the 5% to 6% commission.
As a part-time real estate agent, you can expect to make less money than those who are working full-time. On average, part-time agents only close four or five deals per year.
To give an example, let’s look at Raleigh, North Carolina. The median home price in the Raleigh area is $235,000.
After multiplying this by the 1.25% commission you make, this means your average sales bring in $1237.50 in net profit, of which you’ll have to pay in taxes and any costs you incur.
If you sold one house, you’d make about $7,050 based on a 3% sales commission.
Most brokers have a 60/40 or 70/30 commission structure, so you keep about $4,600 before taxes are taken out.
If you close 5 deals a year, you could expect to earn around $23,000.
After taxes and overhead expenses such as signs, lock boxes, and broker fees, your take-home pay will be about $15,000.
While your first few sales may be small, over time you’ll start closing more deals. It’s a skill like any other, and with experience, you’ll get better and better.
Continuing your education will help you improve your sales skills, and before you know it, you’ll be making more money.
Ready to Be a Part-Time Real Estate Agent?
Want to be successful in your part-time job?
Being an agent is a dream career for many people. Most folks see the job as a simple one: You show a listing, negotiate with a buyer, and get paid handsomely for each transaction.
You work hard, and you make your million. Then, you retire at 35, just like the real estate tycoon you are!
For those looking to break into the real estate market, you might choose to work as a real estate agent on a part-time basis.
This is how most real estate agents get started, and for a good reason.
Working as a part-time real estate agent is a great way to see if the career is right for you. It allows you to take on as little financial risk as possible while still getting a feel for the industry.
While working part-time as a real estate agent may be ideal for you, there are some things you should consider before jumping into it.
Many are attracted to the real estate industry because they feel they can set their own schedule and work hours.
Although this career has some great benefits, like being able to work from home and do things like marketing at any time, certain commitments need to be made. For example,
- Your clients are relying on you to always be available or else, they’ll turn to another real estate professional who’s more accommodating.
- Attend open houses or show homes to buyers and attend any mandatory meetings with your broker or fellow agents.
- Most business-related phone conversations need to happen during regular 9 to 5 hours.
To complete this part-time, you’ll need to have a decent amount of flexibility in your schedule.
If you can’t take phone calls during the day, you’ll need to make sure you can check your emails and make any client or customer calls for work.
The reality is that you’ll have to expect that you won’t sell your first home for a few months – if you’re lucky.
You can also use this time to take real estate classes to help you succeed. This can be a great way to get your feet wet in the real estate industry without having to commit full-time.
You can work another job to support yourself while you’re taking classes and getting started in your career. This will allow you to learn about the industry and decide if it’s the right fit for you before committing.
It’s important to be certain that you can support yourself on your primary job alone.
Being a real estate agent can often be an overwhelming job with lots of details and important deadlines to remember. Most days, you’ll be juggling clients and paperwork, managing your own marketing, and furthering your education.
Being an exceptional multitasker is incredibly important in this line of work, as is having excellent time management skills.
One of the great things about being a part-time real estate agent is that you can often work around your clients’ schedules. However, it’s important to have a strong support system in place to be successful in this career. This might include having reliable child care or another real estate agent who can help cover for you when needed.
As a part-time real estate agent, it is important to provide excellent customer service. Many agents find that they need to work long hours on weekends and evenings to be successful.
Not everyone is cut out for a career in real estate. It can be demanding, and you’ll need to be a hard worker with great time management skills to succeed.
Benefits of Working As a Part-Time Agent
After you’ve decided that this job is right for you, it’s time to weigh the pros and cons.
One of the best things about this job is the flexibility it offers. You can often set your own hours and even do some of your work while you’re on the go. This is especially appealing to parents who need to be able to juggle their work and family commitments.
One of the great things about being a part-time real estate agent is that if you need to take some time off, it’s usually not a big deal. You can just ask another agent to cover for you while you’re gone. This is especially helpful if you have someone you trust and who knows your business well.
The ability to be your own boss is an appealing quality for many entrepreneurs.
Being a part-time real estate agent gives you the freedom that not many have. You can build your own business, set your own hours, and be your own boss. As an independent contractor, you have the potential to earn a good income while enjoying the flexibility of working on your own schedule.
You can choose to start your business as a one-man operation and grow it into your own company.
One of the great things about being a real estate agent is that your income potential is directly related to the amount of work you put in. So, if you’re looking for stability and a second income, this could be the perfect career for you.
Working as a part-time real estate agent has many benefits, but the most obvious one is that you can earn income while being able to have other commitments.
Having a stable source of income while working as a real estate agent will help you feel less stressed when starting your new business venture. This will also allow you to test out this career path without having to worry about losing money.
Pitfalls of Being a Part-Time Real Estate Agent
Working as a part-time real estate agent does have its drawbacks.
Clients may doubt your commitment to them if they find out you are a part-time real estate agent. It is common for clients to feel that you will not be dedicated to them or that you are only choosing part-time work because you lack experience.
If you want to win over hesitant clients, it’s important to be dedicated to them and provide great customer service. Once you’ve impressed them, they’ll see the benefits of working with a part-time real estate agent.
It can be difficult to find a good brokerage when you’re first starting. Being part-time may be a disadvantage to you, but it is possible to find brokerages that are willing to work with you.
Keep searching and look specifically for brokers that offer mentorships, teams, and plenty of training experiences.
This certainly isn’t a way to get rich in a day. Many people think that becoming a successful real estate agent is as simple as closing a few big deals.
This job requires a lot of work and a lot of effort.
Is it Hard to Make Money as a Real Estate Agent?
It depends on several factors, including the market conditions in your area, the type of properties you’re selling, and your own personal sales skills. However, if you’re willing to work hard and put in the time, it is possible to make a good living as a real estate agent.
What is The Lowest Pay for a Real Estate Agent?
According to some estimates, the lowest paid real estate agents in the United States earn an average salary of around $30,000 per year.
How Can Real Estate Agents Make Extra Money?
There are a few ways that real estate agents can make extra money. One way is by becoming a real estate investor themselves and buying properties to rent out or sell.
Another way is by becoming a property manager and managing other people’s rental properties.
Finally, agents can also make extra money by providing other services such as home staging, home inspection, or title insurance.
What is The Highest Paying Real Estate Job?
The highest-paying real estate job is that of a real estate developer. Real estate developers are responsible for the planning, financing, and construction of new real estate projects. They typically work with a team of architects, engineers, and other professionals to ensure that the project is completed on time and within budget.
Developers typically earn a percentage of the total project cost, so their earnings can vary greatly depending on the size and scope of the project.
Overall, how much do part time real estate agents make? It really depends on several factors. However, many part-time agents can earn a very decent income. In fact, some even make more than full-time agents! So if you’re thinking about becoming a real estate agent, don’t let the idea of working part-time hold you back – there’s definitely potential to earn good money in this career.