No matter what stats you look at, most real estate agents work part-time – while still bringing in excellent commissions. However, there’s certainly a benefit to working over 40 hours a week as a real estate agent. Let’s consider what it means to be a part-time real estate agent. We’ll discuss what they do and provide industry data to help you determine if real estate would be a good side gig for you.
For this article, we will look at two separate studies conducted by real estate industry leaders: National Association for REALTORS® (NAR) and Colibri Real Estate’s Real Estate Salary Guide.
What Is a Part-Time Real Estate Agent?
The U.S. Bureau of Labor Statistics says those working less than 35 hours per week are “part-time” workers. However, the NAR reports that most REALTORS® worked an average of 30 hours per week in 2022. Still – those real estate agents earned an average income of $56,400.
According to Colibri Real Estate data, the average part-time real estate agent works less than 20 hours per week and earns a yearly income of $54,766.
The take-home message is that a part-time real estate agent can earn decent commissions. Becoming a real estate agent would be an excellent side hustle for someone working full-time or part-time in another industry. Working as a real estate agent would also be a great way to contribute to your household income for those who can’t work a full-time job.
What Does a Part-Time Real Estate Agent Do?
A part-time real estate agent performs the same duties as a full-time real estate agent.
Most real estate agents work solely on commission and are not required to work set hours. Many agents work as needed to fulfill their clients’ needs and promote their business.
Part-time real estate agent roles & responsibilities
A part-time real estate agent is a licensed professional who represents buyers or sellers in a real estate transaction. Here are some of the key roles and responsibilities real estate agents typically handle in the course of their job.
Complete market analysis: A part-time real estate agent assesses current market conditions to help clients set the right price when selling a property. They perform the same assessment for buyers to ensure their offer is competitive but within an appropriate range for a property they want.
Create property listings: A part-time real estate agent creates property listings, which include photos, property descriptions, and other relevant details to attract potential buyers. They use various strategies to market their clients’ properties.
Represent buyers: Part-time real estate agents assist buyers in finding suitable properties based on their preferences and budget. They show properties to their clients and help them during the negotiation process.
Represent sellers: Part-time real estate agents may also represent a seller’s best interests. They negotiate on their behalf, handle the paperwork, and coordinate with other industry professionals, including an appraiser or inspector.
Handle paperwork and contracts: Part-time real estate agents prepare and review documents, contracts, agreements, and other paperwork related to a real estate transaction.
In short, the only difference between a part-time real estate agent and a full-time agent is the number of hours they work per week. The rest of the duties are the same.
Benefits of Working As a Part-Time Real Estate Agent
Flexibility and unlimited earning potential are two often-cited benefits of working as a part-time real estate agent. Let’s discuss those – and other reasons you should consider earning your real estate license.
1. Flexible schedule
Real estate agents often have flexibility in their schedules. However, their jobs may require evenings and weekends, as they must be available when their clients are. This career suits parents of young children who want to be with their kids during the day.
2. Earning potential
Working longer hours or being more productive does not increase one’s take-home pay in most jobs. However, a real estate agent’s income is typically higher the more they work.
Here’s what the data shows:
According to the NAR, REALTORS® who work over 60 hours per week earned an average income of $144,400. Colibri Real Estate reported similar findings. According to the 2023-2024 salary guide, full-time real estate agents earned an average of $156,970.
The take-home message is this: the more time you dedicate to your real estate business, the more money you will make.
3. Helping people
While a flexible schedule and financial opportunities are good reasons for entering an industry, real estate agents also report that they love helping their clients find their dream homes. If you like the idea of forming relationships with clients and serving them and their extended families over the course of years, real estate might be the right industry for you.
4. Independence
Real estate agents often work independently, which can appeal to those who prefer a degree of autonomy in their work. Real estate agents typically have the freedom to build and manage their own business while having a more experienced agent oversee their work.
How to Choose a Part-Time Real Estate Agent
If you require the services of a real estate agent, you probably don’t care if they work part-time or full-time. However, you certainly want to work with an agent who is available to take your calls or respond to your texts. Besides being available, here are other tips for selecting a real estate agent.
- Ask for recommendations from local family and friends.
- Check the real estate agent’s credentials on your state’s licensing website to ensure their license is in good standing.
- Read online reviews.
- Choose a REALTOR® with local market knowledge – and one with a lot of experience in your type of property.
- Check references of past clients.
- Compare commission rates.
Finally, trust your instincts. While you shouldn’t select a professional solely on their likability or how well you connect with them, an agent’s personality can undoubtedly be a factor to consider. After all, you must work closely with this person over the next few months.
How to Become a Part-Time Real Estate Agent
You don’t have to have a college degree to become a real estate agent. However, you must take pre-licensing courses and pass a test to earn your license. While the exact process varies by state, here are the general steps you must take to get started in the industry.
Step 1: Complete your coursework.
You can start the real estate licensing process today by enrolling in your state-specific real estate licensing course. Most people prefer at-your-own-pace, online courses. However, you may also find livestream or in-person courses in your area.
Step 2: Pass the licensing exam.
Real estate agents in every state must pass a licensing exam. Most states require you to take the exam at a testing center. However, some testing centers allow you to take the test at home while being monitored virtually.
Step 3: Pass a background check.
Because real estate agents are given access to their client’s financial information and homes, they must pass a background check to work in the industry. You must be fingerprinted and disclose any issues you have had with the law to work as a real estate agent.
Step 4: Complete the licensing process.
You must be licensed by your state before you can help clients with their real estate transactions. Each state requires applicants to fill out a form and pay a fee to become licensed.
Step 5: Find a brokerage to oversee your work.
Real estate agents must have more experienced, licensed brokers oversee their work. The last step in the process of becoming a real estate agent is to find a brokerage. The brokerage will receive a share of your commissions as compensation for overseeing your work.
Learn more: “How to Become a REALTOR®”
Are you ready to become a part-time real estate agent? Colibri Real Estate can help! Colibri Real Estate (formerly Real Estate Express) is known in the industry as a top-tier educational provider. We offer pre-licensing, continuing education, and broker licensing courses.
Whether you intend to work part-time in real estate while growing your business or as a side hustle, working in the industry can be very lucrative. If working in real estate has always been your dream, start the licensing process today.
Sources:
“Highlights from the NAR Member Profile.” www.nar.realtor, May 11, 2017. https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-nar-member-profile.
