A lot of people will contend that the only way to make money working in real estate is to work in it full-time. After all, this provides you with the ability to stay on top of the market and make yourself as available as possible to potential clients, meaning you are better able to stay on top of the workload.
However, this does not mean that it is impossible to make money as a part-time agent. There are just a few things that you need to be aware of and be willing to compromise to ensure that you can.
There are no two ways around it. If you are looking to work in real estate, even on a part-time basis, you will need to put in the hours. This means coming back from work and being able to go right back into work mode to make sure that any important matters are cleared up. This often means working the entire day through and into the weekends. It will also become much more difficult to take a vacation or schedule some time off, so you need to be prepared to make that sacrifice if you are looking to make money.
Scheduling appointments with clients, potential buyers and others is difficult when you are able to commit full time, so it is naturally going to get harder if you can only work certain hours. You may find that some clients are unwilling to work with you because you are not as available as they would like, plus you're going to have to be extra diligent to make sure that you don't have any scheduling conflicts. It's a lot of work to stay on top of, so you need to make sure you have everything arranged as well as possible.
Working With Brokers
A broker is less likely to work with you if you aren't committing all of your efforts to real estate. After all, they are made and broken by the efforts of their agents, so they would much rather have somebody working full time than part. However, that doesn't mean it's impossible to find a broker, particularly if you can prove that you are able to get results. Furthermore, some brokers are better suited to part-time agents and will be able to provide you with advice, so be sure to take your time and select one that is right for you.
Working With Others
You are going to have to be prepared to cut into your own profits a little bit if your scheduling gets so hectic that you are simply unable to fit all of your clients into the limited amount of time you have each day. This will often involve paying another agent a fee to do a job for you, which is obviously going cut into any money that you make on the property in question. Be sure to work this out with an agent in advance and agree terms, instead of waiting for it to happen and then panicking.
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Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation.
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