Part Time Real Estate Agent

28 Replies

Hi Agents,Brokers and knowledgable professionals.

The plan is getting my license but I have a W2 job(teacher) for 50k a year that is from 730am to 3pm in the afternoom mon thru fri excluding holidays,breaks, summers. I want to build more capital for investing by being a real estate agent. I am willing to work any other time besides the 730-3 in order to make it work. Is this doable or are brokerages not going to deal with this?

Cody,

The guy who used to own the agency I worked for did exactly that. 

It's a ton of work,  and it's best done with someone who can cover you during the times you aren't available. He had partners in the agency,  there were 3 of them I think.

Another good strategy is to be your own best customer. The guy had a philosophy that said you couldn't sell it until you owned it. It was a great way of learning the business from the inside out.

As far as finding a broker that will work with your schedule,  keep interviewing until you find one that is willing to help.

Hope that helps.

Good luck, 

Jim 

If you are serious at some point you have to go (all in). People come to me constantly for business because they know commercial real estate is all I do day in and day out. It is what I focus on and I am passionate about.

I do not need multiple jobs or trades because of the high level of success I have doing what I am doing.

Making 50k a year as an agent is not that hard. If you want to keep the teaching job because you love it that is different. If you are doing it mainly to have an income crutch to fall back on then not a good reason.

You have to be willing to take that leap of faith that you will be successful, wildly successful at your new chosen path in life.

I am not a big fan of dabblers. If you are getting licensed just to get access to properties to buy then that is also a different reason then a broker/agent as a profession.

Good Luck  

@James C.

I know it is a ton of work but I am 22 and I will get no better return on my effort than this point in my life so I figure I better get movin. I can always be lazy later! 

I am particularly interested in one thing you mentioned. Get someone to cover for me when I am unavailable? How exactly does that work? 

Hi Cody,

Perhaps work part-time while you're still teaching full-time. Get a feel for it for a year and then decide what you want to do. Also, your first year as a real estate agent will tell you a lot on how fast you build your clientele. If you do very well, then it maybe time to go full-time, assuming real estate is really what you want to do instead of teaching.

Here is a something you should also consider: If you plan on investing in real estate, I would recommend holding on to your W2 job. It is much easier to qualify for a loan when you're employed (W2) versus being self-employed. It's like the difference between night and day, unless of course you do very well in real estate right away. Ask any loan officer and they will tell you.

I'm a part-time real estate agent. Let me know if you have questions. I'd be happy to help!

Cody,

Having someone who covers you is the equivalent of a partner.  It can tane many forms, but is usually another agent, so they can show the property,  and write the contract. They would then get a predetermined amount of money for doing so.

Theoretically, (check out your state laws carefully) if they are not performing thongs that require a Real Estate license,  then you could have anyone do it. Plenty of agents have teams to help them out.

You should carefully consider what you want your business to look like and how structure it.

Hope that helps. 

Good luck, 

Jim 

@Joel Owens

I am a young guy coming from parents that were poor and built themselves up to middle class. My household lacked financial knowledge of setting up for the future and so I picked teaching which is something I really like but doesn't pay the best. I am just now realizing the type of freedom I can have and that I dont have to teach people solely in a classroom although I'd like to. I think I'm kind of smart and can learn what I need to once I am on the job and have enough gas in the tank to work towards a difficult goal but right now I don't know where to start. I'd like to get a taste of it before going all in or at least know what I am going all in to. Commercial real estate agent has been recommended to me but I hear the time to get a deal can be very long and I am unsure of how to survive that long without an income. 

Where do you suggest beginning the path to being a good agent not only for myself but for others to depend on me?

Hi Cody

I too come from a low income family, my parents and I immigrated to the U.S with nothing to our name. My parents are very hardworking individuals that work day in and day out, they didn’t have much but they instill in me honest hard work ethic. They never chased the quick buck. They never thought me how to really make money or accumulate wealth, how could they if they themselves didn’t know how to. But they gave me a great motor that just keeps going I don’t know what quitting is, some might say is a cliche, but you never know until you get hit in the mouth by life, you learn to get up or you don’t. Harsh reality but it is.

In my experience I quit my good paying job to become a real estate agent back in 2012. Boy was I lost, had no clue where to begin and where to go. Not making any deals in the whole year my savings quickly ran out, with just $137 bucks left to my name I then went back to the work force and landed a great job, but I was never satisfied, lost my license because I didn’t renew it. That’s one example of life beating at you, life is the greatest of educator for me, but life will beat you if you let it. So now I again quit my good paying job, got my license in Florida in Sept. of 2017, but now life threw me a curve ball, met a great girl which now is my wife and move my behind to Georgia, I am currently working towards obtaining my license in Georgia. Not to get off track, but I wanted to tell you my story so that you know where my advice is coming from. No matter where in your life you are at, just keep moving, don’t stop.

Once I get my license I plan to start in residential brokering. This is because I want to learn the ins and out of the business. Get my real estate agent legs under me if you will. But as some of the posters mention earlier, commercial Real Estate is where the great wealth accumulator is, of course if you know how to work it. And I plan to end up there, it takes more time and little bit more work but the rewards are double if not triple, + less competition. Hope this helps!

I also commend you for being a teacher, I believe that is a tough job, our country’s educators are heroes and they should be compensated more than they are. Of course there are some bad but there is some great ones.

Happy hunting!

@Cody Evans   I think that schedule is totally doable.  You can schedule showings in the afternoons.  You may run into some scheduling conflict for closings that get scheduled for mornings, etc, but working as part of a team or partnering with another agent might be a good way to avoid that.  A perfect match for you would be another agent who has school aged kids.  She can work during the day while her kids are in school, and you can work while the kids are out of school.  

Hi Marvin, 

thank you very much and that story is very encouraging. My plan is to do what you are doing in residential and then see if the move into commercial is feasible. Since you are ahead of me in getting your license would you mind if I pm you every once in awhile to see how things are going for you? 

@Dawn Brenengen

That is great and finding people with a schedule like that will be easier for me since I work in the school district. Thank you very much.

Hi Cody

PM me anytim3, still learning my self.

@Cody Evans  I think you'll be fine doing the part time realtor. You won't become a millionaire agent that way but it sounds like thats not your goal. Your just building capital for real estate investing while working in the real estate world on the sales side. Two birds one stone the way I see it. Your work load won't be quite as aggressive as someone aiming to clear 6 figures. Even if you only close say 30k in commisions for the year, thats a fat down payment. As someone else mentioned, if investing is your true goal, then don't lose the W2 proof of income. You'll want to be able to leverage yourself as much as possible.

It is totally doable as a part time job at the start just to get a feel of things and learned the trade.
It really helps to start from your inner circle of friends and families since they might be more likely to use you if you are new to the trade. I did 5 deals as a part timer my first year and all were from coworkers, friends and family, while working full time M-F, 9-6pm.

I usually make deals with a friend who’s a agent to cover me when I am on vacation or are unavailable. You can’t make all the money in the world. So take breaks as needed.

Before making the decision, take some classes just to see what it’s like if you don’t have any experience in the real estate market. Classes are pretty cheap and can be done online via community college platform.

@Christopher Makestas @JingJing He

Great to hear. How do you find a brokerage that is up for hiring a part time agent? Any recommendations on screening brokers?

What classes? I know I must take 3 college courses just to get the license.

@Cody Evans First off, thank you for your contribution in molding young minds.  As a mother, I appreciate what you do, without getting paid as much as it should be worth.

Second, as a teacher, you possess some of the greatest qualities that a Realtor could posses!  I have no doubt it would be a smooth transition for you.

You need a good RE brokerage home, one that will train you properly with flexibility around your schedule, and encourage and support you in growing your business on a small scale until the Summer when you can ramp up.  Keller Williams may be a good fit for you.  I have been with KW for over 20 years (in May it will be 21) in AZ, and 4 years (from 2004-2008) in CA (Beverly Hills office).  If you would like me to make an introduction to the leadership at a KW office near you, I would be happy to do that for you.  Just PM me.

@Cody Evans

it is totally doable and completely up to you how much time you want to invest with the new agent training courses offered by the broker.  As someone new, don’t worry about commission splits and focus more on getting training/exposure/experience. I second @Cara Lonsdale recommendation for KW as they have a good training program for new agents (I started with KW Santa Monica).  Once you have the training and experience under your belt, you can change brokers as your busiiness/personal needs change.

Like you, I started real estate part time a little over 2yrs ago while simultaneously working a (very well paying) W2 job.  I ended up grinding at all hours doing real estate before work, during lunch, after work, during weekends, etc.  Texting will be your best friend during work hours.  After moving ~$8M in residential transaction volume over the past 2 years part time, I’ve recently decided to go full time(ish) while I branch out more into the real estate investment side of things.  You never know where life will lead you.  Good luck!

@Cody Evans

Sounds like you have a pretty good plan in place. 

Eventually, if you want to go full time, you need to have a plan in place. 

Are you looking to transition in 6 months... 1 year... 2 years?

Hanging your license at a place where you can have a mentor is critical-  

@Jimmy Ou @Cara Lonsdale @Steve Bracero

Thank you for the encouragement and help. I am looking into the license and getting started on it now. I just finished looking at http://www.bre.ca.gov/Examinees/RequirementsSales....

It is saying I need 3 college courses which will take an entire semester at a snails pace and with restrictive schedule requirements but in the additional info section of the same web page I read this: 

"Courses must be three semester-units or four quarter-units at the college level. Courses must be completed at an institution of higher learning accredited by the Western Association of Schools and Colleges or by a comparable regional accrediting agency recognized by the United States Department of Education, or by a private real estate school which has had its courses approved by the California Real Estate Commissioner. Each course approved by the Bureau of Real Estate is a minimum of 45 hours in length."

Does this mean I can avoid the college and get it done on my own time?

This is the list of places I can go for school as given by the same government page.

http://secure.dre.ca.gov/publicasp/cestatutory.asp

Jimmy, you just got your license a little over 2 years ago. Were you able to avoid college?

@Cody Evans n

I just answered this question on your other post. After you pass the state exam then interview different brokers to hang your license.

Even though my license is in Placer county my broker has no problem with me "farming" in the Bay Area.

Mark Pedroza, Real Estate Agent in CA (#01858403)
1-415-786-6700
Originally posted by @Cody Evans :

@Jimmy Ou @Cara Lonsdale @Steve Bracero

Thank you for the encouragement and help. I am looking into the license and getting started on it now. I just finished looking at http://www.bre.ca.gov/Examinees/RequirementsSales....

It is saying I need 3 college courses which will take an entire semester at a snails pace and with restrictive schedule requirements but in the additional info section of the same web page I read this: 

"Courses must be three semester-units or four quarter-units at the college level. Courses must be completed at an institution of higher learning accredited by the Western Association of Schools and Colleges or by a comparable regional accrediting agency recognized by the United States Department of Education, or by a private real estate school which has had its courses approved by the California Real Estate Commissioner. Each course approved by the Bureau of Real Estate is a minimum of 45 hours in length."

Does this mean I can avoid the college and get it done on my own time?

This is the list of places I can go for school as given by the same government page.

http://secure.dre.ca.gov/publicasp/cestatutory.asp

Jimmy, you just got your license a little over 2 years ago. Were you able to avoid college?

 You can take state approved courses that satisfy the requirement.  Yes, you can do this at your own pace if you chose an online option.

Check out Allied Schools.  They are state approved, and have a high exam pass rate.  I have included the link for more info on the program.  I have no affiliation with Allied, but I did use them when I was licensing in CA.  I completed all of the course work right from my home office in Scottsdale, AZ, and then just scheduled to fly out to take the exam.  I took it at a location in East Bay (Oakland), CA.

https://www.alliedschools.com/re_salesperson_licen...

This is great information. Thank you to all. If you have recommended study sources for Allied schools that would be perfect because I just signed up.

I could completely relate to your situation and I found a great solution! A friend introduced me to eXp realty (look them up, not sure if they operate in your state) but they are cloud based and everything is handled online and I just joined a few weeks ago and it has been so convenient and easy to get in to. Another great thing about it is the low start up costs involved. Just search eXp realty on youtube, the videos will explain the cloud based brokerage idea better than I can. But i'm a huge fan of eXp and I saw your post and just thought it might be worth a look for you. Message me if you have anymore questions about it!

Hey @Cody Evans ! Congrats on taking charge. I have transitioned from W2 to full time in the Bay Area. My advice is to get your license and keep your job until you have some crucial elements of your business in place. You need to build your sphere of influence and start marketing to people who already know you and trust you. Hold as many open houses as possible on the weekends and start building your pipeline. If you don't have an OH scheduled go show yourself some houses and neighborhoods on a Saturday. It's going to take you significantly longer to get going especially when you are brand new but it is possible! Network after work, market yourself every day and align yourself with a team of lenders and title reps that is stronger than you are. Work your tail off for at least a year, most importantly don't kid yourself that this will be something you can dabble in. Make sure you interview all the brokers you can, many in the area will not sign on a part time agent- find your match. If you're serious and ready to work, it will work out. Goodluck!!

Heather Hopkins, Real Estate Agent in California (#01963382) and NC (#300983)
925-326-0773

@Heather Hopkins

Great advice! Open Houses can be a great start- 

Yes.... it does take longer to get started as a new agent 

Networking is critical as well 

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