How do part time real estate agent make money when their not selling homes?
February 4, 2010 by Editor
Filed under Real Estate FAQ
I’m freshly into real estate. I’m curious as to how other people make a living when the market is down and you have no homes listed with you being sold. Even full time agents also. What type of ways do you find income rather than selling a home. I would like any EXPERIENCED real estate person to answer. I know everyone says don’t get into real estate becuase its 100% commission, but I love it. But I need some good advice. Please help. Thank you.
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I know some agents who also do loans for extra income…thinking about it myself.
I love my job (REALTOR) too, even though it is commission based.
The number of people who are able to support themselves and their family in the residential real estate business are comparable to the number of football players who can do likewise. Therefore, almost everyone is part-time. Some don’t rely on their real estate sales commissions but do it as a hobby or to supplement their spouse’s income. You shouldn’t make plans on ever completely supporting yourself on real estate commissions. You should find a “day job” and, if you want to try real estate, do so in the evenings and on weekends. Do not rely on sales to earn a living. Instead, rely on listings. If you can’t get listings, quit real estate. Don’t feel bad because their are many many people out there just like you.
what you do is get a job doing something else.
my neighbor used to work nights when RE times were tough [hard to show houses in the dark].
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you may find it surprising but I’ve seen statistics to the effect that 98% of all licensed RE agents actually make less than 10k a year from RE work.
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do you have a specialized niche market that you sell in and to? this would be some market wherein you know more than any other RE agent out there.
another RE agent I knew was the condo king of his community [population about 300,000]. He specialized in condos and had all sorts of information at hand about each and every condo development in his area. I think he even had copies of the CC&Rs and knew what the HOA fees were — not to mention prices going back for years.
because he knew more than anyone else about condos, he regularly ended up handling both the seller and buyer — this keeping the whole listing fee for himself.
I have been a Realtor for 22 years and have worked full time and it is my primary source of income. Through the slow times I have built houses, bought and remodeled homes and sold them or kept as rental, worked for appraisers, and anything I can do to offset the lack of income. If being in real estate is what you enjoy…find something that you enjoy but involves the business. You might think about doing some property management. I recommend that if you have not been in the business very long….get involved in everything you can to socialize and widen your sphere of influence. Charity work will payoff in your heart and you will be amazed at the customers you can reach. You may have to find a part time job to get you through the lean times….I know people that substitute teach, clean houses, work at tax offices, etc. but if you stick out the first 5 years it is a great career. It takes time to establish yourself and your will work long hours. It is true that most real estate agents to not make a living selling real estate, but if they don’t it is because they did not do what it takes. Another option is to look at your listings and figure out another seller that may take their home in on trade or they could trade each other. It sounds crazy, but we did a lot of it back in the mid 80s. Good Luck to you!