The current income level of many people does not match their aspirations. This is why many people seek additional income streams to supplement their full-time earnings. If you’re into real estate, you should know that side hustles for real estate agents are a great way to make some extra money. In this article, we discuss the best side hustle ideas for real estate agents and recommend ways to start a side hustle if you are into the real estate business.
What Is a Side Hustle?
For real estate agents, an ideal side hustle could be freelancing or part-time work that they can do in addition to their full-time jobs to boost their salary. There are numerous income streams accessible in the real estate business, making it easy to find a second job. Some options do not require much investment, aside from time. However, certain alternatives are perfect for agents who lack time but have some money to invest and earn a passive income to grow their wealth.
How to Turn Your Hobby into a Side Hustle
Apart from your regular job, what else do you love doing? Do you like driving or do you enjoy writing? Are you always excited to be in front of a camera or teach people about your job? You can capitalize on all these hobbies and earn from them as a real estate agent.
If you enjoy driving, consider doing this for a ridesharing company and make some extra cash. If writing is your hobby, why not start a real estate blog where you’ll create content surrounding the real estate market or anything else that interests you. Similarly, you can become a YouTuber and share informative videos or catchy content from which you can earn, if you enjoy teaching people or are not camera shy.
How to Side Hustle from Home
If people have to travel for work, they prefer their side hustle to be done indoors. This can also be true for real estate agents whose jobs mostly involve spending time outdoors. As a real estate agent, you can also make money at home via side hustles like podcasting, content writing, and making YouTube videos.
How to Start a Side Hustle as a Real Estate Agent
The idea of starting a side hustle may sound great, but that doesn’t mean it is going to be a piece of cake. It requires proper thought and planning for a side hustle to be successful. Otherwise, it may end up causing you more harm than good. Below we have detailed a few steps to make this process an enjoyable and interesting experience for you.
Consider Your Time and Schedule
You have to consider if you have enough time to do a side hustle in addition to your regular job. You should check if a side hustle will overlap with your daily schedule and full-time job or not. If you’re really in need of some extra cash, you will have to plan your time carefully so that you don’t suffer from burnout or experience a mental breakdown.
Think About Your Hobbies
It’s always a great idea to focus your side hustle on a fun activity you enjoy doing. This can make it easier and more enjoyable for you. Reflect on your hobbies to see which one has more potential and can give you the satisfaction you desire.
Check for Permits and Licenses
To become a real estate agent in the first place, you must attend real estate courses and enhance your real estate skills by acquiring the necessary certifications along with a real estate license. You don’t want to head into a business without first finding out if you need any special permits or licenses. This can cause costly problems in the future.
Have a Plan
You should put a business plan in place that will serve as a road map to your new business. This will help you not lose focus and ensure you stay on track. Having a set plan and goals can also help you keep the fire burning as you look forward to hitting the next milestone.
Keep an Open Mind
No matter what plans you have created, things may not go the way you have intended at first. Be optimistic but do not get your hopes up too much to avoid feeling disappointed if your real estate side hustle goes sideways.
Best Side Hustles for Real Estate Agents
Real estate agents can try out a handful of side hustles in their line of work. Various options include collaborating with other agencies or pursuing a business venture alone. You could do a side hustle that entails working from home like making YouTube videos or driving. Some of the top side hustles for real estate agents are listed below.
If you can access the right contractor, you can make house flipping a viable side hustle that can increase your overall income. Knowing how the market works and having an eye for the latest trends in design is a major plus. Ensure to team up with professionals in construction, experienced agents, and a legal team to assist you in making the best decisions.
Real Estate Blogger
You can make money by writing a real estate blog. You can choose to write for an existing blog for a fee or create your own blog and manage it. Starting a blog entails making an investment and dedicating some of your time to attracting an audience. As you increase the number of your blog readers, you will start making a passive monthly income.
Generating Leads for Other Agents
If you’re good at producing paid leads through Facebook or Google Ads, you could help other agents do the same, for a fee. You could either make it a one-time deal or offer them a monthly subscription in which you handle their leads for a fixed charge. You can transform this into an agency team if you become really good.
Become a YouTuber
Almost every industry has an audience on YouTube, and real estate is one of them. You can create videos that inform people about a specific topic. For example, you can share tips and tricks in the real estate industry. This will likely increase the number of viewers in your YouTube channel. You can draw attention to your YouTube page in various ways by including revenue sharing, paid ads, and sponsored posts.
Become a Wholesaler
Real estate wholesalers connect sellers to investors. In exchange for identifying good properties to fix and flip, wholesalers are paid a commission by investors. This job involves a lot of networking and hustle, yet it is completely free. You must have access to properties and a vast network of real estate investors that are eager to seal a deal to be a successful wholesaler.
Invest in Real Estate Crowdfunding
Real estate crowdfunding has grown in popularity in recent years, with additional platforms springing up. Many are only available to accredited investors, while others are open to the general public and require only an investment of a few hundred dollars. Crowdfunded investments allow investors to earn a side income. These earnings come in through dividends or interest payments.
Turning a property into an asset to create a cash flow for a property owner is known as house hacking. Renting out a room on Airbnb, purchasing a small multifamily property and renting out the extra space, and converting your basement or garage into an apartment for short-term or long-term rentals are all alternatives for house hacking.
Host Open Houses for a Fee
Offering to host open houses for other real estate agents is a great side business concept for real estate professionals. This is a fantastic idea for novice agents because you will either get the leads or a few hundred dollars as payment, or you may even get both. You can request a mentor or any other agent in your area to do their open houses for them and negotiate a fee. You could also join a program where you can do multiple open houses and receive payment.
You can supplement your revenue by drafting paperwork and contracts for other agents who are too busy to do so themselves. If you’re an agent finding it hard to break into properties, this could be a good opportunity to make some supplemental income and keep your agent skills sharp. If you discover that this is something you excel at, you can join one of the many referral programs for agents.
If you know a specific area well, having a ridesharing job as a real estate side hustle is not a bad idea. You can have other real estate agents as a client base by driving them around. You may also notice a property or meet homeowners who want to sell their properties. If you have showings at different times of the day, seize the opportunity to make some extra cash in between.
Side Hustle Apps You Can Use to Earn Extra Cash
There are some apps real estate agents can use for side hustles to help them earn extra cash. A few of these apps are listed below.
- Uber. This is a ridesharing app that agents can use to pick up and drop off passengers for a fee.
- YouTube. You can post videos on YouTube about the real estate industry or anything else that interests you.
- Fiverr. Freelance writing on topics that appeal to you or the real estate industry can be done on this site for a fee.
- Airbnb. This app allows you to earn money by renting out a part of your home.
- Lyft. This is another popular ridesharing app that real estate agents can register on to make extra income as drivers.
What Is the Best Side Hustle for Real Estate Agents?
House hacking is a top side hustle for real estate professionals as it can be quite profitable. It deals with collecting monthly rent from tenants who are using a part of a property. You can use these funds to cover a mortgage payment or to invest in other opportunities.
Driving is also a top side hustle option for real estate agents as it can provide them the opportunity to expand their network and potential client base. It can also help them find new properties that may be up for sale. Real estate agents can enjoy all these potential benefits while still earning some money from the driving itself.
Side Hustles for Real Estate Agents FAQ
Yes. There are some real estate side hustle ideas that require little investment, such as working as a virtual assistant, wholesaling, and real estate blogging.
Yes. You can make money by investing in real estate crowdfunding platforms, buying shares of a real estate investment trust, and house hacking.
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A licensed real estate agent serves as a bridge between buyers and sellers for transactions, also representing them in legal negotiations.
Yes, a side hustle is worth it. Side hustles can help you earn more, have fun, and build your skills and experiences at the same time.
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