More than 44 million Americans have a side hustle, according to Bankrate. Especially for millennials, side hustles have become a way to make enough money to take adult financial steps. Real estate is a career that you can customize to meet your current needs and goals. There are several other benefits of working in real estate for your side gig.
Three benefits of working in real estate if you’re looking for your next side hustle
1. Unlimited earning potential
In real estate, you’re not making an hourly wage, but you’re earning commission on transactions. The more transactions you do, and the bigger transactions, the better your opportunity to increase your earnings.
This is important when it comes to side hustles where your time might be limited. Instead of capping yourself at an hourly wage, you have a chance to maximize your earnings.
Wondering how much real estate agents and brokers can expect to make? This post can explain the details.
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2. Flexible hours so you can work when you want
One of the key benefits of working in real estate is that real estate is a flexible job that allows you to set your own hours and work when it’s best for you. You can wake up early to answer emails, show homes after your traditional 9-to-5 job, and squeeze it all in. While the hustle and bustle might not be for everyone, if you’re trying to figure out how to take on a side gig and juggle two jobs, real estate might be a good fit for you.
Pro tip: Check out how these real estate professionals juggle their side gigs, real estate career, and being dads.
3. Working with people
Side hustles don’t have to be boring, meaningless work that you’re just doing to pay the bills. In real estate, you are meeting new people all the time and helping them find their dream homes. You get clients into homes where they’ll make cherished memories. It’s a rewarding aspect of the job that can help keep you motivated even on tough weeks.
In fact, this was ranked one of the top reasons real estate agents love their career in a national study that listed real estate as the number one happiest career overall. Turns out being around people and making them happy also makes you feel good in return.
What to do if you want to pursue real estate as a side hustle
If you’re wondering how to get into real estate for your side hustle, here are some essential steps to get you started.
1. Get educated
Quality real estate education builds the foundation for a great future career. Before you take the licensing exam, you’ll want to start your career off with the pre-licensing course. Every state has different licensing requirements, but you’ll want to make sure the school you choose is accredited and licensed in your state. For information on your state’s requirements, you can search the list of states here.
2. Pass your real estate exam
Don’t be scared by the word “exam.” If you don’t love school, there are plenty of resources that can help you prepare to pass the exam. Our Real Estate Exam Prep Master, for example, helps you focus on studying the what you’ll need to know specifically for the exam. Plus, there’s a money-back guarantee: If you don’t pass, you don’t pay.
3. Find mentors and get to work
Find mentors to help you with your first transactions. This will help you get started on the right track to growing your real estate business.
Not sure where to start? Check out some brokerages in your area to find out if which environment is a good one for you. There are several pros and cons you have to weigh when deciding on a brokerage, but one of the benefits of researching brokerages is that you’ll get to know other agents in the process. Knowing agents in your market and developing important connections will push you forward as you begin your career.
Using the benefits of working in real estate to their advantage
Many real estate professionals get into the business because they love the benefits of working in real estate. This story about Amanda Todd, a stay-at-home mom who became a top-earning real estate professional, is just one example. We also love the story of Lori Burrows-Warren, who was attracted to the profession because she got to be her own boss.
Whatever your scenario is, find the benefits of working in real estate that would help you out the most and maximize them in your future as a real estate professional.