Can I Make Good Money (and Save) As A Part-Time Real Estate Agent?
Whether you are looking for a new part-time job, considering a side hustle to supplement your 9–5, or thinking about investing in rental properties, you wonder if you can make good money as a part-time real estate agent.
You’ve always been interested in real estate. Taking the preparation classes and getting your real estate license will take time and money, but you think you’d be good at selling houses.
It would be great to earn thousands of dollars in commissions working a few nights a week and on weekend afternoons. You might be able to save money (and help your family and friends) when you buy and sell your own properties too.
Making and saving money sounds like a win-win for your wallet! But let’s look further into what it takes to become a real estate agent. The dollar signs you’re seeing may be clouding your view of the realities of this part-time job.
How Do You Become a Real Estate Agent and What’s the Cost?
Real estate licensing requirements are determined at the state level. Ensure you understand the process for each state you want to obtain a license from. While there may be some reciprocity between states, there may be requirements for additional coursework or exams from one to another.
Here’s a list of things you may have to do (and pay for) before you show your first house. And earn your first commission.
- Take a real estate pre-license course. These courses vary in content, length (weeks vs. months), presentation (online vs. in person), and cost. You can expect to pay at least $200–500 per course. There may be textbooks and other materials you have to buy as well.
- Submit a license application. Check to see if you need to apply for a license and register for electronic fingerprinting. In Florida, the fees for these combined costs is almost $150, and prices may be even higher in other states.
- Pass a licensing exam. Licensing exams run from $40 to as much as $300-each time you take the exam. Study materials may be included in your pre-licensing course, but you may also decide to purchase other exam-prep materials. Passing the test the first time saves money on…