Wondering if you can work as a part-time agent in a real estate brokerage? Of course, you can!
An increasing number of people choose to become a real estate agent because of the countless benefits this career path offers. In the real estate industry, you have the flexibility to set your own schedule and earn limitless income. All this has led many 9-to-5 burned-out professionals to consider becoming a part-time agent as a side gig.
However, you should not decide and proceed to become a part-time real estate agent just like that. Working as a part-time real estate agent has its fair share of advantages and disadvantages which you must know before stepping foot in this career path.
What Does It Mean to Become a Part-Time Agent in a Real Estate Brokerage in Mississauga?
Part-time real estate agents have an existing schedule because of which they cannot devote as many hours as a full-time agent. The part-time real estate agent may have another full-time job, a family obligation, or may be currently undergoing some other educational courses. A part-time agent may not work the same hours as a full-time real estate agent but they handle all tasks that a full-time agent does. Since they work fewer hours, part-time real estate agents earn less income than full-time agents.
NOTE - A full-time real estate agent may be able to close only 5 deals in 3 months by working more than 48 hours a week. However, a part-time real estate agent may close 6 deals in 3 months by working only 24 hours a week. So, a part-time real estate agent can totally earn more than a full-time agent, provided they put in more dedication and hard work than the full-time agent within those limited hours.
How Can You Become a Part-Time Real Estate Agent in a Brokerage?
Kickstarting your part-time journey in the real estate industry involves the same process as becoming a full-time real estate agent.
You must enrol in a real estate salesperson course to learn about the real estate industry.
Get your real estate license by passing the real estate exam.
Find a real estate brokerage to work for and start your real estate career.
Start finding leads, networking with industry professionals and potential clients, and get your first deal.
Continue with your education to stay updated about the housing market and renew your license whenever required.
The only difference that’ll be is that you’ll have to manage your schedule especially conscientiously while working as a part-time real estate agent. This is because you’ll be balancing a full-time job or any other life obligation with your real estate career.
Pros and Cons of Becoming a Part-Time Real Estate Agent
As we mentioned at the beginning of the blog, there are many upsides and downsides to taking on a real estate career as a side hustle.
Here are the benefits that draw people to the real estate career on a part-time basis -
Test the waters - Before you switch from your full-time job to a real estate career, it’s wise to know as much as you can about this field. And working as a part-time real estate agent offers you a perfect chance to do that.
Extra income - The main reason people get a second job or a side gig is to earn extra income on the side, and there couldn’t be a better opportunity for this than becoming a part-time real estate agent. A real estate agent earns around 3.5% and 5% of the property selling price.
Yes, he has to split this with the other agent and the real estate brokerage he is working for. But considering the average property price in Mississauga ($1.08M as of March 2024), this commission cut can amount to a lot of money for an agent.
Flexible Schedule - Another huge benefit is that, depending on your arrangement with the property brokerage firm, you get to fix your schedule. You can decide if you don’t want to work on certain days and times.
The downsides of becoming a real estate agent on a part-time basis are -
Time-Intensive - Real estate agents have an unlimited earning potential but that is tied to the amount of hours and hard work they put in their job. The more time you spend building connections and making sales, the more money you can make. So, it can be quite difficult to earn a high income in a real estate career with another full-time job in hand. At times, you may fail to balance your real estate client’s needs with your 9-to-5 job schedule.
Limited Brokerages - Not all real estate brokerages in Mississauga will be willing to hire part-time real estate agents. Training a new real estate agent and helping them with marketing, lead generation, and networking is time-intensive and costly for a brokerage. So, they would prefer to work with real estate agents who can work for full-time hours each week than a part-time agent. That being said, there are many brokerages that readily welcome part-time real estate agents but it’ll be difficult for you to find them.
Strong Competition - According to CREA, there are over 140,000 real estate brokers, agents, and salespersons working across Canada. So, when you’re competing against these full-time real estate professionals in a saturated market, things are going to be a little more difficult for you as a part-timer.
Being unable to truly grow in your real estate career - Some elements of a real estate career require you to work a lot more hours, typically 40+ hours a week. For instance, tasks such as property research & market analysis, and networking & relationship building require more time and effort. You may find that you’re not gaining any traction in your real estate career without investing more time in these tasks.
Part-Time or Full-Time Role in Real Estate: The Call is Yours!
In case you have a full-time job or another source of income and are passionate about the real estate industry, becoming a part-time real estate agent is the perfect step. You can pursue your passion without affecting your financial stability.
However, if you want to unlock the unlimited earning potential of a real estate career and want to get ahead professionally in this industry, work as a full-time agent. The more time and effort you invest, the more deals you’re likely to close and the higher your income. Working as a full-time real estate agent also offers you a better chance to climb to leadership positions and even open your own real estate brokerage down the line.
So, whether you want to pursue real estate as a part-time gig or go all in as a full-time agent, it all depends on you. Weigh your career goals and current standing in life before making the decision. Good luck!