What's In This Article?
Baby boomers value their time and want meaningful employment opportunities that pay well and still allow for a rich personal life. Real estate agents enjoy many perks that other professions don’t offer.
The Close reports that agents who average a schedule of between 21 and 39 hours each week earn $46,458, respectively. Compared to the average reported part-time salary of $31,089 that was published by Talent, one obvious reason for considering real estate as a part-time profession relates to earnings potential.
Listed below are the reasons why thousands of career seekers seriously consider a part-time position as a real estate agent.
1. Flexible Schedule
As a self-employed real estate agent, you make your own schedule. Few part-time business or job opportunities exist that afford you the same flexibility.
Since the life of a real estate agent revolves around prospecting and servicing clients, you are in charge of establishing your own schedule. Granted, an agent’s success depends largely on time-management and communication skills.
2. Part-time and full-time opportunities
Real estate agents enjoy a unique benefit since they have the ability to expand and contract their hours worked as needed to suit their ambition and personal agendas. You can always adjust your hours to accommodate your personal life’s priorities.
Considering the number of family obligations that so many seniors have, this type of flexibility to work both full-time and part-time depending on the week provides seniors, in particular, the time they want to enjoy family holidays and vacations while still earning an excellent income.
3. Low startup costs for a new business
Real Estate Express estimates the first-year startup expenses of a real estate agent to come in around $6,300. Obviously, this total varies significantly depending on the state you get licensed in and the real estate brokerage you choose.
While that price tag might seem a bit steep at first glance, compared to the barrier to entry into other small business opportunities, this is a small price to pay. It is important to remember that you will also be earning commission during that first year to offset startup expenses.
4. Affordable real estate license courses for in-person and online courses
The good news is that compared to the $35,720 reported price tag that EducationData published for the average cost of a college education to start a new career, getting your real estate license is cheap.
The coursework required to sit for the licensing test is estimated at between $200 and $1000 according to Fortunebuilders. Costs vary by state and school. Not surprisingly, online courses are typically a bit less expensive than the in-person classroom courses offered. When you consider the ROI for the small investment spent to get your real estate license as compared to attending a traditional college, few would argue that getting a real estate license offers a practical alternative.
5. Unlimited income potential
Few career opportunities offer a realistic potential for earning a high income in the first few years in the business. Many real estate agents can brag about high earnings early in their career. Seniors, in particular, can appreciate a fast startup period.
As a commission-based business, potential earnings are tied directly to the size of the real estate transaction and the commission earned. That’s why commercial real estate agents and investors often enjoy huge payouts when they close on a building or flip homes for profit.
The only limits to how much a real estate agent can earn relate to ambition, knowledge and opportunities. Embracing technology designed to find leads greatly enhances the number of leads available and income potential.
6. Ability to choose your customers and associates for a pleasant working dynamic
Being in the unique position to select your coworkers and clients means you can create an exciting and fun work environment. In sharp contrast to most other occupations, real estate agents enjoy this benefit.
If a client is wasting your time, or worse, disrespectful, you can cut them loose and wish them well. Additionally, if your broker or manager is not providing what you need to be successful, you can find another broker who is willing to help make your career dreams come true.
Smart agents strategically decide who to associate with based on predetermined criteria. For example, if a buyer wants to look at every home within a 100 mile radius and can’t make a decision, a smart agent who values their time will insist the buyer makes a decision immediately or risk being dropped in favor of clients who won’t waste their precious time.
7. A variety of career paths
When you work part-time as a senior, you want to make every minute count while leaving time in your life for other important personal priorities. Real estate professionals enjoy a multitude of career options so they can choose the one that suits their personality and lifestyle best.
Real Estate Investor
If earnings are your top priority, then you might want to consider working as a real estate investor since they are one of the top ranked earners in the industry. Mashvisor reports ZipRecruiter’s estimated annual salary for a real estate investor is $124K. Granted, a part-time investor likely earns less on average. Knowing when and where to buy property to achieve the greatest returns is key for success. This career option is not for the faint of heart.
Real Estate Developer
Real estate developers buy land and then improve on that investment by building homes and buildings on that property. This profession is a management opportunity that involves planning and coordinating construction projects to include working with engineers, contractors, architects, lawyers, bankers and other professionals. Glassdoor reports that the average annual salary of a real estate developer is $101,589. A part-time developer will probably earn less.
Residential Real Estate Agent
Becoming a part-time real estate agent is a common career choice, especially for baby boomers seeking independence and the promise of excellent earnings. Seniors can leverage their considerable people skills and extensive network built up over a lifetime to reap the benefits of their maturity. Whether you choose becoming a buyer’s or a listing agent, you can rest assured that there is plenty of opportunity to earn a high ROI for your time investment. Glassdoor reports that the average salary of a residential real estate agent is about $67,630 annually.
Commercial Real Estate Agent
Similar to a residential real estate agent, commercial agents are in the business of identifying buyers and sellers. The main difference is that agents working in the commercial sector are selling buildings to businesses, primarily. Grasping commercial real estate finance concepts is key for success. Fortunebuilders reports the National Association of Realtors® (NAR) data that states that commercial real estate agents earn double what residential real estate agents earn per 2017 figures.
Real Estate Broker
A real estate broker is in the unique position to work on their own or to build a brokerage business with agents working for them. Many agents aspire to become brokers as a way to stop trading time for money by leveraging the time and efforts of their own agents to earn more income with less effort. Glassdoor reports that the average income for a US broker is about $72K.
Leasing agents need excellent interpersonal skills to be successful. Options for employment are available in both the commercial and residential sectors. Leasing professionals interested in working typical business hours usually gravitate towards commercial opportunities, while residential leasing agents are often required to work on weekends and in the evenings. Glassdoor reports the average salary of a leasing agent is $35,653.
Property managers are charged with the responsibility of taking care of investors’ properties. This position is a challenging one that requires attention to both the physical and financial health of the property. If you enjoy problem solving and customer service, then this might be an attractive field to consider. FortuneBuilders quotes Glassdoor’s report that published the average earnings of a property manager to be about $54K annually.
8. Earning potential directly linked to a personal network and interpersonal skills
Seniors are uniquely qualified to excel in the real estate field because of their extensive personal and business networks built up over a lifetime. Interpersonal skills also peak in later years. Since all real estate professions are a people business requiring a sophisticated ability to negotiate, buy and sell in stressful situations, boomers can use their skills to navigate transactions that require a maturity level that many younger associates do not possess.
Part-time employment in real estate provides an excellent way to earn income and remain active. Seniors should carefully consider the many benefits afforded to real estate agents who earn an enviable ROI for their time and effort far exceeding most part-time career opportunities.