Would you like to make some extra cash?
I know I do and that’s why I became a Real Estate Agent! By having a Real Estate license, I’m able to create several streams of income that doesn’t involve just selling houses!
Having done a couple of Real Estate side-hustles for years, I’m able to make 3 times as much as I did while working a 9-5 job.
If you want to put more money in your pockets every month without quitting your job or school keep reading to learn about the 10 incredible ways that you can make extra money with a Real Estate License.
10 Ways to Make Extra Money With a Real Estate License
1. Real Estate Coach
Are you a natural born leader? Well, there is a high demand for Real Estate Coaches in this industry. Real Estate Agents that wish to take their businesses to the next level often seek out Real Estate Coaches and Mentors to help get them there. By having a Real Estate License you reaffirm that you have industry knowledge and can better assist those seeking advice and mentorship.
2.Real Estate Business Planning
Do you enjoy creating systems and have a passion for business development? Most Real Estate Agents are independent contractors meaning that they work for themselves. For this reason alone, many Real Estate Agents quit within their first year due to lack of business structure and planning. Here’s where you can step in!
Creating a Real Estate Business Development organization armored with a Real Estate License you will have a better understanding of how and why things operate the way that they do.
3.Real Estate Marketing
Real Estate Marketing is the lifeblood of being a Real Estate Agent. Real Estate Agents rely heavily on marketing to include everything from business cards, clothing to billboards. Most Real Estate Agents, including myself, spend thousands of dollars in marketing materials every year. If you have expertise in copywriting, marketing, design and social media then creating a Real Estate Marketing business would prove to be very profitable.
I personally know several Real Estate Agents that make a full-time income solely from Referrals, meaning that they are not directly involved in the Real Estate transaction they just refer people seeking Real Estate to another Agent and in return receive a small referral fee or percentage of commission. This system works great for those with a busy lifestyle and a huge circle of influence.
5.Real Estate Wholesaler
Another way to make a boatload of money with minimal effort is by becoming a Real Estate Wholesaler. This is an awesome side hustle that I have done for several years. For those unaware, Real Estate Wholesaling is the act of finding property owners who are willing to sell their properties below market value and you as a Wholesaler connect this person with a Real Estate Investor or someone who has the cash to fix and flip the property. What you get from this transaction is a fee that is paid to you directly from the Investor.
In some states you can wholesale without a Real Estate License and for others it is illegal. You will have to check with your State’s Real Estate Commission or your local Real Estate Lawyer to know the legal implications of wholesaling Real Estate.
6.Real Estate Investing
Real Estate Investing is great for those who already have a significant savings or extra cash on hand (although there are several ways you can invest with little or no money at all!) Real Estate Investing involves finding and purchasing properties that need a little fixing up, making the necessary repairs and reselling the property at market value. By having a Real Estate License you can cut out the “middle man” aka another Real Estate Agent and avoid from paying a commission fee by being the Real Estate Agent on both the buying and selling end of the transaction.
7. Real Estate Consultant
If filling out paperwork or advising others is your thing then becoming a Real Estate Consultant would be a great way to earn an income part-time (or full-time!). As a Consultant people seek your counsel in making large investments, analysis of the housing market and sometimes they would just like for you to handle administrative tasks such as managing paperwork or showing properties.
As a Real Estate Consultant you have a wonderful business opportunity in helping clients that prefer to list their own properties without an Agent’s help but would like administrative assistance, those seeking general Real Estate Advice or Absentee owners who live out of state but have properties that they are unable to physically manage.
8. Home Stager
Nothing sells a house faster than good pricing and beautiful staging. If you have a knack for design and interior decorating then you have a great opportunity to create a profitable business as a Home Stager. Staging involves preparing a property for sale by decorating the interior with furniture and other decor in a way that is attractive to potential home buyers. Sometimes, the buyers may prefer to purchase the home with the staged furniture which would be a win-win for you!
It is not required to have a Real Estate License as a Home Stager however, it can come in handy if you are a Licensee and can then offer your staging services to your Clients as an added perk in selling their homes.
9. Property Manager
Becoming a Real Estate Agent specialized in Rentals or Property Management is a great way to earn extra cash without quitting your job. As a Rental Agent or Property Manager you may screen and qualify tenants for the lease of a particular property, collect rent or supervise or manage a Rental or Leasing Office. As a Rental Agent your services are very similar to those that you would offer to those looking to buy or sell their house, except there’s less paperwork and a quicker turnover.
10. BPO (Broker Price Opinion) Professional
A BPO Professional is a licensed Real Estate Agent who gives quick “opinions of pricing” on properties to banks and other financial or Real Estate institutions. Similar to being a Real Estate Appraiser but with less hoops to jump through, a BPO Agent may require a 10-15 hour certification and that’s pretty much it. As a BPO Agent, your primary duties may include taking pictures of a property, performing market or neighborhood reports and providing other general information.
While I barely scratched the surface, there are tons of ways to make extra money with a Real Estate License. While you are free to get as creative as you may like, becoming a licensed Real Estate Agent opens several doors to profitable side gigs that you can do from home or while working a full-time job.
Have anything to add? Comment below! We would love to hear from you!
Alexandria VA Homes for Sale– Lisa Washington, Your Real Estate Consultant & Friend
I specialize in listing and selling Real Estate in Alexandria, Springfield, Lorton, Fairfax and Woodbridge, VA. I am dedicated to making sure you are the most informed and educated consumer in the Real Estate market. Ready to Buy or Sell? Give me a call or text at (202)999-8166.