As a real estate agent, your primary job is to ensure that you are providing the best services and advice to your clients. However, with an ever-changing market, it can be hard to stay fiscally afloat. That’s why many real estate agents choose to supplement their income through side hustles. Whether it’s renting out investment properties or offering consulting services on the side, there are plenty of ways to give your career a boost and bring in extra cash.
Are Side Hustles in Real Estate Legal?
Yes, side hustles in real estate are legal. As long as you comply with all the applicable laws and regulations in your jurisdiction, it is perfectly acceptable to pursue a side hustle within the real estate industry. However, this does not mean that every side hustle opportunity is ethical or even beneficial – it’s important to research any potential side hustle carefully before deciding to pursue it.
Why Should You Consider Starting a Side Hustle?
Starting a side hustle as a real estate agent can offer several benefits. Here are three advantages of pursuing a side hustle in the real estate industry:
1. Additional Income Potential
A significant benefit of starting a side hustle as a real estate agent is the potential to earn additional income. Real estate transactions can be lucrative, and by dedicating time and effort to your side hustle, you can generate extra income to supplement your primary earnings. This additional income can help you achieve financial goals, such as paying off debt, saving for future investments, or simply providing more financial security.
2. Skill Enhancement and Professional Development
Engaging in a side hustle as a real estate agent allows you to enhance your skills and knowledge in the industry. As you work with different clients and navigate various real estate transactions, you’ll gain valuable experience that can contribute to your professional development. Handling diverse situations, negotiating deals, and managing client relationships will sharpen your communication, problem-solving, and sales skills. This skill enhancement can also have a positive impact on your primary real estate business and potentially open up new growth opportunities.
3. Expanded Network and Client Base
A side hustle in real estate provides an opportunity to expand your professional network and client base. Through your side business, you can connect with individuals who may have different real estate needs or preferences than your primary clientele. This can diversify your network and potentially lead to referrals and new leads for both your side hustle and primary real estate business. Building a broader client base can increase your visibility in the industry and contribute to long-term success as a real estate agent.
Top 31 Side Hustles for Real Estate Agents
Here are some recommended side hustles for real estate agents of any kind:
Rent Out Investment Properties
Many real estate agents have invested in properties over the years, either for themselves or for their clients. If you are sitting on an investment property that is not in use, consider renting for a short term. You can manage the property yourself or hire a reliable property manager to do the job for you.
Become a Real Estate Consultant
If you have a wealth of knowledge and experience in the real estate industry, consider offering your services as a consultant. You can work with developers, investors, or small businesses looking to purchase or sell properties. This is an excellent way to make extra money and stay connected to the industry.
Real Estate Investing
If you are looking for a low-risk, high-return investment opportunity, consider investing in real estate. You can buy and hold properties for long-term appreciation or flip properties for quick profits. As a real estate agent, you have the knowledge of the market and the tools to make smart decisions, giving you an advantage over other investors.
Teach Real Estate
Do you have a knack for teaching? Consider offering real estate classes or seminars to the public. You can teach the basics of real estate, such as how to buy and sell property or focus on more specialized topics like marketing and negotiating deals. Many local colleges also offer courses in real estate that you can teach as an adjunct professor.
Property Management Services
If you are looking for a side hustle that offers steady income, consider offering property management services. You can manage rentals or oversee maintenance and repairs for rental properties. This is an excellent way to make extra money while staying connected to the industry.
Sell Real Estate Courses
With the rise of digital media, there is a growing demand for online real estate courses and educational materials. If you have experience in the industry, consider creating and selling tutorials or e-books that teach buyers and sellers how to navigate the market. You can also offer paid webinars or workshops on topics like budgeting for a home purchase or understanding mortgage rates.
Become a Real Estate Virtual Assistant
Many real estate agents are looking for help with administrative tasks like scheduling appointments, handling paperwork, and updating listings. If you have the skills and time to spare, consider becoming a virtual assistant for busy real estate professionals. With the right experience, you could be well-paid for your services.
Social Media Consulting
As a real estate agent, you should be familiar with the power of social media in marketing properties to potential buyers. If you have experience using different platforms like Instagram and Facebook, consider offering social media consulting services on the side. You can help businesses create targeted ad campaigns or craft a unique voice for their brand.
If you earn $600 or more through social media consulting, you will be issued a 1099 form. It is advisable to form an LLC at this stage to deduct the cost of equipment and materials used in assisting clients.
Create an Online Store
As a real estate agent, you can reach a wide audience. Consider creating an online store to sell products related to the real estate industry. You can offer everything from real estate books and courses to marketing materials and signage. With the right store setup, you could make consistent sales and bring in extra money on the side.
As a real estate agent, you already have the skills to network with potential buyers and sellers. Consider leveraging these skills by hosting or attending networking events in your area. Not only will this help you build meaningful relationships within the industry, but it can also lead to deals and referrals that could increase your profits.
Real Estate Photography
Professional photography is an essential part of marketing a property. If you have experience in taking photos or editing images, consider offering your services to real estate agents in your area. You can even offer virtual tours and videos to help buyers get a better sense of the property’s layout and features.
Home staging is another important way to attract potential buyers. If you have the skills and resources, you can offer home staging services as a side hustle. This involves setting up furniture and decor in a way that highlights the best features of the property. It’s an excellent way to attract more buyers and increase your profits.
Write for Real Estate Publications
There are plenty of publications in the real estate industry that are always looking for knowledgeable contributors. Consider writing articles or blog posts on topics like buying and selling tips, home improvement ideas, or current trends in the market. You can even offer editing and proofreading services to help other writers create compelling content.
Get into Property Development
Property development is the business of buying land, renovating existing structures, or building new ones to increase their value. If you have the resources and expertise, consider investing in property development projects. This is a great way to make money while also getting involved in the construction industry.
Start a Real Estate Podcast
Podcasts are an excellent platform for real estate agents to showcase their expertise and build an audience. Consider starting a podcast where you can share valuable information about the industry, answer questions from listeners, and discuss current trends in the market. This is a great way to engage with potential buyers or sellers and increase your visibility as an agent.
Become a Real Estate Appraiser
Being an appraiser is a great way to make money without being an active real estate agent. Consider becoming a real estate appraiser so you can provide accurate valuations of properties to assist buyers and sellers.
Offer Coaching Services
Real estate agents can offer coaching services to those interested in entering the industry. You can share your experiences and advice with new agents on topics like handling clients, dealing with difficult negotiations, or finding the right property for a buyer. This is an excellent way to make money without having to sell any real estate yourself.
Become a Mortgage Loan Officer
If you have experience in the mortgage industry, consider becoming a loan officer to help agents and buyers secure financing for their purchases. You can help clients understand the various types of loans available and provide advice on which options may be best suited to their needs. This is an excellent way to make money without being an active real estate agent.
Invest in Technology
In today’s digital world, it’s essential for real estate agents to stay up-to-date with the latest technology. Consider investing in software or apps that can help you streamline your workflow or provide better customer service. This is an excellent way to increase your productivity and make it easier for clients to access information about properties they are interested in.
Referrals and Leads
One of the best side hustles for real estate agents is to access referrals and leads from other agents. By networking with other agents via online forums or in person, an agent can gain access to potential buyers and sellers who might not otherwise be on the market. Referrals can come in many forms including mutual contacts, social media connections, or even word of mouth. Agents can offer incentives or discounts to those who refer them to new businesses.
Set Up a Real Estate Blog
A blog is an excellent way to showcase your expertise and build an audience. Consider setting up a real estate blog to discuss current trends in the market, answer questions from readers, or offer advice and guidance for buyers or sellers. This is a great way to engage with potential clients and increase your visibility as an agent.
Become an Interior Designer
If you have a knack for design, consider becoming an interior designer to help agents stage their properties. This is a great way to make money without having to be an active real estate agent. You can offer advice and guidance on how to best showcase a home to attract potential buyers.
Become an Inspector
If you have experience in construction, consider becoming a certified home inspector. This can help agents and buyers assess the condition of a property before purchase and is an excellent way to make money without being an active real estate agent.
Invest in Real Estate Deals
Consider investing in real estate deals to make money without being an active real estate agent. This can involve buying houses that need repair and reselling them at a higher price or investing in rental properties. This is an excellent way to make money while also growing your real estate portfolio.
Become a Real Estate Social Media Influencer
Consider leveraging your knowledge and experience in the real estate industry by becoming an influencer on social media platforms like Instagram, Twitter, and YouTube. You can share valuable insights related to buying and selling, home improvement tips, or current trends in the market to help agents stay ahead of the competition. This is an excellent way to reach potential clients and make money without being an active real estate agent.
Consider getting into the house-flipping business to make money without being an active real estate agent. This involves buying properties that need repair and renovation before reselling them at a higher price. This can be a great way to make money while also helping buyers find their dream homes.
Become a Real Estate Speaker
Consider leveraging your knowledge and experience in the real estate industry by becoming a speaker at conferences, workshops, or other events. You can share valuable insights related to buying and selling, home improvement tips, or current trends in the market. This is an excellent way to build your network and increase your visibility as an agent.
If you earn at least $600 through freelance speaking engagements, you will receive a 1099 form. Creating an LLC at this point may be beneficial for deducting expenses related to client support, such as equipment and materials.
Start a Real Estate YouTube Channel
Starting a real estate YouTube channel is an excellent way for real estate agents to grow their brand and reach more potential clients. By creating educational videos about the home-buying process, tips on how to stage your home for sale, market updates, and other topics related to the real estate industry, real estate agents can establish themselves as reliable experts in their field.
Real estate agents have the unique opportunity to start their side hustle related to home repair. Home repair is a popular industry, with many homeowners looking for someone reliable to do repairs or renovations. As an experienced real estate agent, you have a great understanding of the needs of homeowners and how to provide quality services. This can range from minor repairs to major renovations, depending on the needs of the homeowner.
Become a Notary
Notaries are important members of the business community who certify legal documents, verify signatures, and administer oaths. To become a notary, you will need to meet the requirements of your state. These can vary from place to place, but in general, you will need to be over 18, have no felony convictions, and pass a background check. You will also need to complete a training program and obtain the necessary license,
Affiliate marketing is essentially a performance-based way of earning money from promoting other people’s products, services, or companies. As an affiliate marketer, you will be responsible for driving customers to the company’s website, which could result in them making a purchase or signing up for a service. You will then receive a commission for each successful referral.
How to Start a Side Hustle as a Real Estate Agent in 5 Steps?
Starting a side hustle as a real estate agent can be a great way to leverage your knowledge and skills while generating additional income. Here are five steps to help you get started:
1. Obtain the Necessary Licenses and Certifications
To legally work as a real estate agent, you’ll need to obtain the required licenses and certifications in your jurisdiction. Research the specific requirements in your area and complete any necessary training or exams. This may involve completing pre-licensing courses, passing a licensing exam, and potentially joining a local real estate association or board.
2. Define Your Niche and Target Market
Consider which aspect of real estate you want to focus on for your side hustle. This could be residential properties, commercial properties, investment properties, or a specific geographic area. Define your target market, such as first-time homebuyers, investors, or renters. By narrowing down your niche, you can tailor your marketing efforts and provide specialized services to attract clients.
3. Set Up Your Business Operations
Establish the necessary infrastructure to run your real estate side hustle effectively. This includes creating a professional brand and identity, setting up a separate bank account for your real estate earnings, and developing a system to track your income and expenses. Invest in a reliable customer relationship management (CRM) tool to manage client relationships and transactions efficiently.
4. Build a Network and Market Yourself
Networking is crucial for success in the real estate industry. Attend local events, join professional organizations, and connect with other industry professionals. Build relationships with lenders, contractors, inspectors, and other key players who can refer clients to you. Utilize online platforms and social media to showcase your expertise, share valuable content, and promote your services. Develop a strong personal brand that highlights your unique value proposition.
5. Provide Excellent Customer Service and Deliver Results
Deliver exceptional customer service to your clients. Always prioritize their needs and provide prompt and transparent communication. Offer personalized advice, assist with negotiations, and guide them through the entire buying or selling process. Focus on building long-term relationships and gaining positive reviews and referrals. Consistently strive to exceed your client’s expectations to establish a strong reputation and attract repeat business.
Earn More Income with Side Hustles
As a real estate agent, you have many options when it comes to side hustles. From becoming a rental property investor to offering home staging services, there is something for you. Side hustles provide an opportunity for real estate agents to diversify their income and add skills to their repertoire. With the right amount of dedication and hard work, you can make these side hustles into successful businesses.
If you’re expanding your side hustles, forming an LLC can be beneficial for you. With an LLC, you can enjoy limited liability and tax deductions. Doola can assist you in setting up your business structure, bookkeeping, and opening a business bank account. Get in touch with us today!
Can my side hustle distract me from my primary real estate business?
If not properly managed, a side hustle can be a distraction. Ensure you prioritize your primary business while still giving your side hustle the attention it requires.
How can I market my side hustle?
You can promote your side hustle using social media, flyers, and word-of-mouth.
What are the risks involved in having a side hustle as a real estate agent?
Some of the risks involved include overextending yourself, creating conflicts of interest, and burnout.
Are side hustles profitable for real estate agents?
Yes, side hustles can be profitable but require a lot of hard work, dedication, and proper planning.
Do I require any additional training to start a side hustle as a real estate agent?
You may require additional training or certification, depending on the nature of the side hustle you choose.