Even in a sellers' market, competition among real estate agents can be brutal. You could just be starting out and not have any clients. That's why it's sound practice to have a side hustle. There are side hustles that go well with real estate. You just need to know where to look.
What Are The Top Side Hustles for Real Estate Agents?
Some of the top side hustles for real estate agents are property management, real estate investing, affiliate marketing, Airbnb management, mobile notary, virtual assistance, exam tutoring, REIT investing, and YouTube channel. Leverage skills and knowledge for extra income.
Key Takeaways
-
Real estate agents should consider side hustles due to the cyclical nature of the industry and intense competition.
-
Potential side hustles include property management, real estate investing, affiliate marketing, Airbnb management, mobile notary services, virtual assistance, real estate exam tutoring, REIT investing, and starting a YouTube channel.
-
These side hustles can provide additional income streams, and passive income opportunities, and align well with the skillset and knowledge of real estate professionals and other agents.
Do You Need a License to Be a Real Estate Agent?
You must have a license to be a real estate agent. States require a specific number of classroom hours. Once you have completed the designated hours, you must pass a real estate test.
You’ll need to renew your license with additional classes. Your state will determine how often you need to renew.
What Are Some Smart Side Hustles for Real Estate Agents?
With a real estate agent, it's a feast or famine when selling houses. You may want a side hustle to get you over the economic rough patches. We've developed a few side hustles that will help you through the famine.
1. Property Management
Image source: tomps.id
A property manager is hired by an owner to manage the day-to-day operations of a real estate investment. Usually, a real estate investor and property owner who doesn't want to manage the property hires property managers.
To be a property manager, you need to:
- Be at least 18 years old.
- Have a high school diploma or GED.
- Be a U.S. citizen or permanent resident.
- Have a positive reputation with the state real estate board.
- Pass a background check.
- Apply for a property management license.
Depending on the state, you may be required to take additional courses in property management. Some high-paying jobs may require a bachelor's degree.
Some states require certification instead of a real estate license. Both can be beneficial.
Real estate agents make superb property managers because of their real estate industry experience over a long period. They have the ability to navigate legal issues and manage tenants.
Because they are used to selling, they can use their marketing skills to optimize client’s investments.
This isn’t a job that you can get started without any experience. You must have not only great skills but an experience to get into this one.
2. House Hacking
Image source: Linkedin.com
House hacking is when you rent out a piece of property where you live. It could be a room in your house or a multifamily home where you and the renters live.
House hacking can help you cover your mortgage. I can also generate income.
Expenses that take the most out of your income are:
- Mortgage payments.
- Property taxes.
- Insurance.
- Maintenance.
- Repairs.
If you can eliminate some of these through house hacking, you can start building wealth.
3. Real Estate Coaching
Image source: bhgrecareer.com
Real estate coaching involves helping real estate investors accomplish their goals.
Some ways to do this include:
- Marketing training.
- Sales tips.
- General mentorship.
- Support.
- Advice to generate leads.
- Ideas for dealing with clients.
- Insight into hitting new financial goals.
To be a real estate coach, you must have real estate knowledge and a desire to help people. There isn't a specific qualification needed.
You should be a successful and experienced real estate agent. Having a broker's license will help you understand how to manage people.
You should ask clients to write reviews of your skills. This will help you get new clients. Build a website and be clear about how you can help people meet their goals.
4. Real Estate Photography/Video
Image source: slrlounge.com
Real Estate Photography and video are specialized fields that focus on presenting residential and commercial properties to sell or rent.
The goal is to showcase the properties in an appealing manner, which can enhance their perceived value.
There is a demand for taking real estate photos and videos because of websites like:
You’ll need cameras or video equipment. But there are other hats you must wear.
Some of the tasks you need to do are:
- House staging.
- Photo editing.
- Marketing.
- Admin work.
This is a great real estate side hustle for everyone. You'll need to be quick. Photos need to be turned around within 24 to 48 hours.
Although you'll work primarily with real estate agents and online real estate websites, other ways exist to sell your photos. Consider stock photography.
5. Stock Photography
Stock photography is when you make your photos available to online agencies.
These agencies then sell them for commercial use such as:
- Ads
- Brochures
- Websites
Photos or videos are purchased and licensed for commercial use through the agency website.
When someone purchases a photo or video from these websites, you receive a percentage of the proceeds. You only have to take the picture once, but it can be sold numerous times, providing you with passive income.
So if you want a side hustle and are good with a camera, real estate or stock photography might be good ventures for you.
6. Real Estate Blogger
Image source: waveestate.in
A big part of being a blogger is picking a topic you’re passionate about and is popular with other people.
You’ll also need to have:
- Strong opinions
- Broad general knowledge
- Research skills
- Computer literacy
- Initiative
- Curiosity
- Persistence
You want to write content that’s desired and relevant to a reader.
Since you’re a real estate agent, you have knowledge that would be helpful and relevant to the public. If you’re a good writer, that’s a big plus. But if that’s a weakness, you can always pay a writer to work with you.
Start writing your articles. In the meantime, you'll need to choose a name for your blog. This will be your domain. For example, MoneyHawk.com is the domain for this website.
You’ll also need a company to host your website. That’s when you rent a portion of the web for your website.
Some hosting companies are:
Each hosting company offers different plans, so you can start small and choose a bigger plan once you grow.
Once you achieve a certain number of views, you can have an ad exchange like Ezoic run ads on it. You’ll receive a portion of the proceeds.
If you publish a blog on real estate, it may also help your primary business.
7. Staging
Image source: houselogic.com
If you have an interior design knack, staging might be an area for a side hustle.
Staging is the process of preparing a home for buyers.
The skills include:
- Redecorating
- Rearranging furniture
- Cleaning
- Using numerous aesthetic strategies
You want to present the home in its best light while emphasizing its architectural details and assets. The goal is to have buyers envision themselves living there. This helps sell the house and get the best price.
Although not required, to be qualified to stage a home, you could take courses to get certified. You could also complete some training programs.
You’ll need to understand:
- Design and composition theories
- Current real estate and home trends
- Research
- Project management skills
Having a talent for creating visually appealing spaces is a must.
8. Real Estate Investing
Image source: Housing.com
With real estate investing, you purchase real estate. You can make money by turning around and selling the property for a profit.
Another option is to keep the property as a rental. Then, you'll have income coming in monthly.
Real estate investing can be rewarding. However, it is potentially filled with some financial and emotional downsides.
Real estate investing is a process that may take some time. If you are interested in learning about real estate investing Harvard Professional & Executive Development offers a two-day course to learn the fundamentals.
9. Affiliate Marketing
Affiliate marketing makes you money by promoting a company’s products or services.
You can do this on one or more platforms like:
- Social media.
- Blogs.
- YouTube.
You are given a link by the company to the product. You embed the link in your post. When someone clicks the link, they go to the product and hopefully buy it. At that point, you make a commission.
Once you have made the post and embedded the link, it makes money for you as long as you leave it up. In other words, it can be clicked multiple times, and you are paid.
It’s passive income that you can use for your next flight, next trip, or any other purpose that makes you happy.
There are several affiliate programs available. They include:
Contact one of these programs and get started making money. You can partner with several different ones. They all pay different commission levels.
Affiliate marketing takes minimal effort, but you must write a compelling post that attracts buyers. It’s a great side hustle for real estate agents because it's passive income.
There is no age limit to affiliate, you can do that even as a teen.
10. Airbnb Management
Image source: hometime.io
Airbnb management also has other names. They can be called:
- Short-stay management.
- Holiday lettings management.
- 2.0 management.
This is a service that manages property owners’ short-term rentals. Airbnb managers handle all the aspects of the owner’s rentals.
This includes:
- Property marketing.
- Listing set up.
- Guest communication.
- Check-in coordination.
- Cleaning and guest turnover.
- Pricing and revenue management.
- Maintenance.
- You don’t need any certification or degree to become an Airbnb property manager. But you should understand the vacation rental industry. Knowing about hospitality operations is a plus.
You’ll receive a percentage of the fees charged to the guest. They usually hover around 25 percent but can be as high as 40 percent.
11. Mobile Notary
Image source: 719lending.com
A mobile notary is state-commissioned and travels to a customer’s location to notarize documents. As a mobile notary, you can notarize various documents, including:
- Wills and trust.
- Property ownership transfers.
- Name change documents.
- Declarations of guardianship and adoption papers.
- Home loan documents and titles.
- Business paperwork.
There is some coursework necessary to become a mobile notary. But it depends on the state where you live or work and how many hours you'll need to take. You'll also need to purchase notary supplies.
You're not going to get rich as a mobile notary, but some people do make a living. Typical fees charged are between $100 and $200 per signing, although that does depend on the number of miles you must drive and document printing costs.
12. Virtual Assistant
Image source: nar.realtor
Virtual Assistants (VA) provide administrative services to clients remotely. You could be at your home computer or on a laptop at a coffee shop. A VA is usually a contract worker, so they don't have a salary or benefits. They're usually paid hourly or a flat fee for a particular job.
Some work you could be doing include:
- Scheduling appointments.
- Making phone calls.
- Managing email accounts.
- Arranging travel.
Many opportunities are available for people skilled in social media or content management. Graphic design and internet marketing are also hot buttons for many clients.
The VA has become more popular recently since many offices are going remote and no longer need someone full-time in the office. It’s also a way for these businesses to cut expenses.
To be a VA, you must be tech-savvy and have a wide range of computer skills.
You can look side side hustles that pay you on a daily basis If you are interested in getting paid every 24 hours.
13. Real Estate Exam Tutoring
Real estate exams are very difficult to pass. For example, California’s exam in the last two years has a pass rate under 50 percent.
Some states require coursework before students are allowed to take the exam, and there is a lot of material that needs to be covered.
There is an excellent opportunity for you, as a real estate agent, to tutor. Although there aren’t any course or education requirements to tutor, having an undergraduate degree and real estate license is advantageous.
Pursuing a certification as a real estate instructor may help as well.
14. REIT Investing
Image source: wallstreetprep.com
A real estate investment trust (REIT) is a company that:
- Owns real estate.
- Operates real estate.
- Finances are income-producing real estate.
REITs work like mutual funds, but in this case, they invest in real estate. Individuals pool their money together and invest in real estate projects. They are paid a dividend from the investments.
REITs purchase and develop properties as part of their investment portfolio.
Some of these properties could be:
- Hotels.
- Office buildings.
- Shopping malls.
- Self-storage facilities.
- Mortgages or loans.
A REIT must consist of 75 percent real estate holdings and receive 75 percent of its revenue from real estate holdings.
REITs have become popular with investors and may be the route for you if you're looking for a passive way to earn money. REITs provide you with the opportunity to invest in commercial real estate in a tax-efficient manner.
However, you should speak with a financial advisor before jumping into a REIT.
15. YouTube Channel
Starting a YouTube channel can be lucrative. It also will combine well with a couple of other side hustles for the real estate agents we mentioned.
With a YouTube channel, you can showcase your real estate knowledge or share a hobby that can help you earn money.
YouTube runs ads in your videos. You’ll have the opportunity to have a portion of the proceeds from those ads.
There are some requirements before you can start earning money. You’ll need to have at least 1,000 subscribers. And you’ll need to have 4,000 watch hours per year.
Use your smartphone as a camera when you’re first starting. Later you can purchase a camera. You’ll also need a microphone to attach to your phone. Audio can make or break a YouTube video.
Make sure you’re shooting in a well-lit venue that doesn’t have a cluttered background. You don’t want anything distracting the viewer.
And finally, have fun; you should be publishing at least once a week. If you're not having fun, this will be hard to do.
Frequently Asked Questions
Having one or two side hustles can be a great way to keep the revenue streaming between selling houses. You’ll have money available if the real estate market goes south. But you might have some additional questions. Here are some answers.
1. How much does it cost to be a real estate agent?
The cost of being a real estate agent depends on the state where you live. The biggest expense is real estate school. But generally, pre-license courses run between $500 and $700. The exam fee is usually around $80. You also must take additional courses when you renew your license.
2. Is it legal for a real estate agent to have a side hustle?
A real estate agent can legally have a side hustle. If it's in the real estate realm you might want to check with state law. But if it's outside the real estate realm, there isn't a problem. Keep in mind that you are an independent contractor for most side hustles and don’t answer to anybody.
3. Is a real estate agent a full-time professional?
Working as a real estate agent professional can be either a full-time or part-time job depending on what you want to do in your real estate career. If you are a real estate agent part-time, you’ll have more time to devote to your side hustle. But a full-time real estate agent can have a side hustle too.
Real Estate Agent Side Hustles Protect Income
The real estate business can dry up fast. Eighty-seven percent of real estate agents quit in the first five years.
Having a stable side hustle will help you overcome economic bumps. Affiliate marketing and stock photo gigs will give you passive income. But once you have your blog up and running with ads, you’ll only need to write a couple of articles a week.
There are many side hustles for real estate agents. Find one that you're passionate about, and that is lucrative.
