According to the latest statistics, a decade on from the Great Recession, forty percent of American families say they are struggling financially, and nearly one in five say they have a hard time paying for food or medical care.
These numbers are a sobering reminder that many of the economic gains over the past ten years have been concentrated among the wealthiest Americans, leaving the rest with stagnating wages and uncertain career prospects.
So perhaps it is unsurprising that more and more Americans are exploring how a second income can help make ends meet, or that a growing number are turning to the dynamic world of real estate to top up their earnings.
If you are considering using your real estate license as a second income however, here are a few things you should understand about the challenges and rewards of working in the real estate industry part time.
Good Time Management is Essential
Working more than one job always requires a certain degree of discipline and organization, but this is doubly true when one of those jobs involves selling real estate. Especially in growing cities, houses can be snapped up within days of hitting the market.
If you want to serve your clients and build a good reputation for yourself, you need to make sure you are checking in every day. Naturally, you also need to be in regular email and phone contact with your clients, and have sufficient flexibility in your schedule that you can show houses and meet with appraisers.
Accept Your Limitations
The key to working two jobs is always going to be accepting that there simply are not enough hours in the day to get everything done. The worst-case scenario when taking on a second source of income is that you will end up torn between your jobs and unable to do either of them well.
For this reason, it is important to accept your limitations and to not bite off more than you can chew. Once you have established boundaries and expectations, your clients and colleagues will know what they can expect from you, and you will have a much easier time working with you because of it.
Success in Real Estate Takes Patience
Many people who get their real estate license because they want a second revenue stream are initially disappointed by how much time it takes to start closing sales. The key is to not expect major returns in the first year or two of doing business. It takes a while to develop your skills and establish a regular client base, but if you can stick the first months out, your investment will pay dividends down the road.
As American households feel the pinch, many people are exploring part-time work in the real estate industry to bolster their earning potential. But in order to turn a real estate agent license into a viable second income, it is essential to have a good knowledge of the industry, and a plan for how you will succeed. In making this plan, it is important that you be realistic about time management, accept your limitations, and be willing to wait for your investment to bear fruit.
