Updated on May 20, 2023 by admin
All the real estate agents these days seem to be making big bucks. Does survivorship bias play a role? Part-time real estate is a good idea, but is it wise?
It can be tempting to consider a career in real estate. A real estate agent’s perks include flexible hours, job freedom, freedom from bosses, meeting interesting people, and earning more than you can imagine.
Commissions are the source of income for real estate agents. It depends on how many brokers are involved, whether it’s for sale or purchase, or what type of property one is selling or buying. One can earn commissions of between 1-2% of the sale price.
The commission on a $5 million deal will be 1%, which means you will earn $50,000 each month if you close the deal. Isn’t this an excellent deal?
Many real estate agents enjoy driving luxury cars, eating at Michelin-starred restaurants, and wearing designer jewelry and handbags. Even so, there are always a few bumps in the road.
Property markets will have bad periods from time to time. In that case, it can be daunting not to have closed any deals and not get paid for the entire month.
Your income might also be lost for months if you lose your job! In order to maintain a steady income source, many real estate agents choose to work part-time throughout their entire careers.
In many cases, part-time estate agents fail to make any meaningful income at the beginning of their careers because they face challenges when they first get started. Real estate agents who work part-time don’t necessarily earn less than those who work full-time.
With the right training and platform, you can still make big bucks in the real estate industry. Being part-time shouldn’t take away from your passion, knowledge, and service to clients. Instead, you should join the right real estate agency.
Do Part-Time Agents Work in Real Estate?
The idea of becoming a real estate agent part-time is not a bad one, but there are a few things that you should know if you want to succeed, and if you want to know how to be a property agent in Singapore part-time, then here are some points.
1) Before you can make money, you need to spend money
There are a few requirements you’ll need to meet in order to be a full-time or part-time real estate agent:
- Must be at least 21 years old
- Have at least four GCE ‘O’ Level passes
In the next step, you need to enroll in courses and apply for the necessary licenses. You’ll need to account for the following expenses:
- Course for Real Estate Salespersons: About $700 plus.
- Assessing the sales potential of real estate: $246.10.
- The registration fee for Real Estate Salespeople is $53.330 plus $230 (annual fee) for a total of $283.30.
In order to obtain your real estate license, you will need to invest at least $1,300. In order to promote yourself, you’ll want to create marketing assets like videos and blogs, print flyers, and distribute them after getting your license.
If your friends and family cannot find you, you will not be able to relax and wait for them to do so. Your business will suffer if you are a silent or secret agent.
No matter how great your product or service is, you will need strong, consistent marketing to succeed. Buyers and sellers must be found by you. It will also be necessary for you to pay for all of these marketing efforts yourself.
When traveling for appointments and living expenses, do not forget to take them into account. In order to reap an income later on after investing in the business, those who have been employed for a long time will have to change their mindset.
2) Various specializations
There are agents who specialize in relocations, new project launches, resales, and commercial and rental properties in the real estate industry. There is a distinction between each of these specializations in terms of the knowledge, skill set, and even the number of hours the agent has to work.
A new launch specialist will be fully engaged in activities such as door knocking, roadshows, and digital marketing activities in order to capture consumers. The amount of time and effort you can devote to your specialization will determine what specialization you choose.
You can determine what works with your schedule by speaking to an experienced mentor.
3) Become part of a successful team or agent
Having experience and proven training can be a great benefit when you’re competing for buyers’ and sellers’ attention in a small market. In addition to having a mentor who will guide you, you may also get referrals from your mentor or teammates if they are too busy working on their own projects.
The veterans of the industry are also more knowledgeable and well-connected, which will enable them to facilitate your connection with experienced agents, lawyers, and bankers in various segments who can assist you in achieving success earlier.
The importance of a network cannot be overstated. Don’t forget that!
Part time Property Agent
A part-time property agent is someone who works in the real estate industry on a part-time basis while maintaining another job or pursuing other interests.
Being a part-time property agent can be a good option for individuals who want to supplement their income, gain experience in the real estate industry, or transition into a full-time career in real estate.
However, it’s important to keep in mind that being a part-time property agent may come with some limitations. For example, it may be more difficult to attend client meetings or viewings during traditional working hours, and you may need to be flexible with your schedule to accommodate clients’ needs.
If you’re interested in becoming a part-time property agent, consider looking for agencies that offer flexible work arrangements and training programs designed for part-time agents. You’ll also need to obtain the necessary licenses and certifications to legally practice as a property agent in your country or region.
How to be a Part time property agent Singapore?
Becoming a property agent in Singapore on the side might be a fantastic way to increase your income while still having time for other hobbies and interests. However, just like in any other field, it takes hard work and commitment to make it to the top. How to become a property agent in Singapore on the side.
- Acceptable Qualifications: Part-time property agents in Singapore must be at least 21 years old, citizens or permanent residents of Singapore, and have at least a General Certificate of Education (GCE) Level ‘O’ or its international equivalent.
- Real Estate Salesperson (RES) training is required to become a licensed property agent in Singapore. This training is provided by the Council for Estate Agencies (CEA).
- After finishing the RES course, you’ll need to register with CEA and get your real estate salesperson’s license before you can start working.
- To get your foot in the door as a property agent in Singapore, you should join a reputed real estate business. You’ll get all the help you need to expand your network, learn the ropes, and make more sales as a result of this.
- As a part-time property agent, it’s important to establish reasonable expectations for yourself so that you can successfully juggle all of your responsibilities. This emphasizes the significance of goal-setting and time management in getting where you want to go.
- In the real estate sector, networking is essential. To expand your clientele, you should participate in relevant events, join relevant professional groups, and make use of the contacts you already have.
If you want to deliver the greatest service to your customers as a part-time property agent, you need to keep up with the newest market trends, legislation, and technology in the real estate sector.
In conclusion, if you want to work as a part-time property agent in Singapore, you need to take the required classes, get your license, join a respected firm, establish reasonable objectives, cultivate professional relationships, and keep up with market developments. Part-time real estate brokerage in Singapore is a viable option for those with drive, determination, and work ethic.
Annual Property Licence Maintenance Costs
In addition to CEA renewal fees, professional insurance, agency tools, and required CPD courses, maintaining a real estate license, even if inactive, will cost you approximately $600 per year.
Additionally, you will need to dedicate at least six hours to completing CPD courses each year, but thanks to technology, you now have the option of completing courses via e-learning and Zoom.
Conclusion:
In conclusion, if you are a property investor, a real estate license gives you the opportunity to expand your knowledge (Who wouldn’t have to buy a house or two at some point in their lives?) while at the same time providing you with an alternative career option that may be highly lucrative if you ever lose interest in your current profession.
Hardworking, self-determined personalities will shine in this job, although it is not for the fainthearted. Be sure to think carefully before enrolling in the RES course and spending this amount of time and money.
Find out what Lawrence Lee Digital Res Division Group can offer you in terms of training and technology if you’re looking to kickstart your real estate career.
Among the benefits of joining our team are:
- Benefit from amazing infrastructure and support.
- With our rigorous training and mentorship programs, you can become a highly trained adviser.
- You’ll learn from leading sales and leadership experts who are well respected in the industry.
Are you looking for a great mentor to help you jumpstart your career in real estate?
Mr. Lawrence Lee and his team leaders will provide you with a free 30-minute career consultation for new agents. Make an appointment right now.
I will be happy to speak with you about our upcoming real estate career seminar or about real estate career mentoring!
