If you’re a real estate agent, you’ll know that everything’s all good when you sell consistently, but what happens if you go a couple of weeks or even months without making a sale? How do you keep a consistent stream of income even when the market’s down?
The solution is to take up a side hustle. There are many side hustles for real estate agents that won’t require learning an additional skill or getting new qualifications. Let’s explore some of the best side hustles for real estate agents.
15 Lucrative Side Hustles for Real Estate Agents
1. Rent Out Properties
The best side hustle for real estate agents is to enter the rental market. It fits your profession and skills and you probably already know all about the different areas and know how to check the approximate market value of a rental property. Using this knowledge, you can start to help property owners find tenants and manage rental properties.
2. Work as a Property Manager
If you have good management and accounting skills as a real estate agent, you can try making a career as a qualified property manager. This side hustle is pretty simple, but many landlords don’t have time or the energy to worry about managing their own properties, especially if they have to collect rent from several properties.
However, being a property manager involves more than just collecting rent every month. You’ll have to make sure that the property is in good condition, that any repairs and maintenance are done as needed, and that the tenants pay their rent on time.
While this can be a hassle, it’s one of the easiest side hustles for a real estate agent and all you need is good people and management skills and a grip on property laws.
3. Do Consultancy for Potential Buyers
The last thing a potential homeowner wants is to buy a house that doesn’t suit their requirements or taste. Imagine living in a house that you have for years!
For this, you can provide services as a consultant and help potential buyers decide which property is best for them. This is much easier to do when you’re not the one selling the house as you don’t have any monetary reason to give them the wrong advice.
You can provide insights on market trends, finding the best apartments, property evaluation, negotiation strategies, and financing options. Consultancy fees will depend on the type of property, but you can also choose to charge an hourly fee.
4. Renovate Old Homes
Are you a real estate agent with an eye for the potential of a property rather than what it currently seems like? If so, then you can try your luck in home renovation. Many buyers are attracted to properties with renovation potential but lack the time or expertise to undertake the renovations themselves.
Experienced agents are more likely to earn through renovations as everything depends on getting the right property to renovate.
5. Create a Blog
Another side hustle option for real estate agents is to create a blog focused on real estate topics. This is a great platform to share your industry knowledge by publishing informative articles, guides, and tips.
If you want, you can monetize your blog through advertisements or affiliate marketing or you can even link it to a personal website to offer your professional services.
6. Work on Referrals
If you can’t sell it yourself, why not refer to another agent? Referrals can be a significant source of income for real estate agents. Consider expanding your referral network by building relationships with professionals in complementary industries, such as mortgage brokers, home stagers, and interior designers.
7. Advise Construction Companies
Real estate agents are also employed by construction firms from time to time. You can work part time as an adviser for these companies and provide insights on market demand, property development opportunities, and potentially profitable ventures.
This is one of the most profitable side hustles for real estate agents, but most construction companies will only hire you as an advisor if you have extensive experience in an area.
8. Do Real estate Photography
Do you consider your photography skills above average? If you know how to use a camera and have an eye for what buyers look for in a home, try out real estate photography as a side hustle. High-quality photos are essential for effective property listings, and real estate agents often hire professional photographers to capture appealing images of their listings.
9. Work With Landscaping Companies
Like the previous example of working as an advisor to construction companies, you can also try working for a landscaping agency as a real estate agent. All you’ll need to do is advise the companies on how to position their designs in a way that adds value to a house, and you’ll get paid well for your consultancy.
10. Create a Sales Course
If you’ve sold a couple of houses in the past, why not share your experience with new agents? Create a sales course for aspiring real estate agents and help them with tips and tricks to sell their first home. You can also create a coaching course on real estate selling or take a few students under a mentorship program. You can market your course online through platforms like Udemy if you choose to promote it digitally.
11. Help Homeowners With Taxes
Many homeowners struggle with complex real estate taxes and many will hire an agent to do their taxes instead. This can become a lucrative side hustle, especially if you have good knowledge of tax law and are good with numbers.
As a real estate agent, you can offer tax consultancy services or even help homeowners with complete tax filings.
12. Work as a Bookkeeper
If you’re an expert with numbers and know how to calculate rental income, renovation expenses, and taxes, you should try working as a bookkeeper in your spare time. Many smaller firms cannot afford to hire full-time bookkeepers because of budget constraints and will pay you for a couple of hours weekly or monthly to manage their books.
13. Become a Real Estate Marketer
Real estate and marketing have always gone hand in hand, but this is even more so in the current times since many people rely on digital listings to buy and sell homes. If you have some marketing and sales experience, set up a marketing side hustle to help homeowners market their homes.
This is actually one of the more lucrative side hustles and can even replace your main job if you’re good enough!
14. Work as a VA
Virtual assistants are in high demand across various industries, including real estate. Even larger investment firms are now hiring freelance virtual assistants as they charge hourly and are more affordable than full time assistants. And, if you’re an experienced realtor with knowledge in the field, you can earn quite a lot hourly with this side hustle.
15. Invest in Storage Units
If your area is simply down in terms of real estate purchasing and you can’t seem to sell any homes, why not diversify into other types of property? Storage units for businesses and individuals are high in demand, even when the residential property market is down, so it’s worth giving it a shot.
If the market is slow in your area and you aren’t getting a solid income from purely selling homes, try out some of these side hustles for realtors. Most of them are simple and don’t require any additional expertise, so you can steady your income in between sales. So what are you waiting for? Get hustling!