A few years ago, as I was wrapping up a rather slow month in real estate sales, I stumbled upon a realization that transformed my career. It was a chilly evening, and I sat on my porch, sipping on my favorite cup of tea, tallying the month’s earnings (or the lack thereof). Did I put all my eggs in one basket? I pondered. That’s when the light bulb moment occurred: why rely solely on property sales when there’s a world of opportunities tied to the real estate industry?
In the ever-evolving and sometimes unpredictable world of real estate, leaning on a single income stream can be both risky and limiting. Just like diversifying an investment portfolio, it’s crucial for real estate professionals to explore multiple avenues to ensure consistent income, professional growth, and a broadened network.
Now, you might wonder, what other avenues am I talking about? Well, that’s exactly what this article is about. We’re diving deep into 15 second jobs every realtor should consider. By the end of this read, you’ll not only have a comprehensive understanding of each of these roles but also feel inspired to possibly embark on a new journey yourself. Think of it as opening doors to rooms you never knew existed in the vast mansion of the real estate world.
Ready to unlock extra cash and elevate your career? Let’s get started.
Why a Second Job?
The real estate business, while rewarding, can sometimes be as unpredictable as the weather. Some months are sunny with back-to-back closings, and others? Well, let’s just say they’re a bit overcast. That’s where the idea of a second job comes into play.
Diversifying Income Streams
Real estate has its seasons. There are hot months and not-so-hot months. While you might be the talk of the town today with several listings and closings, tomorrow might be a different story.
Having a second job helps mitigate this unpredictability. It’s like having a backup plan or an insurance policy. If the real estate sales are slow, your secondary income source can bridge the gap, ensuring financial stability.
Beyond just stability, a second job provides an opportunity for extra income. Think about it: instead of just relying on the unpredictable ebb and flow of property sales, you’d have another consistent paycheck coming in.
Expanding Your Network
Now, let’s touch on a practical benefit. Consider a friend of mine, Mark. Alongside his real estate work, Mark ventured into property management. During one of his assignments, he met a developer, which later led to a fruitful business relationship. His side gig opened doors to new professional contacts.
Every secondary job you take on is a chance to meet new people. And in the real estate business, connections are invaluable. Whether it’s potential clients, partners, or mentors, expanding your network can lead to opportunities you hadn’t imagined.
I’ve had my moments too. A side gig in home staging once led me to a connection with an investor group. It was a simple introduction that expanded my client base significantly.
In essence, diving into other roles doesn’t just supplement your income; it can amplify your reach in the real estate sector. Given the potential benefits, it’s worth considering, don’t you think?
15 Second Jobs Every Realtor Should Consider
Diversifying your income and expanding your network are just the tip of the iceberg when it comes to the benefits of a second job in the real estate realm. But with a plethora of options out there, which ones truly stand out for a realtor?
Whether you’re looking to leverage your existing skills or explore a completely new avenue, here’s a curated list of 15 second jobs that not only align with the real estate industry but can also offer promising returns. Dive in and discover what could be your next big venture!
1. Property Management
At its core, property management revolves around overseeing residential, commercial, or industrial real estate properties on behalf of the property owners. The role includes everything from finding and vetting tenants, collecting rent, handling maintenance and repairs, to addressing tenant concerns. It’s about ensuring the property is well-maintained, profitable, and functioning seamlessly.
The Benefits:
- Steady Income: Property management offers a consistent income stream. Whether it’s through monthly management fees or a percentage of the rent, you can expect a regular paycheck.
- Flexibility: The job often comes with the perk of flexible hours, especially if you’re managing a handful of properties.
- Insight into the Rental Market: Managing properties can provide invaluable insights into rental trends, tenant preferences, and the local real estate market.
- Building Relationships: Regular interactions with tenants and property owners can significantly expand your network, potentially leading to future real estate deals.
A Glimpse from My Playbook:
I still remember my first stint with property management. It started off as managing a single apartment complex for an investor friend who was heading out of town. Initially, I thought of it as merely a favor. However, within a few months, I began to appreciate the nuances of the role.
From handling minor repairs, and negotiating lease renewals, to mediating between tenants, each day was unique. What truly stood out was the satisfaction of ensuring the property was thriving and the tenants were content. Over time, word spread, and I started managing a couple more properties.
Not only did this role supplement my income, but it also gave me firsthand knowledge of the rental market – an asset when discussing potential investments with clients.
If you’re a realtor considering a second job, property management is worth a look. It’s a blend of problem-solving, relationship-building, and real estate expertise, all wrapped into one.
2. Real Estate Photography
The phrase “A picture is worth a thousand words” couldn’t be truer when it comes to real estate. In this digital age, where property searches begin online, the first impression is often the only impression.
Real estate photography is all about capturing properties in their best light, literally and figuratively. From wide-angle shots of sunlit rooms to aerial views showcasing sprawling estates, it’s about making a potential buyer or tenant think, “I want to live there.”
The Value of High-Quality Visuals:
- Standing Out in Crowded Listings: In a sea of online listings, high-quality photographs can make a property pop, drawing more eyeballs and potentially more inquiries.
- Faster Sales: Good visuals can shorten the sales cycle. When buyers see a property that resonates with them through pictures, they’re more likely to take the next step.
- Higher Perceived Value: Professional photographs can enhance the perceived value of a property, possibly influencing higher offers.
- Building a Brand: For realtors, consistently showcasing listings with top-notch photographs can bolster their reputation and brand.
I once had a beautiful property that, surprisingly, wasn’t getting much attention. It was priced right, located in a desirable neighborhood, and in great condition. Puzzled, I reviewed the online listing and realized that the photos didn’t do it justice. They were dimly lit, slightly skewed, and lacked the vibrancy the property naturally had.
Deciding to invest in professional real estate photography, I hired a renowned local photographer. The results? Night and day! The new photographs showcased the property’s bright, airy spaces, the lush green backyard, and its unique architectural details. Within a week of updating the listing with these photos, I had multiple showings and soon after, a competitive offer.
This experience cemented my belief in the power of visuals. In real estate photography, the details matter – the angle, the lighting, the staging. And when done right, it can be the difference between a listing that lingers and one that sells. If you have an eye for details and a passion for photography, this could be an exciting avenue to explore alongside your realty career.
3. Home Staging Consultant
You’ve probably heard of the saying, “Dress for the job you want, not the job you have.” In the realm of real estate, that translates to presenting homes in a way that appeals to potential buyers’ aspirations. Home staging is more than just decluttering or adding a fresh coat of paint.
It’s about weaving a narrative, creating an environment where buyers can visualize themselves living, laughing, and creating memories. It’s the art of amplifying a property’s strengths and downplaying its weaknesses to make it irresistibly attractive.
Why Home Staging Matters:
- First Impressions Count: Staged homes often look well-maintained and move-in ready, making a positive first impression on potential buyers.
- Maximizing Sales Price: Staging can increase the perceived value of a home, often leading to higher offers.
- Quick Turnaround: Homes that are staged tend to sell faster than their non-staged counterparts.
- Visual Storytelling: It helps buyers see beyond empty spaces, showcasing the property’s potential.
A while back, I had a listing that was, by all accounts, fantastic. However, it had been on the market for months with little to no interest. It was an older home, with vast empty spaces that made it hard for potential buyers to visualize its potential.
Enter a home staging consultant. With her expertise, we transformed the space. What was once a cold, vacant living room became a cozy family gathering spot. The empty master bedroom? Now a serene retreat. Every room told a story, and the home felt inviting, modern, and, most importantly, lived-in.
The difference was palpable. Not only did online inquiries increase, but during open houses, I noticed potential buyers lingering, discussing furniture placements, and imagining their lives there. Within a few weeks, we had an offer—a testament to the power of effective staging.
Home staging isn’t about misleading buyers. It’s about showcasing a property’s potential. If you have an eye for design and a knack for understanding what buyers are looking for, a role as a home staging consultant could be a fantastic complement to your real estate career.
4. Real Estate Writing or Blogging
Real estate isn’t just about bricks and mortar. It’s brimming with stories, lessons, trends, and innovations. For those with a penchant for words, real estate writing or blogging offers a platform to share insights, advise budding investors, or even chronicle the ever-evolving landscape of the industry. It’s a space where your experiences as a realtor can enlighten, educate, and inspire readers, while simultaneously positioning you as an industry thought leader.
The Power of the Pen (or Keyboard):
- Authority and Recognition: Regularly writing or blogging about real estate can establish you as an authority in the field.
- Networking: Engaging with readers, responding to comments, and being active in the writing community can open doors to invaluable professional connections.
- SEO Benefits: A well-maintained blog can boost your or your agency’s website ranking, driving more organic traffic and potential leads.
- Personal Reflection: Writing provides a space for reflection, allowing you to analyze trends, reassess strategies, and continuously learn.
I’ll never forget the excitement of publishing my first article. It was a piece detailing the shifts in urban property demands, interspersed with my personal experiences and case studies. While the initial intention was merely to share my observations, the article’s reception was beyond what I had anticipated.
Not only did it garner significant traction online, but it also caught the eye of an event organizer. Before I knew it, I was invited to speak at a regional real estate conference.
That platform allowed me to interact with industry peers, prospective clients, and even a few fans of my writing. It was a transformative experience, teaching me that sharing knowledge doesn’t just benefit readers; it can elevate your career in ways you hadn’t imagined.
If you’re passionate about real estate and have insights you’re eager to share, consider putting pen to paper (or fingers to keyboard). Writing or blogging can be a fulfilling endeavor, offering both personal and professional rewards. And who knows? Your next article might just be the catalyst for your next big career move.
5. Mortgage Consulting
Mortgages are at the very heart of most real estate transactions. However, for many, they’re a labyrinth of numbers, terms, and paperwork. Enter the Mortgage Consultant: a beacon of clarity in the complex world of property financing. These professionals demystify the process, ensuring buyers secure the best possible loan tailored to their financial situation. They’re the bridge between buyers and lenders, turning dreams of homeownership into reality.
Why Dive into Mortgage Consulting?
- Constant Demand: As long as people are buying homes, there will be a need for expertise in financing. The demand for mortgage consultants remains robust irrespective of market fluctuations.
- Commission Potential: Just like in realty, mortgage consultants often work on commissions. Close a successful loan deal, and there’s a potential paycheck waiting.
- Deepening Industry Insight: Getting familiar with the financing side of real estate can provide a holistic understanding of the industry. This knowledge is invaluable when advising clients on both property and financing decisions.
- Relationship Building: Mortgage consulting allows for interaction with a diverse clientele, from first-time homebuyers to seasoned investors. These connections can lead to referrals and long-term professional relationships.
While real estate was always my first love, I was intrigued by the financial mechanics that powered each deal. This curiosity led me to explore the world of mortgage consulting. As I began assisting clients in understanding their mortgage options, I realized the depth and breadth of the impact I could have.
One particularly memorable instance involved a young couple, eager to buy their first home but overwhelmed by the myriad of loan options. Guiding them through the intricacies, from interest rates to down payment requirements, and finally seeing their joy when they secured their dream home, was immeasurably rewarding.
Mortgage consulting might not be for everyone. It demands attention to detail, a knack for numbers, and a deep understanding of financial regulations. However, for those intrigued by the intersection of real estate and finance, it offers a rewarding and often lucrative avenue to explore.
6. House Flipping
At its core, house flipping is a bit like alchemy—taking something old and worn, and transforming it into a coveted treasure. It’s about seeing potential where others might see disrepair. For the keen-eyed realtor with a bit of entrepreneurial spirit, house flipping can be both an exciting venture and a lucrative investment strategy.
Why Consider House Flipping?
- Profit Potential: With the right property purchased at the right price, and a successful renovation, the returns on a flip can be substantial.
- Creative Outlet: Flipping provides an avenue to flex your design muscles. From choosing paint colors to restructuring interiors, it’s a canvas for your creative vision.
- Market Insight: Immersion in the house flipping world can offer deep insights into what buyers are currently valuing in homes, from design elements to functional features.
- Skill Development: With each flip, you’ll likely pick up a range of skills, from project management to negotiating with contractors.
House flipping always seemed thrilling. The idea of taking a dilapidated property and breathing new life into it was irresistibly appealing. So, when the opportunity presented itself—a quaint fixer-upper in a promising neighborhood—I jumped in headfirst.
The journey was equal parts exhilarating and challenging. There were unforeseen issues—like an outdated electrical system—and moments of doubt. But with every challenge overcome, the property slowly transformed. What began as a house with peeling paint and overgrown gardens, turned into a modern, cozy abode that many would call a dream home.
And then came the most satisfying part: listing the revamped property. Within days, offers rolled in, ultimately selling for a profit that made the sweat and occasional tears worth it. That successful flip was not just a financial win but also a testament to the magic one can create with vision, hard work, and a touch of daring.
For realtors contemplating house flipping, it’s essential to approach it with both enthusiasm and caution. While the rewards can be great, the risks are real. But with proper research, a solid plan, and a dash of creativity, flipping houses can be an exhilarating addition to your real estate repertoire.
7. Real Estate Training or Coaching
Behind every successful realtor is a journey filled with challenges, learnings, and experiences. What if you could use your wealth of knowledge to guide, mentor, and shape the future stars of the industry? Real estate training or coaching allows seasoned professionals to do just that. It’s about giving back, but also about fostering excellence in a field we’re passionate about.
Why Dive into Real Estate Training or Coaching?
- Share Your Wisdom: With years in the industry, you’ve amassed invaluable insights. Coaching offers a platform to pass on this knowledge to novices eager to learn.
- Financial Rewards: Conducting workshops, online courses, or one-on-one coaching sessions can be a significant income stream.
- Professional Growth: Teaching often reinforces your own understanding and keeps you updated with the latest industry trends and shifts.
Building Connections: Training new entrants means forging relationships with those who could become the industry’s next big names. Today’s trainee could be tomorrow’s top producer or partner.
There’s an old adage, “To teach is to learn twice.” I found this to be profoundly true when I ventured into real estate coaching. With each session, while I was imparting knowledge, I was also revisiting my own experiences, re-evaluating my strategies, and evolving.
One of the most gratifying moments was mentoring a young, enthusiastic individual named Alex. Fresh into the world of real estate, Alex was a bundle of energy but often found himself directionless. Through our sessions, we charted out strategies, honed his approach, and refined his sales pitch. Fast forward a year, and Alex had not only hit his targets but surpassed them, clinching the title of ‘Rookie of the Year’ in his firm. The pride I felt watching his growth was indescribable.
Real estate coaching isn’t just about transferring knowledge; it’s about inspiring, guiding, and witnessing the blossoming of potential into success. If you have the patience, passion, and a desire to elevate others, training or coaching can be an enriching extension of your real estate journey.
8. Airbnb Hosting
Think about this: You have a property, a bit of spare time, and a welcoming disposition. Why not put them to good use by becoming an Airbnb host? Hosting on Airbnb isn’t just about making a few extra bucks on the side—it’s about becoming part of a global community, meeting new people, and flexing your hospitality muscles.
Why Should Realtors Consider Airbnb Hosting?
- Extra Income: Whether it’s a spare bedroom or a separate property, Airbnb can turn that idle space into a steady income stream.
- Local Networking: Hosting brings you into contact with a wide range of people—some of whom may be looking for more permanent housing options in your area.
- Market Knowledge: By meeting people from various walks of life, you gain a broader understanding of what individuals are looking for in a property.
- Flexibility: Being an Airbnb host is incredibly flexible. You control the availability, pricing, and how much interaction you have with guests.
For me, Airbnb hosting started as an experiment. I had an empty property that was waiting to be sold. Rather than let it sit idle, I thought, “Why not put it to work?” So I did, listing it on Airbnb.
The first booking came in quicker than I expected—a family on vacation. Preparing the home for their arrival, from ensuring the sheets were crisp to stocking the kitchen with essential breakfast items, was unexpectedly rewarding. And their joyous reaction upon arrival? Priceless.
Over time, I noticed something else. Guests often had questions about the local housing market or were considering a more permanent move. My role as a host naturally complemented my skills and connections as a realtor. I was not just offering them a home for the weekend; I was opening doors to their potential new life in the community.
Airbnb hosting isn’t for everyone; it requires a commitment to service and attention to detail. But for those willing to invest the time and energy, it can be both a delightful and profitable venture. Why let that spare room or property gather dust when it could be gathering memories and dollars instead?
9. Virtual Tour Creator
The COVID-19 pandemic revolutionized many aspects of our lives, and the real estate industry was no exception. One of the standout transformations? The surge in virtual property tours. But here’s the thing: virtual tours aren’t just a temporary fix; they’re the future. As a realtor, this trend presents a fantastic opportunity to diversify your skill set and income by becoming a Virtual Tour Creator.
Why Go Virtual? Advantages of Becoming a Virtual Tour Creator
- Technology Meets Tradition: Virtual tours combine cutting-edge technology with traditional real estate to offer an immersive experience.
- Enhanced Listings: A well-crafted virtual tour can make your property listings stand out in a crowded marketplace.
- Added Value: By offering virtual tour services, you’re providing added value to your clients, which can translate to increased loyalty and referrals.
- Global Reach: Virtual tours allow properties to be viewed from anywhere in the world, expanding your potential client base beyond geographical limits.
I’ll be honest—I was a skeptic. How could a virtual experience replace the tactile, sensory experience of walking through a potential home? But curiosity got the better of me. I invested in a decent camera, taught myself some basic 3D software, and gave it a whirl on one of my listings.
Let’s just say, I became a believer.
Not only did the virtual tour draw more eyes to the listing, but it also led to a quicker sale. One buyer, based two states away, said the virtual tour sold him on the property even before he saw it in person. That’s the power of technology.
Creating that first virtual tour was not without its hiccups—technical glitches, multiple retakes, and a steep learning curve on the software. But each hiccup was a lesson, each retake an improvement.
10. Relocation Specialist
At first glance, real estate might seem all about properties, numbers, and contracts. But dig a little deeper, and you’ll find that it’s fundamentally about people, their dreams, and life transitions. One role that encapsulates this human aspect beautifully is that of a Relocation Specialist. It’s not just about finding a new home; it’s about easing the life-changing journey that comes with it.
Why Take on the Role of a Relocation Specialist?
- Emotional Satisfaction: Helping someone successfully relocate isn’t just a job; it’s an emotionally rewarding experience.
- Specialized Knowledge: A deep understanding of both the departure and destination locations makes you an invaluable asset to your clients.
- Business Partnerships: Working closely with corporations that regularly relocate employees can offer a stable stream of business.
- Networking: It allows you to work with other real estate professionals across cities, states, or even countries, widening your network significantly.
I’ll never forget Sarah and Tom, a lovely couple who were forced to move due to a sudden job transfer. It was not just about finding them a new house; it was about helping them envision a new life. From researching schools for their kids to finding a neighborhood that matched their lifestyle, the role was deeply involved.
When they finally settled into their new home, the look of relief and gratitude on their faces was my biggest paycheck. I didn’t just find them a house; I helped them build a new life. And guess what? Through them, I was introduced to their company’s HR department, which led to a long-term partnership in helping relocate future employees.
Being a Relocation Specialist brings the human element into the real estate business in an extraordinary way. You’re not just a realtor; you become a life transition guide. It’s an aspect of real estate that offers not just financial rewards, but emotional satisfaction that’s hard to quantify but easy to feel.
11. Real Estate App Developer
You might think that the worlds of real estate and app development are miles apart. Surprisingly, they’re more interconnected than you’d imagine. As a realtor, you’ve got firsthand insight into the needs, challenges, and gaps in the real estate market—knowledge that can be invaluable when developing a real estate app. Why not leverage that insight to create a tool that can benefit not just you, but countless others in the industry?
The Pros of Donning the Developer Hat
- Identifying Needs: Who better than a realtor to understand what potential clients and other professionals need in a real estate app?
- Revenue Source: Depending on your app’s features and success, it can become a significant income generator.
- Industry Influence: An app that gains traction can establish you as a thought leader in the real estate community.
- Skill Expansion: Learning the basics of app development—or even just project management if you hire developers—can be a valuable skill in our increasingly digital world.
In my case, the foray into app development was born out of sheer necessity. My clients often struggled to visualize how their furniture would fit into potential homes. What if there was an app for that? This “what if” soon transformed into sketches, wireframes, and eventually, a functional app.
The journey wasn’t smooth—juggling between client meetings, property showings, and app development meetings was chaotic, to say the least. But when the app finally launched and started gaining traction, the sweat and tears paid off.
Not only did my clients find it useful, but it also caught the attention of other realtors. I even received inquiries about licensing the technology. Most rewarding, however, was the fact that my app genuinely solved a problem, filling a gap I’d experienced firsthand in my work.
Developing an app might sound like a giant leap, but with the right team and vision, it’s a leap worth taking. It’s a classic example of how blending skills from seemingly disparate fields can result in something groundbreaking. And who knows? Your app could be the next big thing to shake up the real estate world.
12. Landscaping Consultant
You’ve heard the saying, “Don’t judge a book by its cover,” right? But let’s be real—first impressions matter, especially in real estate. That’s why I think the role of a Landscaping Consultant is a fantastic second job for any realtor. The yard is often the first thing potential buyers see, and it sets the tone for the rest of the property viewing.
Reasons to Get Your Hands Dirty as a Landscaping Consultant
- Curb Appeal: A well-maintained yard or garden can dramatically improve a property’s curb appeal, increasing its market value.
- Holistic Service: Offering landscaping advice alongside real estate services creates a one-stop-shop experience for clients.
- Local Contacts: Regular interaction with local landscapers, garden centers, and suppliers can broaden your professional network.
- Creative Outlet: For those with a green thumb or an eye for design, landscaping consulting can be an enjoyable and fulfilling endeavor.
I remember showing a particular house that had all the interior features a buyer could dream of—spacious rooms, updated kitchen, you name it. But despite these perks, it just wouldn’t sell. Then it struck me—the front yard was an eyesore. Overgrown bushes, patchy grass, and a sad-looking flowerbed were the reluctant welcome committee for any potential buyer.
I suggested the owner invest a little in sprucing up the yard. I even took it upon myself to sketch out a simple landscaping plan. Three days and a couple of rose bushes later, the property had a complete facelift. And you won’t believe it—the very next showing led to an offer.
That experience was an eye-opener. I realized the profound impact landscaping can have on real estate transactions, which led me to dive deeper into the field and offer it as an add-on service. It turned out to be not only profitable but also incredibly satisfying.
So, if you’ve got a knack for plants, design, or simply an appreciation for the aesthetic value of outdoor spaces, consider adding ‘Landscaping Consultant’ to your realtor resume. You could be the missing link between a ‘for sale’ and a ‘sold’ sign.
13. Home Inspection
In real estate, they say it’s all about “location, location, location.” But let’s face it, what’s beneath the surface—quite literally—matters just as much. That’s where the home inspection comes in. For a realtor, understanding the nuts and bolts of a property isn’t just a bonus; it’s a must. And what better way to gain that understanding than by becoming a certified Home Inspector?
The Benefits of Wearing a Hard Hat Along With Your Realtor Badge
- Informed Decisions: A thorough understanding of home inspection criteria allows you to guide buyers and sellers more accurately.
- Trust Factor: Your dual role lends credibility and adds an extra layer of trust in client relationships.
- Full-Service Approach: Offering inspection services alongside your realtor services can save your clients time and stress.
- Increased Revenue: Home inspections are a crucial part of real estate transactions and can add an additional income stream.
In my earlier days as a realtor, I often relied solely on external home inspectors to provide the verdict on a property. But there was this one time, a property I thought was perfect for a young couple almost slipped through my fingers due to a supposed ‘structural issue.’ On a hunch, I decided to get a second opinion, but this time, I accompanied the home inspector.
The “structural issue” turned out to be a minor fix that would cost less than a hundred dollars. Not only did the deal go through, but the couple also managed to negotiate a lower price due to this initially perceived flaw. That incident was a turning point for me. I realized that having a keen eye for the structural integrity and features of a home could be a game-changer in my real estate career. Soon after, I took a home inspection course.
Having both real estate and home inspection credentials has drastically changed the way I do business. I’m not just selling homes; I’m selling peace of mind.
So if you’re thinking of ways to expand your skills and services, consider home inspection. In a field where every square foot can make or break a deal, knowing what lies beneath the surface can set you apart.
14. Rental Arbitrage
The Lease You Can Do: How Rental Arbitrage Can Supercharge Your Real Estate Game
If you’re familiar with the concept of buying low and selling high, then rental arbitrage is right up your alley. This strategy involves renting a property and then sub-leasing it at a higher rate, ideally on short-term rental platforms like Airbnb. It’s a fascinating second job that can not only boost your income but also deepen your understanding of market dynamics.
Why Realtors Should Get Into the Rental Arbitrage Game
- Market Insight: Understanding both the rental and selling aspects of the market can make you a more versatile realtor.
- Cash Flow: When done correctly, rental arbitrage can provide a consistent income stream, making those lean months in real estate easier to manage.
- Networking: Constant interaction with renters and landlords increases your exposure and can lead to future clients or partnerships.
- Flexible Commitment: Unlike property ownership, rental arbitrage doesn’t tie you down with long-term commitments, offering flexibility.
During a casual conversation with a landlord client of mine, I discovered he was struggling to find long-term tenants for his fully furnished, centrally located apartment. The property was fantastic, but the price was a bit above the market rate for long-term leases. Light bulb moment: what about short-term rentals?
I ran the numbers and realized that with the right management, this property could generate a decent profit on platforms like Airbnb. After discussing it with the landlord, I took the plunge.
Within a month, the apartment was not just booked; it was earning significantly more than the lease cost. And guess what? The success of this venture caught the eye of another property owner, who approached me to do the same with their property. I had unknowingly walked into a goldmine of an opportunity.
Rental arbitrage isn’t just another gig; it’s a whole different ballgame that allows you to leverage your real estate expertise in unique ways. For me, it turned into an avenue for deeper market understanding, consistent income, and a wider client base. And it could do the same for you. Want to be more than just a realtor? Try being an arbitrageur!
15. Legal Consultant for Real Estate
You may be wondering why a realtor would dive into the intricate world of legalities. But let’s face it: real estate is filled with contracts, negotiations, and plenty of fine print. If you can navigate these complex waters for your clients, you’re not just a realtor; you’re a lifesaver. Becoming a legal consultant for real estate can be a game-changing addition to your portfolio of services.
Why Legal Consulting and Real Estate Are a Perfect Pair
- Expert Guidance: With the skills to dissect contracts and terms, you can offer unparalleled advice to your clients.
- Risk Mitigation: Being well-versed in real estate laws can help you and your clients avoid costly mistakes or lawsuits.
- Added Value: Legal consulting can be a premium service, adding another income stream to your real estate business.
- Strengthened Reputation: Clients are more likely to refer a realtor who can also offer expert legal advice, enhancing your credibility and expanding your network.
I had this client, let’s call her Jane, who was ecstatic about a property she wanted to purchase. Everything seemed perfect until I took a look at the contract. Buried in the labyrinth of legal jargon was a clause that could have made her liable for all future infrastructure developments in the neighborhood—something that could cost a fortune down the line.
I alerted Jane, we renegotiated, and she still got the house—minus the risky clause. That experience cemented my belief in the value of having legal expertise in real estate. It’s more than just another feather in your cap; it’s a shield against potential pitfalls that could trip up both you and your clients.
In a nutshell, if you’re willing to invest the time in acquiring legal skills related to real estate, the benefits are tremendous. You’re not just offering properties; you’re offering peace of mind, and there’s no price tag you can put on that. If you’re already knee-deep in property contracts and negotiations, why not take that extra step to become a legal consultant? Your future self—and your clients—will thank you.
Salary Estimates and Requirements for 15 Second Jobs for Realtors
So you’re intrigued by the idea of adding a second job to your realtor duties, but you’re probably wondering—what’s the financial upside, and what’s it going to take to get started? Fair questions! Here’s a breakdown of salary estimates and any required experience or certifications for each of the 15 second jobs we’ve discussed.
Property Management
Salary Estimate: $48,000 – $72,000 per year
Required Experience or Certifications: Real estate license often required; experience in property management is beneficial.
Real Estate Photography
Salary Estimate: $25 – $150 per hour
Required Experience or Certifications: Photography skills, experience in real estate photography is a plus. Professional-grade camera equipment is generally expected.
Home Staging Consultant
Salary Estimate: $35 – $150 per hour
Required Experience or Certifications: No formal certification required, but interior design experience and a strong portfolio can help.
Real Estate Writing or Blogging
Salary Estimate: $25 – $100 per article or post
Required Experience or Certifications: Strong writing skills, understanding of SEO, and first-hand real estate experience are beneficial.
Mortgage Consulting
Salary Estimate: $40,000 – $90,000 per year
Required Experience or Certifications: Mortgage broker license and deep understanding of loan processes and regulations.
House Flipping
Salary Estimate: Highly variable, potentially $30,000 – $100,000+ per project
Required Experience or Certifications: Real estate license and experience in buying and renovating properties; significant capital often required.
Real Estate Training or Coaching
Salary Estimate: $50 – $200 per hour
Required Experience or Certifications: Extensive experience in real estate; coaching certifications can add credibility.
Airbnb Hosting
Salary Estimate: $500 – $10,000 per month (location dependent)
Required Experience or Certifications: No formal requirements; customer service experience is beneficial.
Virtual Tour Creator
Salary Estimate: $200 – $1,000 per project
Required Experience or Certifications: Experience with virtual tour software and camera equipment.
Relocation Specialist
Salary Estimate: $45,000 – $70,000 per year
Required Experience or Certifications: Real estate license and extensive knowledge of the relocation process.
Real Estate App Developer
Salary Estimate: $60,000 – $120,000 per year
Required Experience or Certifications: Proficiency in coding, experience in app development.
Landscaping Consultant
Salary Estimate: $20 – $50 per hour
Required Experience or Certifications: No formal certifications required; experience and a portfolio can help.
Home Inspection
Salary Estimate: $50,000 – $80,000 per year
Required Experience or Certifications: Home inspection license and relevant training.
Rental Arbitrage
Salary Estimate: $1,000 – $5,000 per month
Required Experience or Certifications: Understanding of local rental markets; initial investment often required.
Legal Consultant for Real Estate
Salary Estimate: $70,000 – $150,000 per year
Required Experience or Certifications: Juris Doctor (JD) degree, specialization in real estate law is beneficial.
Remember, these figures are estimates and can vary widely depending on your location, the demand for these services, and your level of expertise.
Tips to Balance Your Main Job and a Side Gig
So, you’re sold on the idea of grabbing a second job to amplify your income and maybe even meet some cool people along the way. Trust me, it’s a great move! But, before you start imagining yourself juggling multiple jobs like a circus performer, let’s get real. Balancing a full-time gig in real estate with another job isn’t a walk in the park—it’s more like a tightrope walk. Exciting, yes, but also something that requires a bit of finesse.
Having navigated this tightrope myself, I know it’s doable. But it does require some solid strategies to make sure you’re not only keeping all your plates spinning but also enjoying the show. Whether you’re getting into property management, real estate photography, or any of the other side gigs we’ve discussed, this section will be your mini-guide to managing it all without losing your sanity or your main job.
Time Management Strategies
Ah, time management. It’s like the holy grail when you’re trying to do… well, anything in life, but especially when you’re juggling multiple gigs. While your phone might be your go-to device for calling clients or checking listings, it can also be your best friend when it comes to managing your time effectively. Let me share a bit about how you can use tools and apps to make your life a whole lot easier.
Google Calendar or Any Time-Blocking App
Start by color-coding your main job tasks and your side gig tasks. This gives you a quick visual understanding of how you’re allocating your time. For me, it was a real eye-opener. There were days when I was swamped with my main real estate job, and other days when I could easily fit in some photography gigs. Knowing this helped me plan my weeks better.
Task Management Apps like Asana or Trello
Use these apps to list down your tasks, categorize them, and set deadlines. Whether it’s following up with a client or editing photos for your side gig, you can prioritize tasks based on their urgency and importance.
Automation Tools
Consider using apps that can automate some of your repetitive tasks. For instance, I use a customer relationship management (CRM) system that sends out automated emails to my clients, freeing up time I can use to focus on other jobs.
Time Tracking Apps
If you’re billing by the hour for your side gig, or just want to understand where your time is going, time tracking apps can be invaluable. I personally started realizing just how much time some tasks took, and that helped me either delegate them or find a more efficient way to get them done.
Digital Assistants
Don’t underestimate the power of Siri, Google Assistant, or any other voice-activated helper. Setting reminders, scheduling meetings, or even sending text messages can be done without having to lift a finger, allowing you to keep your focus where it needs to be.
Time management isn’t just about squeezing every task into your waking hours. It’s about making those hours work smarter, not harder, for you. Once I started using these tools, not only did I find it easier to balance my real estate job with my property management side gig, but I also had more free time for myself. And let’s face it—who couldn’t use a bit more of that?
Prioritizing Tasks
Prioritizing is an art form that, once mastered, can turn you into a productivity powerhouse. But let’s be honest, when you’re a realtor handling multiple properties and you’ve got a side gig on the go, sometimes it feels like everything is a priority. I’ve been there, and let me tell you, it can be overwhelming.
The Plate-Spinning Act
I remember a particularly hectic week where I was juggling open houses for three different properties while also trying to manage a side gig in rental arbitrage. I felt like a circus performer spinning plates on sticks—slightly out of control and praying nothing crashed down.
Eisenhower’s Urgent-Important Principle
In situations like this, Dwight D. Eisenhower’s Urgent-Important Principle has saved me more times than I can count. You categorize tasks into four quadrants:
- Urgent and Important: These are your fire-fighting tasks. For me, that was finalizing contracts or responding to immediate client queries.
- Important but Not Urgent: This is where long-term strategy lies. I put tasks like market research or content creation for my rental arbitrage gig here.
- Urgent but Not Important: These tasks are often the small things that take up your time but could be delegated. For me, this often meant administrative work.
- Neither Urgent nor Important: These tasks are your time-wasters. Eliminate these where possible.
By categorizing tasks in this way, I was able to ensure I wasn’t missing any key responsibilities for my properties while also giving due attention to my side job.
The 2-Minute Rule
Another lifesaver? The 2-Minute Rule from David Allen’s “Getting Things Done” methodology. If a task will take less than two minutes, do it immediately. This approach helped me handle smaller tasks right away, such as responding to an email or confirming an appointment, freeing up mental space to focus on larger, more time-consuming tasks.
Regular Check-Ins
Last but not least, setting aside a few minutes at the start or end of each day to review your priority list can help you stay on track. What I found is that priorities can shift rapidly, especially in a field as dynamic as real estate. Those regular check-ins helped me adapt and adjust my schedule as needed.
Learning to prioritize didn’t just keep me from dropping the ball on my real estate responsibilities and my side gig; it also gave me peace of mind. The better I got at it, the more in control I felt—despite how much I had going on.
Setting Clear Boundaries
Imagine this: It’s Saturday evening, and you’ve just sat down for a peaceful dinner after a long week of house tours and managing your side hustle when your phone buzzes. It’s a client from your side gig, wondering if now’s a good time to chat. Relatable? If so, we need to talk about boundaries.
In my early days, juggling the demands of real estate with my side gig, I struggled. I felt like I was constantly on call. Every ping of my phone was a potential new lead, another task, another question. It was exhausting. Here’s how I learned the importance of setting boundaries for the sake of my sanity and work-life balance.
Work-Life Balance is Non-Negotiable
First, we need to accept that work-life balance isn’t a luxury—it’s a necessity. Burnout is real. A constant, unending work cycle doesn’t make us more productive; it often makes us less so, and it can take a toll on our mental and physical health. Setting boundaries isn’t just about protecting our personal time; it’s about ensuring we’re in the best shape to tackle our work when it’s time to do so.
Clear Communication with Clients
Clients will often operate on their own schedules. The couple looking for their dream home might both work night shifts, and your side gig client might be in a different time zone. From the get-go, it’s crucial to communicate your availability.
For example, I once had a property management client who was based in Australia while I was on the US East Coast. To bridge the time difference, we agreed upon a twice-weekly check-in time that worked for both of us. It removed the constant back-and-forth and set clear expectations.
Set Digital Boundaries
Tech can be both a boon and a bane. Tools like “Do Not Disturb” mode on phones or scheduling software that shows when you’re available can be lifesavers. I used to have specific ‘office hours’ for my side gig and made them clear on my website, in my email signature, and in initial meetings.
Know Your Limits and Stick to Them
There’s a temptation to be ever-flexible, to bend over backward to accommodate every client’s whim. But remember, every time you say ‘yes’ to something outside your boundaries, you’re potentially saying ‘no’ to personal time, another client, or even much-needed rest.
Set Boundaries, Not Walls
Lastly, while it’s important to set boundaries, they shouldn’t become impenetrable walls. There will be exceptions—emergencies, unique opportunities, or important events. The key is to ensure these are the exceptions, not the rule.
In the end, setting boundaries helped me deliver better service. I was more present during work hours, more attentive to clients, and crucially, I had the energy and enthusiasm to give my best, both as a realtor and in my side gig.
Conclusion
So, there you have it—your comprehensive guide to unlocking extra cash through second jobs tailored specifically for realtors. We’ve covered the why and the what, and even delved into the nitty-gritty of how you can keep all your career balls in the air without dropping any. Remember, having a second job isn’t just about that extra income, as nice as that is. It’s also about diversifying your skills, expanding your network, and sometimes discovering new passions.
The value of a second job goes beyond mere dollars and cents; it adds layers to your professional life, layers that can make you more resilient, adaptable, and skilled in a world where the only constant is change. And let’s not forget, these roles are complementary to your main gig as a realtor, offering benefits like expanding your network and increasing your financial security.
Your Next Steps
So, what’s stopping you? With the roadmap laid out, it’s time to take that exciting detour on your career path. Consider your skills, your interests, and where you’d like to see yourself in the next few years. Then, pick a second job that not only lines up with your current role but also aligns with what excites you. Who knows? Your side hustle today could become a significant part of your income stream tomorrow—or even ignite a new passion.
FAQs
What is the best side job for real estate agents?
The “best” side job for a real estate agent varies depending on skills, interests, and time availability. However, property management is often considered a strong choice because it’s closely related to the field, uses existing expertise, and expands your network within real estate.
What is a real estate virtual assistant?
A real estate virtual assistant is a remote professional who handles various administrative tasks for a real estate agent. This could include managing appointments, maintaining databases, handling social media accounts, or even conducting initial client outreach. It’s an excellent side job for someone familiar with the real estate industry.
Alternative jobs for real estate agents?
Alternative jobs for real estate agents could include mortgage consulting, real estate photography, or home staging consultant. These jobs are in the same industry but focus on different aspects of the home-buying and selling process.
Income streams for real estate agents?
Apart from commissions on buying and selling properties, income streams for real estate agents can include property management, real estate consulting, offering training or coaching services, or even passive income streams like real estate investments.
Supplemental income for real estate agents?
Supplemental income for real estate agents can come from side jobs that capitalize on their existing skills and network. Examples include becoming a real estate trainer, creating virtual property tours, or offering consultation services for home staging.
Flexible real estate jobs?
Flexible real estate jobs allow for a balance between work commitments and personal life. Examples include real estate blogging, virtual assistance, and consultation roles that can be done on a freelance basis and often from home.
Should Real Estate Agents Have a Side Hustle?
Having a side hustle is not a necessity but it can offer benefits like diversifying income streams and skill sets, increasing financial stability, and even expanding your professional network. If you can manage your time effectively, a side hustle can be a rewarding addition to your real estate career.
What Makes a Good Side Hustle for Real Estate Agents?
A good side hustle for a real estate agent should ideally be flexible, allow for networking within the industry, and complement existing skills. It should also be something that can be scaled up or down depending on how busy your primary job as a real estate agent is at any given time.
