While working in real estate and being a real estate agent are fantastic careers, there are many other ways for realtors and professionals to make extra money by being creative. Any of the typical problems of being in real estate may have you looking for some extra income, including: not having enough listings, high lead cost, and advances in technology.
A crucial part of being “AntiFragile,” as Nassim Taleb references in his book, is having optionality so that you can withstand tumults and black swan events that invariably come up. His book is a part of our list of best financial freedom books.
We at 40PlusFinance.com consider a side hustle an essential part of our plan for financial freedom and are actively working on several of them
If you want to make some extra money or are looking for ideas to start your own business, there are many opportunities in the real estate industry.
Even the idea of working as a real estate agent can be a side gig or a full-time job. Other side hustles that use your core skills and knowledge are likely to be more successful if they are your primary source of income.
Below are some of the best side hustles for real estate agents to pursue to earn extra income.
Key Takeaways:
- Real estate professionals can explore ways to earn extra income through side hustles. This provides the advantage of having more options to withstand unforeseen circumstances and achieve financial freedom.
- Several opportunities are available in the real estate industry to earn extra income, including notary, bird-dogging, real estate agent, affiliate marketing, freelancing, property management, flipping houses, investing, starting a blog or podcast, and freelance writing.
- Side hustles can help reduce reliance on a single income source and increase income to achieve financial goals. Exploring different options to find the best fit for skills and preferences is important.
1. Become a Notary
A notary is an integral part of the real estate process, as they witness and verify signatures on documents. This simple task can easily be done in your spare time, earning you extra money.
The purpose of a notary is simple:
The purpose of a notary public is to confirm the identity of the person signing a document and to ensure that the document is authentic.
A document that has been notarized is assumed to be valid and signed by the people mentioned in the document.
Though the paperwork and process can be slightly confusing, becoming a notary is neither difficult nor expensive. Notarizing documents isn’t tricky either.
The average notary can make between $75 and $200 per job; if they can do one daily, that quickly adds up.
One way to get notary jobs is to contact a title company, attorney, or escrow office and inquire about contracting work or to get your name listed on a website that specializes in notary work, like 123notary.com.
2. Birddogging / Wholesaling Real Estate
If you have a personality that is good at sales and networking, you can earn money by finding good real estate deals and referring them to other people who are looking for investment opportunities.
The market conditions for finding a real estate deal can be easy or difficult, depending on where you work. However, one thing is for sure. There are always investors looking for opportunities in the real estate market. If you’re searching for opportunities to earn thousands in referral fees by building a network, finding the right deals will take some time.
You could collect referral fees from the end buyer when the deal closes if you have built a trusting relationship with them. Whenever possible, it is best to have a contract to guarantee payment.
To sell your home, you can either sign an Option Agreement or a Purchase Agreement to give the buyer the option to purchase the home. For more information on this topic, please read this blog post.
You can make a good profit birddogging and wholesaling properties, with some deals earning you $5,000 to $10,000. It’s even possible to earn more than that per deal.
3. Real Estate Agent
One way to begin working in the real estate industry is to get licensed as a real estate agent.
Most real estate agents only work part-time, which is funny considering it’s a licensed profession. I’ve been told by some realtor friends of mine that as few as 20% of agents are listing and selling properties as their full-time career. So, if you can only put together a few deals each year, you won’t be the only one doing this in your spare time.
In most states, pre-licensing classes, examination and licensing fees, broker fees, and membership dues can cost $1,500 to $2,000 to get licensed. You will need to pay an annual membership fee to remain an active member of the board of realtors. This cost varies depending on the board but is usually around $750 to $1,500 annually.
Some costs come with being an agent, such as making sales and bringing in an income to make up for these costs.
The most common commission that real estate agents will collect is 6% of the property’s sale price. If you tally up the potential earnings from different types of properties, you’ll see how much money you could make. The amount of money you make will depend on the type of properties you choose to work with.
4. Affiliate Marketing
Affiliate marketing is a great way to earn money from a product you didn’t create yourself. This is because you can earn a commission on each sale you generate without spending time or money developing the product yourself.
The idea is to find a product or service (one that you’ve used and believe in) and share it with the world.
If you use a unique affiliate link to direct traffic to the thing you’re recommending, and a sale is made, you’ll earn a small commission.
Many companies are searching for affiliates to help them promote their services. To find a company to help you with digital marketing, you can look on CJ.com, Impact, or ShareASale. If you pair the right product with the right audience, you can succeed in a shorter time.
How does this work as a side hustle for someone in real estate? Pick a complimentary product or one that you’ve used in the past and promote it.
For example, many companies have affiliate programs in our search for turnkey real estate properties, giving commissions for simple referrals.
5. Become a Freelancer
Can you think of any skills you have that could be helpful to business owners in the real estate industry?
Think about what you’re good at doing. Do you know how to use Photoshop for graphic design? If you have a voice that is pleasing to the ear and easily understood, you may have what it takes to do voiceover work. Are you good with spreadsheets (hint: Excel specialist)? Are you a good writer (hint: business writing services)?
There is a variety of jobs that need to be completed in the real estate industry. If you focus on marketing yourself as an expert for real estate professionals, you will be much better off than people who market themselves to everyone.
There are two main marketplaces to look at when choosing a freelancer: Upwork and Fiverr.
6. Property Management
Rental property management would be an excellent way for a real estate professional to make extra money. You can use your expertise in the industry and local market to find quality tenants, haggle over leases, and take care of repairs and maintenance. This is a perfect opportunity to earn extra income for those already working as a real estate broker or realtor.
You could either take on a few clients and keep it small or keep scaling up and turning it into a full-time business. If you are a buyer’s agent representing investors, you could offer property management services as an extension of your current services. An alternative to managing your rental property is to start a property management company and hire others to do the work.
You could break into this business by managing your own properties if you own investment properties.
One of our favorite property managers in St Louis does this as a side business and is fantastic.
7. Flipping Houses
Real estate agents often flip houses as a side hustle. To profit through real estate, you must buy properties, renovate them, and sell them for more than you paid. Working as a tutor can be a great way to make some extra money, and it can also be a lot of fun.
Flipping houses is more hands-on than some other side hustles on this list, but it’s still a great option if you want something to do in your spare time. If you already work as a real estate agent, you will likely have an advantage in finding good deals on properties.
It’s possible to lose money when flipping houses, of course. Before beginning anything, it is essential to do your research and understand the risks involved. If you feel okay with the possible dangers, flipping houses is a great way to make extra money.
8. Investing
You may want to look for opportunities to buy property for investment purposes to build equity and create residual income. If you’re not interested in pursuing real estate opportunities outside your full-time job, you can still invest in property to build equity and create residual income. If you think that, you could make more money by investing instead of working on other side hustles.
There are several different ways to invest. Considering you have a lot of expertise in real estate, one of your options is to invest passively in it. Many other platforms allow people to make money through real estate crowdfunding. This passive income source is easy to use and can be very profitable. Fundrise is a real estate investing platform where you can start with as little as $10. Historically, Fundrise returns have been excellent.
An accredited investor can invest in certain types of can also investment platforms like CrowdStreet, Equity Multiple, and Cadre.
Aside from real estate investing, you can also invest in stocks, exchange-traded funds (ETFs), and cryptocurrency through platforms like Public.com and Webull. Dividend stocks and index funds are two of the most popular options for passive investors.
Our mentors at Cashflow Tactics have quite a few realtors who invest in turnkey rental properties as a way to build long term wealth.
9. Start a Blog or Niche Website
Another way to use your experience and expertise in the real estate field is to start a blog or content-based website that covers topics related to some aspect of real estate. This is a great way to share your knowledge and help people learn more about this industry. You could write for buyers, sellers, renters, investors, other real estate agents, or any combination of the above.
It is not difficult to start a blog, and it can be done cheaply. Despite the relatively low initial investment required to create a blog or niche website, the potential for earnings is limitless. Several ways to monetize your website include display advertising, affiliate marketing, sponsorships, or other methods.
You’ll have an advantage as a real estate professional blogger or site owner over others who don’t have the same experience or expertise.
This side hustle has the potential to make money, but it will take some time and patience to get started. Many blogs and content-based websites do not make much money during the first six months. If you want to see results, you have to be willing to work hard. However, once your site improves, your income will increase rapidly.
10. Start a Podcast
Podcasts are an excellent way for real estate professionals to share their expertise with a larger audience. Podcasts can be a great way to supplement a blog, YouTube channel, or standalone side hustle.
If you want to be successful with your side hustle, you need to focus on a specific area that you can improve on and produce content regularly. You can profit from your podcast by selling advertising, finding sponsors, or promoting products and services.
Starting a podcast is also relatively easy and inexpensive. You do not need a website or domain name to start, even though it can be helpful. You can use various services to host your podcast for free, such as iTunes and Stitcher.
11. Freelance Writing
If you’re into writing but don’t want to start a blog or website, being a freelance writer is a great idea. There are plenty of topics related to real estate that you could write about, including tips for buyers and sellers, the state of the housing market, or advice for other real estate professionals.
You can find writing work in several ways. There are three ways to look for a job in the real estate industry. You can look for job postings online, contact companies and businesses directly, or work with a content marketing agency specializing in the real estate industry.
The amount of money that freelance writers get paid varies a lot, but if you have a lot of experience in the industry, you can attract clients willing to pay more than the average amount.
One advantage of freelance writing is that you can start making money immediately instead of creating a website. You won’t need to wait six months or more for your site to grow before seeing any income. You can start earning money from your site much sooner with a little effort.
Why Are Side Hustles Important?
As referenced earlier, side hustles are a massive part of our plan to achieve financial freedom. As much of the extra income as we can produce from them goes straight into acquiring the next real estate property and grows our passive income snowball.
A crucial part of being “AntiFragile,” as Nassim Taleb references in his book, is having optionality so that you can withstand tumults and black swan events that invariably come up. His book is a part of our list of best financial freedom books and which we consider essential reading on the subject.
A side hustle can give you extra money to help you reach your financial goals, and it can also help you reduce your dependence on a single source of income.
Budgeting ensures that you control your finances and gives you the peace of mind of knowing that your job is not your only source of income.
While side hustles may not be easy and might not make someone rich overnight, they can be impactful if the person working on them is diligent for six to twelve months.
You have many opportunities to add value to other real estate professionals and get paid for it. Keep your eyes peeled for these opportunities.
Frequently Asked Questions:
Q: What is a good salary for life?
A: A good salary for life varies depending on individual needs, location, and lifestyle. It’s essential to consider factors like housing costs, healthcare, transportation, and other living expenses.
Q: How much do I need to earn to live comfortably?
A: The amount needed to live comfortably depends on your location, family size, and personal preferences. It’s crucial to budget and plan for future expenses.
Q: What factors determine a good salary?
A: Several factors determine a good salary, including the cost of living in your area, your qualifications, experience, and the industry you work in.
Kurt has gone from the financial lows of the ’08 financial crisis to personal financial success. He is a professional real estate investor owning properties in multiple states.
One of his passions is financial education and the pursuit of financial freedom.
You can learn more about Kurt here.
