Can I Succeed As A Part-Time Property Agent?

Sounds like everyone is making big bucks in real estate sales these days… or is it just a case of survivorship bias?

Is success as a part-time real estate agent realistic?

The thought of joining the real estate industry can be tempting for people, regardless of their stage of life.

You could be a wide-eyed, freshly minted graduate who wishes to fast track the income ladder to tens of thousands a month quickly (If you make it, of course), or perhaps a mid-life career switcher who has grown weary of the proverbial glass ceiling and lack of career prospects. You could even be someone who simply craves freedom. Whatever your background or posture, a real estate career can be very appealing.

Real estate agents enjoy the most flexible hours that can only come from being your own boss (say goodbye to micromanagers breathing down your neck at every meeting while eyeballing sales quotas) meeting a network of interesting people, and of course, having uncapped income.

A real estate agent’s income is based on commission - simply put, you eat what you kill.

One can typically earn a brokerage fee of 1% to 3% of the property price, depending on the number of brokers involved and whether the property is a new launch or a resale deal.

Imagine closing a $5 million deal with a 1% commission - that's a handsome $50,000 paycheck with your name on it.

What a way to make a living, right?

This is why it is not uncommon to see some real estate agents driving expensive continental cars, dining in fancy Michelin-starred restaurants and donning designer watches and bags within just a short few years of entering the industry.

Will a career in real estate bring you to your destination?

While success is often publicised and celebrated, it is unrealistic to expect smooth sailing months to be perpetual and uninterrupted.

There will be periods when the property market slows down, and not every year promises a bigger boom than the one before.

Cycles happen in real estate just as they do in any other market or industry.

There will be high-volume months and low ones — the peaks and the valleys, the springs and the winters.

Periods following a financial crisis, cooling measures, or even a succession of bullish years can create droughts that not only affect your paycheck, but your confidence as well.

The the idea of not closing any deals for an entire month and not getting a paycheck can cause crippling fear for some.

There is even a possibility that you may go for months without income!

This is the main reason why a significant number of real estate agents remain part-time throughout their entire careers, while keeping a day job or running a side business with a steady income flow.

A great team is a critical ingredient for your success.

Many part-time estate agents face challenges when they first start out, which can result in quite a number of them leaving the industry without making any meaningful income.

Being a part-time real estate agent does not necessarily mean you are less professional, and it certainly does not mean you will earn less than a full-time real estate agent.

My team for example, comprises business owners who run notable businesses in industries such as furniture and lifestyle, sports and fitness, and even traditional Chinese medicine physicians.

Yet, despite real estate being their part-time venture, they can earn much more than some full-timers do. How? Cross-pollination of networks. This plays a huge part in the business of real estate. "Your network is your net worth" holds true (to an extent)

You can still be a professional in the real estate industry and earn top dollar if you are committed and supported by the right training and platforms.

The key is to join the right real estate agency and team, and never allowing your part-time status to diminish your passion, knowledge or commitment to serving your clients.

So what is the difference between a regular part-time real estate agent and a successful one?

1. You Have To Spend Money To Make Money.

Investing in your business is an important mindset shift to embrace.

Before anything else, to become a real estate agent (part-time or full-time), you’ll have to fulfil the following requirements:

- Minimum 21 years old

- Minimum 4 GCE ‘O’ Level passes or equivalent (taken at not more than 2 sittings)

Then, you’ll have to sign up for courses and apply for the necessary license.

These are some of the expenses you’ll need to take note of:

- Real Estate Salesperson course: Approximately $700++

- Real Estate Salesperson exam: $250~

- Registration fee to become a Real Estate Salesperson: $54.50 + $230 (annual fee) = $284.50

The total investment required to obtain your real estate licence is at least $1,300.

Join for our free RES Exams Revisions

After getting your licence, you’ll need to start marketing yourself by placing ads on various platforms such as social media, creating marketing assets for videos and blogs, printing and distributing flyers.

You won't be able to just sit back, relax, and hope that your friends and relatives will look for you. In fact, being a silent or "secret agent" is one of the worst things you can do for your business.

Remember, every business needs strong consistent marketing and awareness regardless of how great your products/services are.

You will need to source your own buyers and sellers, and all these marketing efforts will require you to fork out money from your own pocket — not forgetting travelling expenses for appointments, on top of daily living costs.

Hence, a mindset shift is required as those who have been employed for a long while may struggle with the idea of having to invest in the business before reaping an income later on.

2. Different Specialisation

A niche is important for you to focus your efforts on and ground yourself.

In the real estate industry, there are agents who specialise in relocation, new project launches, resale, commercial and rental properties to name a few.

Each of these specialisations requires an agent to have different knowledge, skill sets and even working hours.

Read: Specialise or Generalise? Which is better?

For instance, if you’re looking to specialise in new launches, you will have to actively participate in activities such as roadshows, door-knocking and digital marketing activities to capture buyers.

When deciding on your specialisation, you’ll have to determine how much you can commit as some specialisations require more time and effort.

Speaking to an experienced mentor can help you decide what works best for your time and resources at hand.

Your resources include not only time, but also your start-up capital, network, skills and natural abilities.

3. Team Up with a Successful Agent or Team

When you are vying for the attention of a small pool of prospective buyers and sellers, being part of an established and successful real estate agency with proven training and track record can help to make things a lot more straightforward.

While it is immediately beneficial to have an experienced mentor to provide guidance, you may also get leads and referrals to work on from your team leader or teammates.

The thing is, industry veterans are more knowledgeable, well-connected and can connect you with experienced agents, bankers and lawyers in various segments/stages who could be essential to helping you achieve rapid success — stand on the shoulders of giants!

Remember: your network is just as important as skill sets and knowledge!

Costs of Maintaining a Real Estate Licence Annually

Maintaining a real estate licence year after year (even if you are inactive) will cost you approximately $600 annually when you add up CEA renewal fees, professional insurance, agency tools and compulsory annual CPD courses.

Annual CPD courses will take up at least 6 hours of your time too but fortunately, these days lessons can be done through e-learning and Zoom sessions.

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Summary:

All said, a real estate licence enables you to expand your knowledge as a property investor (who wouldn't need to buy a property or two over their lifetime anyway right?) and at the same time provides an alternative and potentially very lucrative career choice if you ever get bored with your current daily grind.

That being said, this is not a job for the faint-hearted though and hard-working and self-determined personalities will be the ones that shine the brightest.

So, consider wisely before you spend the time and resources required to take the plunge, and sign up for the RES course.

Work hard, smart and have fun at the same time!

If you’re looking to join a team that will help you kickstart your real estate career, check out what NAVIS can provide you in training, technology and support platforms.

Being part of our team entitles you to the following perks:

- Enjoy amazing support and infrastructure at a very convenient location

- Become a highly trained adviser through our rigorous training and mentorship programmes.

- Learn from well respected and industry renown leaders who excel in sales and leadership skills.

- Enjoy the ULTIMATE unfair advantage with Link Up, the only mobile app that increases agents productivity and lowers their costs.

Establish your real estate career quickly with Huttons proprietary Link Up technology and rigorous training and mentoring programmes today!

Looking for great real estate career mentorship to shorten your learning curve?

Get a 1-time free 30 min new agent career consultation with Stuart and his team leaders.

Schedule one right now.

If you would like to attend our real estate career seminar or are looking for great real estate career mentorship to shorten your learning curve, drop me a message!

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Stuart Chng, Executive Group District Director at Huttons, is a renowned leader and personality in the real estate industry.

He adores music and can play a few instruments decently without upsetting his neighbours. When not doing so, he enjoys pillow fighting with his son and coming up with silly puns which barely amuses his wife.

Professionally, he is a licensed real estate agent, an avid stocks & options trader, and real estate investor, business owner, team leader, speaker and columnist for several property newsletters and blogs and is often quoted in media interviews on 938FM, Channel 8, PropertyReport, PropertyGuru and other publications.

Throughout his career, he has helped many clients grow their wealth through selecting great property investments and managing their portfolios actively. Read his clients' reviews here.

Stuart has also coached many top million dollar producing agents from different real estate agencies in Singapore. Read his agents' reviews here.

Relevant Reading:

- Brand new and interested in the RES Course? Find out how to get your property licence and be a property agent in Singapore!

- Passed your RES Exams? Find out what steps to take next to quickly reach your goals!

- Find out which real estate agency to join after passing your exams!

- Find out more about a real estate agent career path.