Are you looking for a side job or a new career to be passionate about? There aren’t many lucrative, flexible, and low-commitment side hustles, but selling real estate in NYC is one of them and thus definitely worth a deeper look. In fact, eighty-five percent of agents who were polled said they were very content with their career choices. But what makes selling real estate flexible and lucrative and side hustle? We’ve consulted pros from a real estate learning center to answer your question. We’ll even let you know how to get in on it. Now let’s get to work!
Looking for a lucrative and flexible side hustle? Selling real estate is just the thing for you!
The real estate industry relies heavily on effective communication and interpersonal skills. Being self-assured and forceful in social situations will serve you well. Cold calling, community involvement, and customer follow-up appointments are all examples of important social contacts. In particular, in making and keeping customers.
Maintaining beneficial connections with locals over time will result in financial rewards. Those who work in the helping professions, such as teaching, nursing, law enforcement, and firefighting, must be good communicators. Therefore, real estate can be a flexible and quite lucrative side hustle for gifted communicators.
How flexible selling real estate really is?
In a survey with one thousand real estate agents as participants, roughly 93% felt their profession allowed them a great deal of freedom. Working in real estate sales gives you great flexibility in terms of your schedule and the amount of time you devote to your job.
In addition to all this freedom and power, you also have the flexibility to set your salary. However, before we get to your earning potential if you choose to sell real estate in NYC as a side hustle, let’s dig deeper into how flexible selling real estate is.
Be in charge of your own schedule
In the business world, many people find that the ability to create their own work schedule is a game-changer. While some real estate occupations necessitate regular office hours (say, 9 to 5), real estate agents and brokers are often free to choose their own schedules. In fact, an overwhelming majority (81%) of real estate agents say they can set their own schedules.
Consequently, you’ll be able to organize your real estate tasks around the rest of your obligations. Many newbies get their feet wet in the industry by starting out in real estate as a second career while they continue to work in another profession. On top of that, it’s also convenient to be able to take time off whenever you need it, without having to submit a formal request to your boss.
You are your own boss
Brokers are responsible for keeping their agents in check, but many in the industry go so far as to guarantee their agents’ anonymity. Brokers themselves can also maintain their own privacy. So long as they don’t break the law, real estate agents and brokers have the freedom to conduct their businesses as they see fit.
This means that you have complete autonomy over your working arrangements. You get to pick the methods of promotion you employ, the details of your client meetings, the frequency of your open houses, and the sources of referrals you pursue.
Anything you can do to make your job easier is at your disposal. For example, you can delegate tasks you don’t want to do and hire outside help to make cold calls, follow up on online leads, and manage escrow. Perhaps you’ll need to rent self-storage for NYC agents to keep your business documents or staging props. Real estate agents can benefit from this and from many other services that help them to do their job even better.
How lucrative selling real estate really is?
The experienced real estate learning team emphasizes that one of the most significant benefits of working in real estate is endless earning potential. Remember that you can leverage other individuals to raise your income if you’re worried about your earning potential being constrained by the number of hours in a day.
Or, you might become a broker and use agents to do the legwork. With this arrangement, you can earn money independent of the number of hours you put in at the office by receiving a cut of the commissions they bring in. Now let’s delve into average wage estimates and find out why 86% of agents believe the real estate industry offers them great earning potential.
How much money do real estate agents make?
By now, you’re probably nearly convinced to sign up for a real estate licensing course but before you make your final decision, let’s dive deeper into financials. Real estate brokers can make as little as zero per year or as much as several million depending on how much time and effort they put in. What determines a real estate agent’s salary depends on a number of variables that we’ll discuss before we look at median salaries:
- Naturally, you’ll earn less if you’re working part-time as a real estate agent than if that’s your primary career.
- Your income will depend entirely on your ability to close deals.
- Because your commission is based on the sale price, the more expensive the market, the more money you’ll make.
- Increased recurring and referred business comes with greater time spent in the field.
Here are five distinct markets to explore if you want to get an idea of how much money real estate brokers make in different states (all estimates are based on BLS statistics for 2021).
- $55,190 in Georgia
- $56,460 in Florida
- $59,250 in Texas:
- $76.400 in California
- $81,020 in NYC
Remember that property values have increased since the last time the US Bureau of Labor Statics (BLS) provided data. Therefore, agent commission incomes have also increased, resulting in average yearly salaries that are higher than the median mentioned above.
Selling real estate is indeed a flexible and very lucrative side hustle
We hope we were able to illustrate how selling real estate is a flexible and lucrative side hustle. More importantly, we hope we’ve inspired you to get your NYC real estate license and start boosting your budget while falling in love with a new career!