Disclosure: Just a reminder, I am testing out numerous side hustles and one of which is making money through affiliates, as such, please keep in mind that this is a professional review site that hopefully will receive compensation from the companies whose products are mentioned and reviewed. Each product is tested thoroughly and only the companies that have the highest marks are mentioned. This site is independently owned and the opinions expressed are mine and only mine. I promise you that.
For those of you new to my blogs, my intention is to test out as many side hustles as I can, show you how I did it AND most importantly, I am going to show you the financials on each side hustle I will be evaluating. I want to know which side hustle works so I can stop wasting my time and yours.
The blog you are reading now is going to be a 3 part series. I am going to talk about my experiences as a Realtor and whether I feel like it’s a good side hustle. Lets find out if this it’s Legit.
The Claim: Being a realtor for a side hustle makes you bank?
Here we go! Let’s find out if this side hustle is legit.
Why would you want to be a Realtor?
The profession of real estate agent is one of a kind. It’s a hybrid of a broker, counselor, educator, accountant, appraiser, and interior designer. You’re dealing with large, expensive transactions with a lot of moving elements, all while managing your clients’ expectations and emotions over the purchase or sale of their most personal asset: their home.
As a real estate agent, you have the power to have a significant impact on your customers’ life. So make sure you’re getting into the industry for the appropriate reasons: you enjoy working with people and houses. You’ll learn a lot about sales, house styles and construction, appraisal concepts, and real estate market aspects as an agent, so you should like it. A people person is likely to be a successful realtor.
What is enjoyable about being a realtor?
Conversing with clients about real estate their life, and their families.
They enjoy meeting new people, bringing them together, and helping them achieve their goals. The real estate industry necessitates a great deal of negotiating and relationship
Flexibility and variety.
Agents are not confined to their desks. An agent’s “office” these days is mobile, with most of the necessary equipment stored on a tablet or iPad. Agents also don’t work traditional 9-to-5 shifts. Clients’ and customers’ needs and availability often dictate their working hours.
You won’t spend the entire day doing the same thing, or even working on the same transaction.
In one day, you could be an accountant, a promoter, a psychotherapist, and an interior designer. There’s a lot to choose from.
Providing assistance to others.
Purchasing or selling a home is one of the most significant financial transactions that most people will undertake. Many real estate buyers are unfamiliar with the sector. Packing and moving, cleaning and repairs, inspections and appraisals, financial assessments, and property analyses are all part of a sales transaction.
An agent can assist in easing such difficulties and calming tensions
For both the buyer and the seller, it’s both stressful and exhilarating. . You’ll have the opportunity to assist families during a painful period of turmoil and change.
You Can Be Your Own Boss.
This is one of my favorites. Your company’s success is in your hands, no matter how big or little you want it to be. Your broker will give you with tools and advice, as well as evaluate your contracts, but you’ll be on your own for the most part. You choose how many clients or transactions you want to manage, how you want to market yourself and your listings, and how you want to serve your customers.
Solve issues.
Your duty as a real estate agent will be to solve problems, both big and small. You interact successfully with clients, consumers, and other agents, and you have access to the knowledge and resources you need to address problems and overcome obstacles. Your customers will expect you to have the answers and solutions, or at the very least, know where to look for them. If you enjoy troubleshooting and solving problems, becoming a realtor could be a wonderful fit for you.
There are numerous opportunities for learning.
Markets, tastes, trends, demographics, and sectors are all changing at the same time. It’s not only about real estate in the real estate industry. Economics, legislation, building, design, psychology, strategy, assessment, environmental challenges, marketing, and negotiations are all part of the process. Real estate professionals are constantly learning new things and honing their abilities and processes.
Creativity.
Real estate agents frequently create their own marketing materials and strategy. Print ads, internet ads, pictures, social media, and virtual tours are all used. Buyers’ agents assist customers in envisioning how to change a home, while sellers’ agents provide guidance on repairs and staging. If you like internet marketing tools and interior design components, you’ll probably appreciate this game.
What was my strategy on becoming a realtor?
How did I become a Realtor and what was the cost?
I can only speak to how you become a Realtor in Missouri. I would recommend googling your requirements in each of your states. Below is what I had to do to become a Licensed Realtor and this link takes you to the website.
The first step to obtaining a license is to complete the 72 hours of Missouri Pre-License Courses. These include the following two courses.
- 48-HOUR SALESPERSON PRE-EXAMINATION COURSE – ($400.00)
- 24-HOUR MISSOURI REAL ESTATE PRACTICE (MREP) COURSE – (included in the $400.00)
After completing the 72 hours of coursework,, I had to meet the MREC’s requirement of passing the course’s final exam with a score of 75% or higher. This exam was not extremely difficult to pass.
Next, I had to take and pass both the state and national portions of the Missouri Salesperson License Exam at a PSI Testing Center. This was a real booger of a test. Most people do not pass the first time. ($65.00)
The exam consists of the following two sections and has a total of 140 questions.
National Section
- The National Portion of the exam contains 100 questions. Students must correctly answer a minimum of 70 out of 100 questions or a score of 70% or higher to pass this portion.
State Section
- The State Section of the exam contains 40 questions. Students must correctly answer a minimum of 30 out of 40 questions or a score of 75% or higher to pass this portion.
Once I completed and passed the final exam, I had to submit fingerprints by using IDEMIA (IdentoGO) and complete a Missouri state and federal criminal history background check. Then I had to completed the License Application
Finally, I applied for a license with the Missouri Division of Professional Registration (MDPR). In order to do this I had to work under a licensed broker. Essentially, you need to get a job. ($810.00)
Five Lessons Learned
- Have a good team. I would have completely flopped in the industry if I didn’t have a great team. I relied heavily on my team’s experience for guidance for the first few homes I sold.
- Be organized. There are so many components to selling for buying a home for your clients. You will fail if you aren’t organized. I am harsh on this but one transactions has over 80 touchpoints. When you have more than one client you will have so many things you need to get done that if you are not organized you will be in trouble.
- Talk to a lot of people. This one goes hand in hand with the Ninja books in number 4. You need to talk to at least 50 people a day. It doesn’t have to be about real estate but that does help. Essentially, the more people you can come into contact with the more success you will have.
- Ninja Selling: Subtle Skills. Big Results. This book was recommended by my team lead. It helped me so much. It essentially is a step by step plan on how to grow your realtor business. I can’t express enough how this book has helped me.
- Cost associated with getting your license and monthly fees. This one is for those of you who are new to the industry. It will cost you some money to get your license and you will have monthly and annual fees and course you will be required to make. Thankfully, being on a team and working for a good company helped me with lots of those fees. As I mentioned on number 1. Get on a good team. ($99.05 / Month)
At the beginning, I mentioned this would be a 3 part series. The next blog I will be focusing on is how to be a good realtor. I will wrap up my 3rd blog on whether I believe the Claim to be true and give my personal thoughts about my future in the industry.
Does Being a Realtor Make you Bank (1 of 3).
If you like this blog and would like to see my other side hustles. Please follow this link ‘View All Side Hustles’.