5 Ways to Make Money With A Real Estate License

by Susan

5 Ways To Make Money With A Real Estate License

Lately I have been meeting alot of women who have an interest in getting their real estate license and starting real estate careers, but they aren’t sure they want to sell homes.

It doesn’t surprise me really. I had my real estate license in my twenties because I was drawn to a flexible career with big paychecks. Who isn’t?!

But the reality of hustling for clients, working every weekend and learning the ins-and-ours of the contracts left me intimidated. I did one deal and walked away from it. I wish I hadn’t to be honest!

There is a lot of opportunity in the real estate industry. Having a real estate license doesn’t mean you have to sell houses. There are plenty of other things within the industry you can do that will give you an income, and flexibility.

And if you don’t have your real estate license, but are interested in getting yours, then be sure and check out the licensing requirements in your state. It’s really not that hard or expensive to get your license. You can do the prep courses online for around $400-$500 and take the exam in your state for less than $100 (check your state requirements for details and exact figures).

So what exactly can you do with a real estate license besides sell houses? Here are five real estate careers (that don’t require selling homes) to get your creative juices flowing.

1. Associate Agent – Redfin

Recently, I was talking with a colleague who is an office manager at a company where I do bookkeeping.  She was telling me about her side hustle as an Associate Agent for Redfin. As an Associate Agent, she shows homes for real estate agents, but doesn’t deal with the contracts or negotiations.

After hearing more, I realized what a great gig this could be for anyone interested in real estate but who doesn’t want Real Estate Careersto do the full-blown real estate thing.

She was telling me how she does it on weekends and evenings, dictates when she wants to work and not work and gets to decide which part of town she is willing to show homes in. She meets prospective buyers at the properties and simply shows it to them.

Think of it like being an Uber driver, except you are showing homes, not driving people around.  The model is very similar though. You decide when you available and what part of town you are willing to work.

She loves it because she doesn’t want to deal with negotiations or contracts. She just wants to show the homes to the prospective home buyers. This arrangement allows her to make extra income on her own schedule.

On a very part-time basis, she brings in anywhere from $500 – $2000/month in income, and this is on the side of a full-time job and during a very tough pandemic time when the market may not be as hot as it normally would be.

Not too bad if you are looking for something that gets you out of the house, away from the computer and around people.

To be an Associate Agent for Redfin, you need to have an active real estate license in your state and you need to have E&O insurance. Check out Redin’s website for more information about becoming one of their Associate Agents.

This seems like a great gig for moms who are home during the week with the kids, or anyone tied to a job during the week, but would like to get out and earn extra money on the weekends.

It’s also great if you’re looking for something that doesn’t have a bunch of lingering responsibilities.  You show the home, or hold an open house, and then you’re done. You’ve earned your money.

As a bookkeeper, I am used to my work never ending. It just continues on and on forever! Good for job security I suppose, but there’s no beginning and end. If you like a beginning and end to your work, this could be great.

It would also be a nice foot in the door if you did want to become a full-blown real estate agent and build a real estate career!

2. Real Estate Virtual Assistant

I have been a virtual assistant and have seen the power of how you can quickly get clients and make a good living as a VA.starting a home-based business, work at home

I didn’t know niching yourself as a virtual assistant in the real estate industry was a thing until I had a phone conversation several years ago with coach Kathy Goughenour of ExpertVATraining.com. She told me that she became a virtual assistant and niched herself into working with real estate agents.

At one point she had 70 real estate clients! Okay, after my head stopped spinning, I realized what a great niche that is.

Good agents are busy people and can only do so much. They hire virtual assistants to do things like calendar management, research, marketing, light bookkeeping, customer relations and sales prospecting.

While a real estate license isn’t necessarily required to be a real estate VA, it will give you an advantage when prospecting for clients.

If you have a license, and you’re not interested in selling homes, think about how you could turn this into an opportunity to build a successful virtual assistant business !

3. Property Manager

Becoming a property manager is an other interesting direction you can pursue with a real estate license.

According to RealEstateExpress.com, “being a property manager is a challenging job that is usually in high demand—and it comes with flexibility perks.”

In my twenties, I worked for a woman who ran a property management company (I know, what job haven’t I had??). It was really interesting because she got a bunch of contracts with apartment building owners and operated as the property manager for each of the complexes.

It was a small business, but came with alot of responsibility and some overhead. That may not be what you’re looking for right now, and that’s okay.

You can still be a property manager with a more flexible schedule. Think of all the Airbnb’s out there. I’ve seen many ads on Craigslist and Indeed from property owners looking for someone to help them manage their property rentals.

This type of job would involve arranging cleaning services between rentals, managing repairs and maintenance, communicating with renters, etc.

You can also looking into doing property management and leasing consulting for commercial properties. Think of the options and the potential income!

4. Mortgage Broker

Doesn’t “mortgage broker” sound like one of those intimidating real estate careers that require a bunch of banking knowledge? It always did to me.

But honestly, I don’t think it’s that intimidating and could be really interesting and fun if you enjoy working with, and Work From Home Jobs for Detail-Oriented Peoplehelping people.

“A mortgage broker is a contractor who analyzes mortgage loan products and counsels customers on loan availability, qualification requirements, interest rates, and terms,” explains finance writer Kristine Tucker. “A mortgage broker doesn’t actually loan any money, and only serves as an intermediary between the lender and the borrower.” 

Many mortgage brokers are independent contractors and work from home, while others work for a large brokerage firm.

A real estate license isn’t necessary since you have to be a licensed as a mortgage broker,  I still think it’s a great direction to go in if you have an interest in the industry, but want to have a remote career. If you have sales or customer service experience, this is a great transitional career for you!

To become a mortgage broker, you do need to get licensed through the National Mortgage Licensure System.

5. Loan Signing Agent

If you have any real estate experience, you are already ahead of the game if you become a loan signing agent too!Loan Signing System - The Daily Career

Loan signing agents are notary publics who attend real estate closings and notarize the final contracts. It’s a very flexible career or side hustle that can be done around other things in your life.

The only requirement is that you are a notary public and have E&O insurance, which is about $100 a year.

This is another career that doesn’t require a real estate license, but if you have one, this a great way to leverage it to grow your contacts, which in turn grows your notary signings and income.

I have a blog post all about becoming a loan signing agent here – be sure and check it out to get all the details on this exciting side hustle (or full-time hustle if you choose!).

Choosing what is best for you

I love careers that allow you to mold it in a way that fits your life. That’s why I do bookkeeping. It allows me to work in a way to fits my lifestyle and still earn a living!

Real estate is very much the same in that you can choose so many different paths within the industry that will fit your life. The hardest part is choosing!

As mentioned above, check your state’s real estate licensing requirements to start your own real estate journey!

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