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For better or worse, a real estate agent’s income has a tendency to fluctuate with the market.
While a hot market can produce financial windfalls, waning demand can present financial headwinds. To supplement real estate earnings, many entrepreneurial-minded agents are taking up side hustles.
But what exactly is a side hustle and how can it help you when times are lean?
What is a side hustle?
A side hustle can be any part-time job that provides a secondary source of income. Often, such ventures monetize an already existing skill or hobby to make a personal passion profitable. A well-chosen side hustle presents the opportunity to not only diversify income but also provide a sense of personal fulfillment.
What’s a good side hustle for agents?
1. Real Estate Photography & Home Staging
Many agents will tell you that great photos and elegant home staging are keys to listing and selling a property. If you already have photography skills (perhaps you have a drone for exterior home footage) or a knack for interior decorating, then these side hustles could be the perfect way to save yourself money on your listings and also create a new stream of income from other agents.
2. Property Investment
Leverage existing connections and market knowledge to quickly locate properties with profit potential. Fix and flip properties for quick profits, renovate and rent to create passive income or act as a wholesaler. You can even save money by acting as your own buyer’s agent.
3. Property Management
If you’re already working alongside investors or have rental properties of your own, you can expand your services to include property management. Tap into your network to handle maintenance and repairs.
Consider obtaining certification through the National Association of Residential Property Managers to get a leg up on the competition.
4. Notary Public
How often do your business associates require the services of a notary? With proper licensing, you can quickly become the trusted go-to notary of your professional network. Plus, it’s a job that can be done from home, in the office or on the go.
For more creative ways to expand your services, reach out today.