One of the most appealing aspects of working in real estate is the flexibility. An agent’s schedule is built around their clients’ availability, meaning that they have to be open to working unusual hours if need be.
This flexibility is also what makes real estate such an attractive sector for people who are looking for a part-time career. Because few agents are locked into a strict 9-5 schedule, it can be a great way to make some extra money without compromising your other responsibilities.
Unfortunately, not every real estate company is going to be well-suited to part-time schedules. Some brokerages might impose harsh commission splits that make it not worth your time to sell homes. Others could fail to provide the training that you need and deserve, leaving you to fend for yourself in an industry that can be very competitive. Others still might favor full-time agents over part-timers when it comes to providing support, leaving you at a distinct disadvantage.
If you want to make the most of the effort and time that you are putting in, it’s important to hang your hat with a real estate company that will give you as many advantages as possible. In this blog, we have divided your search into 3 different metrics that you should consider when looking for a part-time real estate agency.
Make sure to read all the way to the bottom, where we will put all those factors together and give you our suggestion for your best option in 2020!
1. Commission Splits
The main reason that real estate careers are so flexible is because of the commission model. Whenever you sell a home, you get paid a percentage of the sales price — but then you have to split that money with your brokerage, leaving you with a percentage of a percentage.
There is no set standard of how small or large this split has to be. Some real estate companies will take only a small percentage of your commission fee, while others will have larger splits in order to compensate the support staff who make deals possible.
While some full-time agents are comfortable splitting a relatively large portion of their commission with the brokerage, this generally isn’t the case with part-time agents. Because most part-time real estate professionals do fewer deals than their career counterparts, each commission is a far larger part of their income. Therefore, many part-time agents choose to work with a broker that offers very small commission splits.
If you are looking for which company has the best commission splits in real estate, then you should consider signing on with a 100% Commission Real Estate Company. As the name implies, these brokerages allow you to keep your entire commission!
Instead of paying out a large portion of your commission fee to the brokerage, this model functions more like a subscription service. You simply pay a flat rate each month or year (depending on the plan you choose), then take home your full commission on your home sales!
The flat fee that you pay goes to help support the hard work that goes into real estate behind the scenes — meaning that you will get access to transaction support, office spaces, and legal aid as part of your subscription fee.
100% Commission Brokerages are swiftly growing in popularity across the nation. Full-time agents are flocking to flat-fee brokerages because of their high-quality support, while part-time professionals see the full-commission model as a way to avoid getting their hard earned money taken away by their broker!
Succeeding as a real estate agent can be very difficult these days. The industry is more competitive than ever, and finding and closing clients is hard to do if you don’t have the right tools and training.
This difficulty is often magnified for part-time agents, because they don’t get as much day-to-day experience as agents who work every day to sell homes. That’s why it’s vital for part-time professionals to get access to the best possible training, to make up for the difference and stay up-to-date with the current strategies and tools.
Unfortunately, many real estate brokerages don’t provide very high quality training for most of their agents. Rather than making sure that their team members are properly suited to handle the challenges of selling homes, many real estate companies engage in a sort of trial by fire, where agents are left out to sink or swim. Then, those that make it and succeed are given more specific training and guidance from seasoned agents.
So, where are you supposed to find which real estate company has the best training if you are a part-time agent?
When doing research on your brokerage options, make sure to ask about how they train new and experienced agents. Some high-quality companies will work with business coaching services to provide you with the best possible training, regardless of your experience level.
At beREAL, we have partnered with HyperFast Agent, one of the top real estate coaching firms in the nation, to bring top-notch training to all of our agents. The agents who work with beREAL get complimentary access to training from the HyperFast Academy as part of their monthly membership, as well as an exclusive discount on advanced training from HyperFast Agent.
Due to their unique educational strategy and online format, the HyperFast Academy allows you to learn at your own pace and brush up on your skills whenever you need a refresher. This makes it a perfect option for part-time agents!
3. Fair Opportunities for Part-Timers
Because most real estate companies make money directly through splitting commissions with their agents, a lot of traditional brokerages focus their resources on full-time agents. This means that, when it comes to training, transaction support, legal assistance, and marketing efforts, many brokerages will show preference to career agents and leave part-timers in the cold.
However, there are companies out there that offer equal support to both full- and part-time agents. At beREAL, we ensure that all of our agents have access to the same opportunities for training, support, branding, and marketing materials. We are able to do this as a unique benefit to the full-commission model — because we don’t take cuts of the agents’ commissions, there is no incentive to show favoritism to the top-producing professionals. This equality is just one of many reasons to join a 100% commission real estate company!
If you are looking for a company that matches all of the factors above, then look no further than beREAL!
BeREAL was started by Keri Shull and Dan Lesniak, two billion-dollar agents who were tired of seeing other real estate professionals struggling to meet their goals due to restrictive brokerages. After creating their own real estate team — the Keri Shull Team — and a real estate coaching service — HyperFast Agent — they knew that the next step was to build a new kind of brokerage…one designed to help you!
If you want to learn more about beREAL or how you can get started taking home 100% of your commissions, then we want to speak with you! Just click here to schedule a time to speak with us about how you can get involved!