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The Gig Economy in Real Estate
You may have heard the term “gig economy” used in the past few years. That’s because in the last decade there has been a surge in the number of gig workers and opportunities for contractor work. According to the Bureau of Labor Statistics, over one-third of Americans (57 million people) participate in the gig economy through freelance work, temp work and other side-hustles.
More and more real estate agents are seeing the value of entrepreneurship and are looking for flexibility and alternative sources of income. Agents can choose to keep their "day job," while using gig-work to grow their income, give a boost their personal fulfillment, and pick up new skills along the way. As the real estate industry continues to rapidly expand, more opportunities for gig-work are coming to the surface.
So, we rounded up a few of the ways you can make supplemental income as a real estate agent.
Leverage Your Real Estate Trade Skills
There are several different kinds of business ventures within the real estate industry that aren’t just chasing commissions and deals. Real estate photography and videography, property staging, digital marketing, transaction management, and insurance inspections are all side gigs that can be turned into businesses of their own. If you have a skill or hobby worth charging money for, you can become your own boss and bring in extra cash every month.
Become a Real Estate Virtual Assistant
Being a virtual assistant in the real estate industry could mean a variety of different jobs: Managing inboxes, social media marketing, or being an inside sales agent (ISA) to name a few. According to Hooquest, most ISAs handle inbound leads, but they can also perform outbound sales functions like cold calling and telemarketing. That means bringing in extra money without even having to leave your home - a huge perk during COVID times!
Conduct On-Demand Showings and Walk-throughs
Just like Uber, Showdigs gives you the ability to get notified of nearby work opportunities (tour requests), which you can accept or decline depending on your schedule. In as little as an hour after getting the tour notification, you meet with the prospect at the property, provide them with a 15 minute tour, and get paid. You can take on as many or as little tours as you’d like - that flexibility makes it really easy to fit Showdigs into your schedule and extra cash into your pocket.
Get Your Residential Management Professional Certification
You can get your Residential Management Professional certification (plus all the education you need) from the National Association of Residential Property Managers to become a property manager. This type of certification isn’t required for property managers, but it will certainly give you and your resume a boost. It also means that property owners and property management companies will be more likely to hire you if they know you have the right kind of experience and that you’ve received the right training. Property management jobs range from part-time to full-time, so you have the freedom to decide how much to take on.
There are so many other ways to make supplemental income, both in the real estate industry and elsewhere. Be sure to check job sites like ZipRecruiter, Indeed, or Upwork for gig-work. And get creative! With side-gigs, you get to decide what your day-to-day looks like, AND there’s no cap for how much money you can make.