Can a Doctor Work as a Part-Time Real Estate Agent?

Can a Doctor Work as a Part-Time Real Estate Agent?

Yes, a doctor can become a part-time real estate agent. Working as a real estate agent is an ideal side gig for resident physicians and other medical professionals due to its flexibility and potential earnings.

However, if you’re planning to pursue a real estate career while having a full-time job in the medical field, you must understand the challenges of juggling these two jobs.

If you’re considering going into real estate part-time, you need to learn more about the role, its benefits, challenges, and tips for success to help you see if this career path suits your lifestyle and financial goals.

The Benefits of Becoming a Part-Time Real Estate Agent

Check out some of the advantages of starting a part-time real estate career.

Extra Income and Savings

Becoming a part-time real estate agent offers extra income potential through rentals and the commissions you receive for every successful deal.

The commissions may come in the form of a flat fee or a percentage of the total house sale.

Apart from the extra money, agents also benefit from tax deductions, as self-employed sole proprietors.

This status lets agents deduct expenses incurred in real estate sales or activities.

These tax deductibles include:

• Marketing expenses, such as business cards
• Licensing and renewal fees
• Real estate association and multiple listing service dues
• Brokerage fees
• Transportation expenses
• Real estate education, training, and coaching

You can deduct the expenses as long as they’re necessary and directly related to your real estate business dealings.

In addition, the Real Estate Professional Tax Status lets you reduce tax liabilities for rental properties.

You can claim tax deductions for property insurance, maintenance expenses, rental losses, and depreciation.

Overall, becoming a part-time agent lets you earn and save more money.

Flexible Schedule

Given a medical professional’s busy schedule, entering real estate part-time enables you to choose when to work and balance your full-time career with your personal commitments.

Sometimes, your broker or brokerage lets you work during your preferred day and time.

Otherwise, you’re mostly free to do real estate work during your free schedule.

Skill Development

A real estate agent must have communication and social skills to connect with clients, negotiate, and close deals.

Becoming an agent lets you practice and hone these basic yet necessary skills, which are also useful with your patients and colleagues.

Other skills you can learn as an agent include time management, marketing, problem-solving, and adaptability.

Overall, entering another industry enables you to learn more and expand the skill set used in your primary job.

New Connections

Becoming a part-time real estate agent allows you to meet new people, connect with potential clients, and build a strong network in various industries.

Growing your network lets you build your client base in real estate and meet more people who may also need your services as a physician.

It’s a perk that positively impacts your full-time and part-time work.

The Challenges of Being a Part-Time Agent

Going into real estate part-time may offer various perks, but you also need to consider the following challenges to see if it suits your financial goal and lifestyle.

Your Income Varies

Although a real estate career offers a profitable supplemental income, deals won’t be as high or common compared to full-time agents.

Also, most agents work as independent contractors, so you won’t receive a monthly salary.

Ultimately, your income potential varies based on several factors, such as:

• Commission Rates: According to Clever, the average rate for agents in the U.S. is 5.32%, divided between the buyer and listing agent.
• Experience and Skill Level: Seasoned professionals close more deals and negotiate higher commission rates due to their skill and experience.
• Time Commitment: Working fewer hours means serving fewer clients.
• Property Type and Location: High-end properties at popular locations make more money than other real estate, although they take longer to sell.
• Market Conditions: Property prices and commissions vary depending on the location, economy, demographic, and policy of the state or city.

Juggling Two Jobs

Becoming a part-time real estate agent may usually offer more flexibility, but that’s not always true.

You can’t always work during your own schedule, since you must be available for your real-estate clients.

Asking your clients to wait during your available time may result in them looking for another real estate business or agent that is available during their schedule.

Besides this, doing real estate part-time adds to your overall work hours.

Adding a side hustle to your long shifts can affect your rest time and quality of work.

Overall, it’s challenging to balance real estate and your full-time job as a doctor or medical professional.

If you have regular job hours, you may find it difficult to reach out to clients, lenders, attorneys, and other service providers who are only available during business hours.

Difficulty Building a Client Base

A part-time agent, especially a new one, may have trouble connecting with potential clients and building a client base since they work fewer hours compared to other agents.

Some clients may think twice about getting a part-time realtor or agent due to their limited availability and commitment to their full-time jobs. Some may also assume that part-time agents have less experience.

Overall, few clients would like to work with part-time real estate agents, making it difficult to build your network and reputation.

Limited Brokerage Availability

Brokerage training courses are usually time-intensive, making it challenging for part-timers to attend or progress during the training om any case. As a result, brokerages may not hire part-time agents who don’t meet their operational needs and business goals.

When looking for a brokerage, consider if they accommodate part-time agents and offer adequate support, such as teams and training programs.

How to Become a Part-Time Real Estate Agent as a Doctor

Here’s an overview of how to become a part-time agent, summarized in three steps!

1. Take a Pre-License Course and Pass the License Exam

The general requirements to become a real estate agent in the U.S. include:

• Being at least 18 years old
• Having a GED or high school diploma
• Completing pre-licensing education
• Passing the state license exam

The specific requirements vary per state. For example, the state of Massachusetts requires 40 hours of classes, while Texas requires 180 hours.

After completing the course, you must pass the state exam. Most states let you retake the exam up to three times.

Consider taking practice tests to prepare for the exam.

Note that you must invest time and money to go to real estate schools or take accredited online real estate courses before taking the exam.

2. Work with a Real Estate Brokerage

After passing the state exam, some states require you to be sponsored or be a part of a brokerage firm before becoming eligible to apply for your agent license or sell real estate.

When applying for a brokerage, apply to multiple companies and choose one that accepts part-timers, offers training and support, and suits your availability and work style.

3. Apply for a Real Estate License

After becoming part of a brokerage (if it’s a required step in your state), you may submit your application for a real estate agent license.

The typical requirements include your application form, proof of your education, exam results, and background check results.

You may also consider applying to the National Association of Realtors^Ⓡ (NAR) to become an accredited realtor, gain access to valuable tools and resources, and grow your network.

This additional real estate license will help you sell real estate in a wider market.

How to Succeed as a Part-Time Agent

If you’re serious about becoming a real estate agent, here are tips on making it in the real estate industry.

• Create a Real Estate Business Plan: A successful real estate agent has a vision and goal for their career, even if it’s part-time. Consider crafting a business plan where you fully assess your current situation and establish actionable steps to achieve your goals and vision.
• Join a Team: Joining a group of other agents and real estate professionals grants you help and support if you can’t meet a client during your shift. However, note that having other agents helping you means that you only take a part of the commission.
• Manage Your Schedule: Learn the art of time blocking to use your time effectively. Be disciplined with your time to balance your full-time and part-time jobs.
• Leverage Technology: Use automation tools and software for lead generation, to help you sell real estate efficiently and effectively without taking up most of your time and energy.
• Network Continuously: Use your free time to expand your lead generation online, connect with leads, and reach out to potential clients and other real estate professionals.
• Keep Yourself Updated: Learn about current market trends, legal regulations, and market changes to inform yourself about the real estate landscape’s condition.
• Continue Your Education: Successful real estate agents maintain their license and credibility by completing continuing education, undergoing training programs, and using free resources to learn more about the industry.

Part-Time Vs. Full-Time Real Estate Agent

A part-time real estate agent does the same scope of work as a full-time agent.

Here are a few key differences between working as a part-time and full-time agent to help you figure out if you should work as a real estate agent part-time or switch to real estate full-time.

A part-time real estate agent:

• Works fewer hours weekly
• Has less availability due to their day job
• Has a smaller network or client base
• Earns less due to fewer work hours and clients
• Tends to be less experienced and skilled due to fewer deals

Meanwhile, a full-time agent:

• Spends more hours working since it’s their primary job
• Has more availability with clients
• Has more opportunities to find and connect with potential clients
• Makes more money, since they have more time to sell real estate
• Tends to be more experienced and skilled due to having closed more deals

You can start as a part-time agent if you want to explore the real estate industry. However, understand that working part-time has its limits.

Should You Become a Part-Time Real Estate Agent While Working in the Medical Field?

The answer depends on your capacity, capability, and availability.

Although it’s possible to become a part-time real estate agent while being a full-time doctor, it can be highly challenging due to the demands of both jobs.

If you can manage your time and resources well, consider getting into real estate part-time.

It’s also ideal to start part-time if you plan to turn real estate into a primary career.

Otherwise, consider a more passive income for doctors, or transition to real estate full-time.

Plan Your Career with Physicians Thrive!

Planning and managing your career and finances can be daunting, especially with your busy schedule.

If you’re considering becoming a real estate agent to build wealth or transition to another career path, try asking financial and career experts to help you weigh your decision.

Physicians Thrive offers wealth planning and risk management services tailored to physicians.

These services include guidance on financial, career, investment, and legal concerns for physicians.

Talk to Physicians Thrive Experts today to get comprehensive career and financial guidance!