You have your real estate license and may be thinking “now what”? Are you wondering besides selling houses, how to make money with a real estate license? There are many job options to choose from if you have your real estate license. Even if you choose not to sell houses or assists clients in buying homes, there is still plenty of other jobs you can do with your license to help you monetize your real estate license. The possibilities are endless if you really think about it. No need to lock yourself in a box if you have your real estate license. Let’s look at 18 job options for real estate agents. Which really means, 18 ways to monetize your real estate license.
Real Estate Agent
This first option is obvious. If you have a real estate license, then why not practice real estate. As a real estate agent, you can help others sell and buy homes. This option is the most popular job real estate agents take on when they get their license. In my opinion, buying and selling houses is the best way to learn the ins and out of real estate and form a strong foundation of knowledge in the real estate industry. Even if you find yourself moving away from helping others buy and sell houses and moving towards another real estate niche, it’s always a good ideal to understand the home buying and selling process which will advance you in other areas of real estate.
Furthermore, you can choose to specialize in a certain area. For instance, maybe you’ll just focus on selling housing and being a listing agent. Perhaps you’ll only help home buyers and specialize in being a buying agent. Or you may even take it further and be a buying agent selling brand new builder homes only. I call this niching the niche!
As a managing broker you may choose to manage a group of real estate agents in a brokerage. Or, you may choose to form your own brokerage and have real estate agents up under you. When they get a commission for selling a house or helping someone buy one, then you as the broker gets a percentage of that commission. If you get enough agents up under you and they do well, this set up can be very lucrative, all without you having to sell houses or assists buyers yourself. Of course, being a broker comes with its own set of issues to deal with. As the broker, you’re the designation go-to person for problems, issues, questions, and so on. So, whereas you may not be actually assisting customers, you will have to be there for your agents.
If you’re anything like me, you love watching HGTV. Any shows that have to do with buying and selling homes, decorating, etc. I’m all in! This includes shows on flipping houses and investing in rental properties. There are so many ways to make money in the real estate industry.
If you’re not familiar with flipping a house it involves buying a house at a low price, fixing it up, and then selling it for a higher price than what you paid for it. Examples of properties one might buy to flip include houses in foreclosure, short sales, properties that need work or have issues, and normal properties that are simply great deals because they are “priced to sell.”
They key is to buy a property at a low enough price that when you sell it you make a profit. Before you jump on the flipping bandwagon, I suggest doing your research first and make sure you can get financing to buy houses.
Continuing Education Instructor
Another way to monetize your real estate license is to teach real estate related classes. A real estate instructor teaches courses that prepare individuals to take state exams for real estate agents. Or, an instructor may teach other courses that relate to real estate. Requirements to be a real estate instructor can vary. You’ll want to have industry experience. Classroom experience is helpful as well. In addition, a real estate license and/or a degree in the area you want to teach in will help you land a job as a real estate instructor. Training courses offer a variety of learning options such as in person, online, and even physical books. Community colleges and real estate schools are common employers of real estate instructors.
Besides teaching courses to prepare individuals to become a real estate agent one may also consider branching out and teaching continuing education type courses. These types of courses are popular since real estate agents and brokers to renew their license every few years. Licenses are renewed by taking the required number of continuing education courses every few years. There are also some core mandatory courses to take every few years such as legal and ethics courses. To have a better chance of keeping a steady flow of students, opting to gain experience and teach some of the required courses is best. Specialized courses, certifications, or designation type courses are popular as well. Examples of such courses include new home construction, luxury home certification, and a green designation.
Real Estate Administrative Assistant
Becoming a real estate assistant is a great way to be in the real estate industry without having to take on the task of selling houses. As a real estate administrative assistant you can learn a lot about the administrative side of things. Learning and knowing how the administrative side of real estate works is a great asset to add to your portfolio no matter what aspect of real estate you practice.
To become a real estate assistant you don’t necessarily need a license, but it is helpful to have one. Real Estate assistants can perform more duties than one without a license. This may be helpful in negotiating your salary. If you can do more, you can charge or ask for more!
A REA might perform such tasks as cold-calling, data entry, marketing, setting up appointments, and more.
What an unlicensed real estate assistant can do will vary from state to state. Each state has their own guidelines regarding what’s allowable for licensed and unlicensed assistants. Therefore, you will want to check with your state’s governing licensing department or your state realtor board or association.
The bottom line is that real estate agents are always in need of assistants. A smart realtor will spend their time with clients, not doing administrative tasks.
A Transaction Coordinator (TC) is a real estate professional who manages all the paperwork and deadlines involved in a real estate transaction. The TC will monitor everything from beginning to end. Being able to keep track of deadlines and contingencies, obtain signatures, and make sure all pertinent paperwork is completed is a big part of what a TC does.
There is no license required to be a TC. If you do have a real estate license you may do additional activities such as initiate contracts and addenda. It will all depend on who you work for and what they are comfortable with you doing. Always be mindful of what’s allowable if you do not have your real estate license. Set boundaries early on and do not be afraid to speak up and remind an agent of the limits set for TCs without a license.
Furthermore, if you are a licensed agent who does TC work, be sure you only perform licensed activities for the broker in which you hang your license. It’s best to take a transaction coordinator course instead of jumping right in.
Property Manager/Vacant Home Management
Those that own a house that they want to rent or even someone with a building to lease may hire a property manager.
A property manager manages the day-to-day details of running a building or managing a rental property.
Property managers provide a range of services to rental owners. Some duties of property managers include marketing the property, obtaining the rent, reviewing lease applications, handling maintenance and repairs, and performing property visits to make sure tenants aren’t damaging the house or building, and making sure everything is working properly.
With vacant home management, the manager will pay the bills, coordinate maintenance and repairs, conduct inspections, hire professionals to take care of the property, and more.
There may be professionals to hire and retain such as landscapers, house cleaners, pool service providers, and a handy man. Vacant home managers oversee whatever needs to be done.
A real estate appraiser does not need a real estate license but will need an appraiser’s license.
A real estate appraiser will provide their opinion on the value of the land and any improvements on it.
Real estate appraisers view a property and then compare it to similar properties to provide the appraisal.
As an appraiser, you may decide to do residential or commercial appraisals.
It’s important to educate yourself and be knowledgeable in this field as you can make or break a house sell since you are deciding the property value. The appraiser will use various forms of information to make their decision. Pictures, data, the history of the house, comparables, and improvements to the house all play a factor in the appraisal.
The home inspector also does not need a real estate license but may need other training.
Home inspectors will inspect the property for any damage, defects, repairs, and overall condition.
Inspectors can scope out any current problems and potential problems down the road. They inspect the exterior and interior of the property as well as such things as the electric system and plumbing.
Leasing agents help find potential renters to rent or lease an apartment, house, or building. They prepare lease agreements and show properties to help secure a rental agreement. Negotiations may take place regarding the property and leasing agent duties may parallel with that of a property manager at times depending on the situation and job.
Showing Assistant/Door Opener
To be a showing assistant you are limited in what you can do without a RE license. For instance, you can’t discuss pricing or conduct a sale. You can schedule showings and answer questions.
If you have a license, as a showing assistant you might set up appointments, prepare homes for viewings, identify homes to show that meet buyer’s criteria, and show the property to potential buyers or rents.
Some additional tasks a showing assistant may take on depending on their credentials include gathering and answering buyer questions about potential homes and local community information, providing buyer clients pricing information and market research, and educating buyer clients about the home buying process.
A Loan Officer, or Mortgage Loan Officer, is responsible for helping customers with the loan process. This includes navigating the application, approval and closing process. The loan officer will present options to clients and explain terms.
Loan officers oversee the staff that does the paperwork for mortgage applications. They also verify the information provided on applications and obtain more information if missing data or mistakes are present.
At the end of the loan process the loan officer will approve or deny the loan. Being detail-oriented is important in this position since you have to be aware of loan application deadlines.
Loan Signing Agent and/or Notary
A notary signing agent (NSA) or loan signing agent (LSA) is a notary who has special training to oversee loan document signings. A title company or other companies that offer signing services will hire a NSA or LSA to conduct a loan signing at a house closing. Signing agents take great care to present the documents to the borrower, conduct the signing, and then return the documents to the title or signing company.
Training and/or taking a course may or may not be required in your state to become a signing agent.
Learning doesn’t stop just because you receive your commission or become certified. Therefore, it’s always a good ideal to take a course or two when you first begin your career as a notary/notary signing agent as well as throughout your career.
Basically, a loan signing agent certifies and notarizes financial and legal documentation related to loan documents. These types of signings are for real estate transaction loans such as new home loans, reverse mortgages, refinancing, closing contracts, and property transfers.
To become a NSA/LSA you first have to become a notary. Qualifications to become a notary vary greatly by state. In some states all you need to do is fill out an application and pay a fee. Other states may require taking and passing an exam and having a background check done on you. After becoming a notary, you can take a course on how to become a loan signing agent. Many notary publics work as loan signing agents on the side.
Here are some recommended courses for becoming a loan signing agent.
Notary offers a Loan Signing course as well as state-specific notary courses. Just scroll to find your state if you want to take a notary course pertaining to your state laws. State specific training isn’t offered in North Carolina, Florida, or Nevada.
Their courses are very reasonably priced.
Notary2Notary offers high quality and comprehensive training for notaries. There’s a place to ask questions and have discussions after each module. The instructor is very good about answering questions that students leave and is very engaged. A variety of courses are offered on becoming a notary, a notary signing agent, building a successful business, and so on. The courses are well-rounded offering great opportunities for professional growth and advancement.
The Loan Signing System offers notary signing agent training at various levels. There are three different packages for your learning needs-the Fundamental, the Professional, and the Six-Figure training. No matter which package you get you’ll be getting top-notch notary signing agent training.
Apartment Manager/Apartment Locator
Apartment locators help clients find apartments to rent. They can also help find other types of housing besides apartments such as single-family homes, townhomes, condos, etc.
The leasing office of the property is typically who pays apartment locators on commission.
As an apartment locator your job is to scope out properties that meet the needs of your clients. You may accompany them to the property for viewing as well. Some places don’t require the apartment locator to escort their client to view the property. However, some places make escorting a requirement. Be sure you know the rules and requirements of any places you take clients. You want to make sure you get your commission by following the rules.
Commissions can vary depending on the apartment complex or other housing property. Some leasing offices will pay 100% of the first month rent for finding them a client. Others may offer 50%. It really just depends on what the office thinks is a fair offer.
Keep in mind that the apartment locator doesn’t get paid until the deal is sealed and the client has moved into the housing.
Most states require apartment locators to be licensed real estate agents. A good apartment locator is flexible with good communications skills and diligence.
An open house is when a homeowner and their real estate agent invite the general public to view the property. During the open house the listing agent will answer any questions about the house. Usually, the interested parties will walk around viewing the property on their own. Some agents prefer to walk around with those at the viewing to discuss the features of the property and give them a personal tour. Of course, if there are a lot of people at the showing giving individualized attention and walking around with each person is not possible. That’s why it’s an open house. The open house gives many people a chance to see the property at one time. The agent may gather contact information and/or pass out their information as well. Passing out brochures or flyers regarding property stats is a good option as well. The point of an open house is to generate enough interest to gain a sale. Listing agents sometimes hire other agents to do an open house for them. Hopefully, lots of interested buyers are the majority of the traffic.
Another job option for real estate agents is to be a runner or courier.
Some niches regarding runner and courier services include escrow document delivery and private document delivery.
To be a courier you should be dependable and have reliable transportation. You will ensure timely deliveries providing support for others in the real estate industry that need to deliver documents. You might deliver documentation between sellers, buyers, and lending companies as well as legal documents between attorneys, permit, and city offices.
A courier can provide agent assistance by delivering and even installing “for sale” signs, lock boxes, and taking property photographs.
Property managers may need couriers to deliver keys to management personnel, notices to rental clients, and court filing papers.
Vacant Property Check
There are companies that specialize in taking care of vacant homes by performing interior and exterior checks and making sure yard maintenance is performed regularly.
Banks that own foreclosed properties may need vacant property check type services to ensure the property is safe and to check on the condition. An owner might move early if they find another property to purchase before selling their home. Investors may wish to sell a property. There are many reasons why a property may become vacant.
Those that hire property checkers may need anything from pictures taken of the outside of the property to going inside to turn on lights, check that the AC is working, and so on. They may want you to inspect the entire house or just check on a few things.
Some Landlords rely on a credit score, criminal history, and other information when evaluating tenants. This is where tenant screening services come into place. A tenant screener may perform background checks for the landlord, check on financial and eviction history, and even call current employers of the tenant or their past landlords.
Tenant screeners may provide other services such as meeting with the client to get their application, show them the property, and have them sign a lease. It’s up to the tenant screener or what services they want to offer. You can offer to virtually screen them by doing a background check, income check, etc. verify their income and job, talk to past landlords, etc. and reporting your findings. Then it would be up to the landlord to decide if they want the tenant and proceed. Or as mentioned earlier, you can be less involved limiting your services to only verifying and checking the tenant’s information.
And there you have it-19 job options for real estate agents! As you can see, the real estate industry is full of great options. Are you burnt out with selling houses? Then just pick one of these options. Exploring other jobs within the real estate industry is a great way to expand your portfolio and become a well-rounded knowledgeable real estate agent.