If you’re wondering how to make money quickly as a new real estate agent, you’re not alone. As a real estate agent, your income is directly tied to your sales; you don’t get paid until your deals close. So naturally, it’s important to find clients as soon as possible, get homes under contract quickly, and navigate those contracts to smooth closings so you can get paid.
We’re going to tell you how to do that so you can quickly make money as a new agent!
But we’re not going to stop there. We understand that some market conditions lead to longer closing times. If you get your real estate license in the winter months when the market is slow, for example, it might take you longer to sell your first home. The same is true if you join the industry during a recession. So we want to give you tips for quickly making money as a new real estate agent even when the market is slow.
Work these quick money-makers into your real estate agent business plan to get the money flowing and keep it coming as you grow your real estate business.
How to Make Money Quickly as a New Real Estate Agent
Let’s start with ways to find clients quickly.
Finding Clients Quickly as a New Real Estate Agent
There are lots of ways to find new clients. But some methods are faster than others. Here are some of the fastest ways to find new real estate clients:
- Contact your sphere. Your sphere is your circle of friends, family, and acquaintances. They already know and trust you, so they’re more likely to choose you as their agent or recommend you to other buyers and sellers. In your normal “how are you” conversations, mention how excited you are to have your real estate business up and running. Then ask if they plan to buy or sell in the near future. Then ask if they know anyone else who might buy or sell soon. Very few people in your sphere will be moving this year, but they will all know someone else who is moving this year!
- Introduce yourself to your neighborhood as a real estate professional. With a quick introduction flyer, you can make sure your neighbors know you’re an agent. You can even invite them to contact you for a free home valuation, which can lead to a listing presentation! You can spend the time making your own flyer, or buy a customizable template on Etsy for under $10.
- Contact FSBOs. For Sale By Owner listings rarely sell without agent assistance. And when they do, the sellers tend to be worse off than if they had hired an agent. But you’ll have lots of competition from other agents who also contact FSBOs. So instead of trying to convince them to list with you, offer a free FSBO guide full of helpful advice. When they see how much time, skill, effort, and knowledge are involved, they might hire you on the spot!
- Poll your social media followers: Are you planning to move this year? This one question can turn up high-quality leads instantly!
- Create a killer offer and market it like crazy. A killer offer could be something like, “list with me, and I’ll pay up to $500 of your moving expenses when we sell your home!” Yes, it costs you money, but only when the deal closes. And it’s probably well worth $500 (or more) to get those first few deals under your belt. Market your offer on social media, through inexpensive social media ads, and by emailing your contacts.
Other Ways to Make Quick Money as a Real Estate Agent
What if you just don’t have time to wait for a closing and a commission check? No problem! There are several other ways you can make money in real estate. Here are some of our favorites:
- Leasing. As a leasing agent, you typically earn an hourly wage and a bonus for each lease you secure. Not only will this provide a steady paycheck, but it will also give you a chance to gain experience in real estate marketing, home tours, and closing strategies.
- Property Management. You can be an independent property manager (in which case you’ll need to take the time to find your own clients) or you can work for a property management company, earning an hourly wage for your work. Like leasing, this offers a chance to gain experience while earning a consistent income.
- Wholesaling. With your growing network of buyers, sellers, and industry insiders, you’re in a prime position to make money wholesaling. Wholesaling is a method of real estate investing where you get a property under contract, then sell the contract to a new buyer for a higher price. It can be quick money, but there are risks, so make sure you do your homework before getting into wholesaling.
- Real Estate Showings. Some agents are unavailable when their clients need to see a home, so they hire a showing agent to take their clients through a home. This is a great way to earn some quick money and gain some real experience. Get started with platforms like Showami and SHOWforME.
- New Home Photo Shoots. For anyone with an eye for photography, new home photo shoots are an amazing opportunity to make money quickly. Simply reach out to recent buyers and offer your new home photo shoot package (think engagement photos or family photos, but prominently featuring the home).
When you know how to make money quickly as a new real estate agent, you give yourself a chance to settle into your new career and create long-term success. Whether you decide to find new clients quickly, take advantage of an alternative real estate income method, or both, you’re on your way to a profitable real estate career!
Want to learn about more ways to make money in real estate? Check out our giant list of 55+ Ways to Make Money in Real Estate.
