The Backup Plan:  Other Ways to Make Money with a Real Estate License

There are many reasons someone gets a real estate license.   Some dream of being an agent for years.  Some want to be their own boss and help people all at the same time.  Others, like me, thought real estate would be a good backup plan in case my original career did not work out. 

There are two big differences between the real estate licensing exam and the law license examination:  Test time and time until you get your results.  The law license exam takes at least 2 days to complete (and sometimes more depending on the state) and you have to wait 3-4 months while your 12+ essays are graded.  The real estate exam takes 4 hours and you find out instantly if you’ve passed or failed. 

The time waiting for my law license exam results was the most stressful and nerve-racking time of my life.  You literally put your life on hold, not knowing if you will be able to continue your job if you don’t pass or not knowing if you will be able to find similar work if you don’t pass.  And if you don’t then you have to wait another 3 months before you can even take the exam again!  (They only offer the law license exam twice a year.) 

The main point in all that terror is that I started thinking about how to earn a living in other ways.  And that’s what this article is going to help you do.  When it comes to putting food on the table, you don’t want all your eggs in one frying pan.  When one door closes, you have to make sure there are other doors still open for you. 

A real estate agent’s license can do just that.  Everyone thinks of helping someone buy or sell a house but talk to any real estate agent and you’ll learn there is a lot more to it.   

Maybe you’ve tried the traditional path of residential property and you want to move on to a different role such as a property manager or investor.  Maybe the market is turning downward, and you want to supplement your income during some lean times.  Maybe you love the traditional path and want to become a broker so you can help agents follow in your footsteps.  Whether you’re switching careers or looking to expand your real estate practice, this article can show you the possibilities you have with a real estate license. 

Here is a list of other opportunities to earn income with a real estate agent’s license:

Read below for more information on real non-conventional real estate license opportunities:

• Broker’s License 
• A real estate agent or salesperson's license is the initial license you can get to help people buy and sell property.  The next step up is getting your broker's license so you can work for yourself and make more money. You usually must wait 2-3 years and you’ll need additional education. 

• Real Estate Investor  
• Many real estate agents have become investors for rental income. Even those who have seen success with selling properties have taken on the role of a real estate investor.  One of the best perks of being a licensed agent who is also an investor is that you get first dibs on desirable properties as soon as they are listed.  Another perk is saving some money on agent fees! 

• House flipper 
• Just like an investor, the perks of flipping houses as a licensed agent are saving money on closing costs and getting first glance at available properties.  The monetary goal with flipping houses is the gains from the sale, not rental income.  And when you're flipping houses, some markets are better to rent than to sell. 

• Referral agent 
• Being a referral agent is something you can do at any point, not just when you want a little extra cash.  A referral agent refers potential clients to other licensed agents and gets a percentage of their commission.  As you build your network, you will likely be growing a strong referral network.  Some states allow a licensee to designate themselves as only a referral agent. 

• Property Management 
• A property manager is responsible for ensuring that a real estate property is safe and that both the owners and tenants are satisfied with the arrangement. They work closely with an owner to get a property ready to rent, act as the middle person to secure monthly payments, coordinate repairs, get all parties to sign agreements and contracts, and arrange for the tenant to move out at the end of their lease. 

• Leasing agents 
• A leasing agent is responsible for ensuring that a property has tenants. They may market available listings, reach out to potential tenants to gauge their interest, and host events to promote the property.  Some states require that person have a real estate license. 

• Blogger/Marketing Specialist 
• Did you think I wouldn't bring up blogging and marketing in our real estate blog that we market to agents and potential agents?  This is a skill you will likely develop as an agent anyway.  Being able to write SEO-driven blogs is immensely helpful to drive web traffic to your brokerage's website.  It will also help networking and establish yourself as an expert agent.  If you gain a strong following, you could earn ad revenue from a website or get paid to write for someone. 

• Double Dipping on Education 
• Some states like Pennsylvania allow the pre-license education for a real estate agent to qualify for licensure as another type of license.  Pennsylvania’s real estate pre-license course covers licenses for cemetery salespersons and brokers, builder-owner salespersons, and rental listing referral agents. 

• Appraiser 
• Most states require that a real estate appraiser have a separate education or separate license.  However, some states like Indiana allow their real estate licensees to perform property appraisals without an additional license.  They may also require a small number of educational hours but they won’t require an additional appraisal license. 

• New Construction Sales Agent 
• Instead of working for a real estate brokerage, you could be a sales agent for a developer.  According to a recent study, the US is short 3.8 million homes to meet housing needs.  That is a massive market for new construction and those developers will need someone to help sell those homes. 

• Government Jobs 
• Certain jobs in the state and the federal government require the person to carry a real estate license, especially when they are negotiating leases and property purchases for the government. 

• Broker Price Opinions 
• Similar to appraisals, a broker price opinion is to value property for a fee.  Some states require additional licensing but others only require a small number of education hours to perform a BPO. 

• Real Estate Schools 
• Schools like Perry have needs for student support and content development that is best filled by real estate agents with the right experiences.  With certain certifications and a college education, you may also qualify as a teacher at your local university or community college. 

Unfortunately, this is not an invitation to apply to Perry Real Estate College.  Sometimes you can’t tell where the world is going to take you.  I was planning on being one of the best personal injury attorneys in Kentucky but a terrible office atmosphere caused me to jump ship and explore my options.  Without my experience as a real estate agent, I don’t think I would have gotten this job.  Schools like Perry have needs for student support and content development that is best filled by real estate agents with the right experiences. 

If you have questions about your next steps or getting started down one of these paths, do not hesitate to contact us at 859-525-0303.