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5 Side Hustles for Real Estate Agents Should Consider

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Real Estate Agents

If you’re a realtor, the industry’s feast-or-famine nature and commission-based nature may have you looking for other ways to secure more consistent extra monthly income.

However, profitable and viable side hustles for real estate agents are not always easy to come by.

For starters, they can irritate brokers, who don’t want you distracted from your primary job—or from your clients. And how much time do you have to learn something new? Furthermore, many online recommendations are unrealistic, such as becoming an Uber Eats delivery person or an Instagram influencer overnight.

We’ve compiled a list of 5 real estate agent side hustles that are realistic, profitable, and aligned with your career goals, skills, and experience. Best of all, they can increase your visibility and, hopefully, increase your sales.

Property or rental management outsourcing

Managing other people’s investment properties in the latest housing schemes like the smart city of Lahore is a wise side hustle. When done the traditional, hands-on way, managing short-term rentals (STRs) was a very demanding job because you had to take care of:

  • Promotion of your vacation rental
  • Payment collection
  • Screening and communicating with visitors
  • Cleaning appointments
  • Providing amenities
  • Manually adjusting nightly rates in response to fluctuating demand

This is extremely beneficial to your clients because you will be taking responsibility for managing a successful STR off their shoulders. It also provides you with a guaranteed monthly extra income. Your broker will benefit from this as well, as they will be able to start diversifying their services and gaining more clients and profits. You also get to earn passive income without having to do any work.

Rental arbitrage or house hacking

House hacking is a profitable business model for STRs. It entails converting a space in your home (such as your studio into a bedroom) and renting it out on Airbnb or another online travel agency for the night.

Rental arbitrage is similar, except that you rent a property, furnish it, and decorate various rooms, which you can also rent online. If you do this, the property owner must give you written permission.

You can make more money renting your place to multiple people at the same time by house hacking or rental arbitrage than by renting it long-term or as a regular whole-property STR.

Property management for the long term

Managing someone else’s property for a long-term rental can be a lucrative side hustle. You will be in charge of:

  • Determining the monthly rent
  • Promoting and demonstrating the property
  • Tenant screening and approval
  • Preparing and obtaining tenants’ signatures on the lease agreement
  • Making certain that the property is clean and ready for the renter to move in
  • Taking care of complaints and maintenance issues
  • Payment collection and bill payment

Being a property manager can be very lucrative, as you can earn around 10% of the monthly rent. Your brokerage can start offering this as an extra service to boost revenue. And your clients will appreciate the added value of not having to find someone else to manage their new property.

Property taxes handler 

Owners must pay property taxes, but you can appeal if the property is overvalued. Doing property tax appeals can be profitable, especially as a side hustle, and it’s not as difficult as you might think. All you need is a basic understanding of competitive market analysis (CMA) and good communication skills.

Once you have your CMA, go to your county tax assessor’s office and inform them that they are overvaluing your client’s property. If you can demonstrate that you are correct and that they are over-appraising the property for tax purposes, you will be paid a fee based on the savings made by your client.

Property overvaluation is common in some countries, so you should expect to pay a premium.

Notary public

You can validate people signing legal documents as a notary public. You can provide remote online notary (RON) as well as traveling notary services.

That means you can either validate documents online or travel to your clients and charge them a fee for their time.

This job does not necessitate extensive training or initial investment. The signing of paperwork by both sellers and buyers is usually required to be notarized. You can charge for it if you do it for your broker or other realtors. You will also benefit your clients because they will not have to find someone else to do it or travel to another location. Your broker will also benefit because they can provide notary services as part of the closing process.

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