Real Estate Side Hustles That MIGHT Require A License
Some of these real estate side hustles require real estate licenses. It depends where you live and the specific nuances of your state’s laws. Many people who pursue these gigs decide to get a real estate license anyway (even if it isn’t required) because it gives them the ability to charge more money for their services.
Real estate transactions are very paperwork intensive. There are forms and disclosures for dozens of things and the files seem to get thicker every year as the list of disclosures continues to grow.
Most people who are drawn to the real estate sales business enjoy working with people, but they usually don’t enjoy completing paperwork. The paperwork is necessary and the salespeople are happy to pay someone else to manage it for them. If you are organized and detail-oriented, being a transaction coordinator is a great real estate side hustle. The fee is usually a few hundred dollars per transaction.
Much like being a door knocker, this gig isn’t for everyone. It takes a special kind of person to enjoy this work and do it well. You’ll need to be comfortable with constant rejection and be able to build rapport very quickly with strangers over the phone.
There is always work for people who are good at cold calling. Many of the most successful real estate agents in the world have taught themselves to make dozens of cold calls every day, even if they hate it. They do it because it works! You can command big compensation if you have the ability to generate sales leads or investor leads by pounding the phone all day.
Some states limit the types of things you can discuss with potential clients if you don’t have a license, so check you local laws before diving into this one.
Short-term rental management is a specialized form of property management. Again, check your local laws to see what sort of property management you’re allowed to do without a license.
This gig is easiest for people who live in areas where there are lots of vacation rentals. Out-of-area landlords are inclined to hire people to manage the vacation rental bookings, but locals tend to manage their short-term rentals themselves.
Much of this work is time-sensitive. There will be situations where a guest is leaving at 11am and the next guest is arriving at 2pm, so you’ll have three hours to clean the place, swap the towels and sheets, etc. It helps to employ some cleaners who are reliable and can move fast.
The compensation is a percentage of the rental fee and the exact percentage varies. I usually see the fees in the 10-20% range, but it depends on the competition in the area and the services you provide.
You don’t have to own a property to make money off Airbnb. All you need is a property owner with some rooms to fill.
Not all property owners have the time to manage guests coming in and out of their rental every other day—even if it could potentially mean more money in their pocket. That’s where the Airbnb manager comes in.
Here’s how it works. You approach a property owner who is looking for tenants. You tell them that you’ll pay rent as an Airbnb manager. Throughout the month, you clean the property, welcome guests, pay the right insurance payments, and rake in the cash.
This is a great side hustle for someone who isn’t willing (or doesn’t have the funds) to make a down payment on a property.