I Will Show You 5 Ways to Make Money as a Real Estate Agent
Today’s article is all about helping you make more money as a real estate agent, specifically this article is for agents that want to make money other than the standard buy and sell clients and we’re not going to get into the wholesaling the rehabbing the buying and the flipping, this isn’t about purchase and sale transactions.
It’s more about five creative ways as estate agents, that you can make more money because there will be times as an agent where you might not have a deal closing this month. You may not get any income for an entire month or longer. Maybe you’re just starting out or maybe you’ve been doing this for a very long time and you just have closings that are 45 or even 60 days out. What do you do in the meantime when you don’t have any money coming in. In this article, I’m going to share with you five ways you can be making extra cash extra money. So while those big deals are closed and 60 days down the line you can still be pocketing some coin into your pocket.
The first way to make more money real estate agent is with rentals.
Yes rentals a lot of agents they turn their nose up at rentals, and you know, if you are doing a lot of transactions, a lot of buying and selling, rentals are probably pretty low on your priority list, but if you don’t know when that next paycheck is going to come or you have a pushed Out close date for a couple of your other properties rentals are a fantastic way to earn extra income. The way it works is you get anywhere from 25 to 50 percent of one month’s rent. So if the lease is $2,000 while you’re walking away with at least $600 in with rentals, you got shorter turnaround time, the shorter life cycle of your clients, so it’s not something where you’re working with someone for three years and then they finally decide to buy the house, right? You could meet him one weekend and they could sign a lease that weekend and then it’s also less stressful. So you don’t have the home inspection issues. You don’t have appraisal issues. So highly recommend rentals. If you don’t know when your next paycheck is going to come.
The second way to make more money real estate agent is with Furl deals.
You know as an agent, I try to help everyone but sometimes the client they want to see a house in Maryland. Sometimes the client is moving out of town to a place I’m not licensed in. So are they lost, clients? No, they’re not you can still earn money by referring that client to another agent. What you can do is you find another agent in that town or you can go through your broker. And usually the referral fee is around 25% This is negotiable, but it’s 25% and that’s the amount of their commission that you earn by setting up that lead. It’s a fantastic way.
If you don’t want to drive to a certain neighborhood personally, I never go to Maryland. It’s a personal and business policy of myself. So if there are areas that you don’t like going to or if it’s too far away or they’re moving out of state or anything like that. I even know some agents that are only referral base.
They might do one or two personal transactions every single year, but they have such a big network and they have so many connections that hey anytime someone asks them to move, they set them up with a nice agent and they get that 25% referral fee. So guys closing deals is fun and getting the commission checks or fun. But you know, it’s also fun is looking at your phone looking at that deposit for some random agent across the country that closes the deal through your network. So would definitely recommend referring out clients.
The third way to make money as a real estate agent is to recruit other agents to join your brokerage or to join your team.
You know, now that you’re referring our clients, it’s time to refer, it’s time to recruit agents to join your team or your brokerage because every single brokerage will have some sort of model set up, some sort of incentive for agents to recruit other estate agents, it could be like a thousand dollar bonus or you could even get a certain percentage maybe like 10% of an agent’s deals, you know for the first six or 12 months something like that.
So ask your broker figure out what type of recruitment incentive that they have, to bring new agents on board.
The fourth-way estate agents can make money is to come out with an info product or a book.
This is a great way for agents to make passive income. And here’s a quick example, I wrote last year, and the book still gives me passive income every single month. There’s nothing passive about writing this book, but I do get money from it every single month. Listen. It’s not a New York Times bestseller, I don’t make a ton of money from the book, but I do make some spare change, I do make some money and if you’re an agent, chances are there’s something in real estate that you’re very good at because I’m showing you a book and you may be thinking, Oh, well, that’s great. Congratulations. What should I do? What’s should my book be about, what your my info product be about, or should switch filed? Well, maybe you’re very good at staging properties, maybe you’re very good at helping sellers get their home ready for sale, or maybe you’re very good at helping buyers in competitive offers situations, chances are you’re probably very good at something very specific. So why not just write 10,000 words just a quick it’s basically like a very long blog post about that put it on Amazon to your Target demographic and then you can earn extra income every single month from your online product or your online book.
The fifth way to make money alternatively like real estate agents other than those standard deals and the buying and the flipping is YouTube ads.
Yes, you will have to put out videos. Yes, you will have to be consistent. You got to hit a thousand subscribers, but if you are passionate about creating high-quality content, and you do it long enough, you can hit a thousand subscribers and start to monetize your YouTube channel. Personally, I make a couple of hundred dollars every single month.
Sometimes it’s more sometimes it’s less and between the YouTube ads between the online products between referring out business or Fern out those Maryland deals that I don’t want to go to this helps to pay for all those expenses that pileup. So when I do get that big check from the actual closings, I can put that money back into my business.
But when you finally do get that big check all your expenses are covered. That’s my goal is to have all these other products all these other sources pay for the expensive. So then when I do have that big check I can put it back into my business.
So I hope this article was helpful on five creative ways that you as a real estate agents can make more money. If you learn anything be sure to share it with friends via the buttons below, it helps me out a lot if you already hit it. Okay, guys, it’s time to create a productive day.