Estate Agents Tip: 5 Ways to Make Money as a Real Estate Agent
5 Ways to Make Money as a Real Estate Agent
In this video, Realtor Matt Leighton shares five ways that real estate agents can make money.
If you are a new real estate agent, you may not have any deals closing. Or if you are an experienced real estate agent, you may have deals closing, but they may have a long closing timeframe like 45 or 60 days out.
These 5 ways will be in addition to helping clients buy and sell property. Also, we won’t be covering wholesaling, flipping, property management or buying an investment property and renting out the property.
This video will be for real estate agents that are looking for other ways to make money as a real estate agent.
5 Ways to Make More Money as a Real Estate Agent
1:04 – Rentals. Helping people lease apartments, condos, and houses is a great way to earn money on the side while the bigger deals close. Rental transactions usually pay out anywhere from 25% – 50% of 1 month’s rent.
The lifecycle of the deal is shorter and there is less stress because you don’t have to worry about the home inspection or the appraisal coming back low. Leasing can be a great way to earn a few hundred dollars (and sometimes a thousand depending on the price point).
1:58 – Referral deals. If you know of someone looking to move to an area where you are not licensed or maybe you are licensed but it’s too far away or you don’t want to drive to that neighborhood, you can refer the client to another agent and collect (usually) up to 25% of the commission as the referral fee.
This works for buyers and sellers coming to and leaving town. As an agent, you can find other top agents in different areas of the country and if you know someone moving to San Diego (for example), you can connect them with a top agent in that market.
Some agents have set up their business where they are only referral real estate agents and they may only do one or two deals themselves each year.
Closing personal deals are fun. But having other agents close deals for you while you get a paycheck is even more fun!
3:40 – Recruit other agents to join your brokerage. Every brokerage or team will have some sort of incentive for agents to recruit other agents to join the brokerage.
The recruitment incentive could be a $1,000 bonus, or it could be something like you receiving a 10% cut of that agent’s transactions for the first 6 or 12 months that the agent is with the new brokerage.
Check with your brokerage to see what recruitment incentive is being offered.
4:20 – Publish an information product or a book. Having a book or an online course is a great way for real estate agents to make passive income.
Writing a book does take time, but it is not as arduous as one may think. You have to write at least 10,000 words, which is essentially a long blog post.
If you go the book route, choose something that you’re passionate about. You could be very good at home staging. Or helping buyers in competitive offer situations.
Think about something real-estate wise that you’re very good at and write 10,000 words about it.
Once you publish it, you’re done. There’s nothing else to do but collect a monthly direct deposit from Amazon.
Be sure to pick a topic that has an audience and is not too narrow.
5:40 – YouTube ads. Yes, you will have to publish videos. And yes, you will have to hit 1,000 subscribers to enable monetization. But if you are passionate about putting out quality content on a consistent basis, this will be a good option for you.
With YouTube revenue, you can make anywhere from a few hundred dollars per month and maybe even much more depending on your audience.
The goal is to have these 5 creative ways to make money supplement your income for when the big closings occur. So these revenue generators will pay for your expenses, and when you get your closing check, you can reinvest that back into your business to help your real estate agent business grow along the way.
My new book ‘Condo Buying Mistakes’ is now available:
Real Estate Continuing Education Online Classes:
Looking for a real estate agent in your city? I have a network of top producing agents around the country. Email me and I can put you in contact with an agent in your area
Matt Leighton – Arlington VA Real Estate Agent
Licensed in VA and D.C.
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201
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