Let’s face it, many of us would all like to begin to earn or increase our supplementary income stream. While finding ways to earn a little extra income has become easier with the internet and better communication tools, it can still be challenging to find long term paths toward supplementary income.
This is especially true for realtors, who often work well beyond the standard eight hour business day chauffeuring clients to and from potential homes, creating marketing and promotional material for properties they are selling, and even staging homes for owners.
One of the easiest ways to increase cash flow is to branch out. Instead of specializing in one neighbourhood or city, begin to research and study adjacent areas and jurisdictions, so you can begin to offer your services in those areas.
Use existing clients to introduce you to friends and family in nearby neighbourhoods who may be interested in selling. Word of mouth is a proven way to generate more business in the real estate industry and the extra clients will help increase your revenue.
Another way to increase revenue is to expand into the real estate referral business. As your personal client roster grows, you will begin to have repeat clients who will come to you when the want to upsize or downsize or who will refer their children or parents to you. Sometimes these clients may also ask for help with moving to another city or community.
As a real estate referral specialist you simply access the real estate databases that you already subscribe and are a member to and generate a list or a specific referral for your client. The referral can be based on a select list of pre-determined criteria that can include the prospective realtor’s history, standing and status with local real estate boards and associations.
Referral specialists then match the buyer with the suitable agent and earn a portion of the sales commission fee, which is roughly 20 to 30 percent.
For those who want to expand their real estate business, attaining a brokerage license is also a viable option. Obtaining a brokerage license allows you to open your own real estate office and collect commissions from agents who work out of your brokerage. Like opening a referral business, brokers also earn a percentage of the realtor’s commission, anywhere from 5 to 50 percent.
Depending on the city and country you live in, the rules pertaining to establishing a brokerage may differ. However, it is well worth the time finding out the specific requirements especially if you believe you can find a large amount of agents who would work for you.
There is an old saying about working smarter not harder to attain your goals, and using the skills that you already possess is one of the best ways to work smarter and earn extra income.