People who have had success in real estate will tell you that hard work must be put in to earn income in this field, and we agree. Make every effort to stay committed, and we know you’ll achieve success!
However, let’s assume your efforts aren’t reaching where they should. Perhaps the economy or your sales have dropped significantly, or perhaps more time has recently opened up for you to pursue your dream. There are still effective strategies available to real estate agents looking for additional ways to generate additional income and profit through working as real estate agents and making more sales.
Engage Your Circle of Influence Through Frequent Communications
Clients that have been with you for an extended period will know who to come to for help, knowing you as their go-to expert in real estate matters. They’ll likely buy or sell multiple times; keeping in regular contact with these clients is crucial if you want to succeed as an agent of real estate.
Attain peace of mind with regular contact, no matter if communications are automated. An exceptional CRM (customer relationship management) tool enables regular email or text communications as well as reminders for phone calls.
Take Charge of Your Future By Reaching for the Phones
Do not wait for potential customers to contact you; make direct contact and be the master of your success!
Cold calling has been proven effective. Baylor University’s Keller Center conducted research examining its efficacy within the real estate industry and observed that agents who consistently made phone calls for at least an hour per day all week received appointments or recommendations with every 209 calls made.
If you don’t plan to make cold calls on the weekend, allocate one hour each day during the week for listing or referral purposes. It could prove extremely valuable!
Suppose you’re searching for properties no longer available, switching FSBOs back over, or expanding an operation for farming real estate. In that case, we suggest using the platform Listing Bell.
Becoming a Property Manager
In most states, to make real estate transactions that involve security and enforcement of leases on commercial or residential properties easier, property owners need to own them themselves or possess an operating license from the real estate commission. According to ZipRecruiter, many real estate agents also work part-time as property managers on behalf of investors that typically earn around 32,000 annually.
Realtors may collaborate with investors to purchase properties for short-term rental and then serve as property managers of Airbnb and VRBO properties after sales have closed.
Focusing on Rental Clients
Real estate agents working in or near major urban areas should consider working with rental clients as an excellent way to earn more as real estate agents.
A typical rental commission equal to or slightly below one month’s rent is typical; you and your broker split this cost. Most of the work to find tenants for apartments can be accomplished within 24 hours and allows you to acquire multiple rentals within a week.
This strategy could also improve your company’s standing across different sectors. If your customers had positive experiences, prospective renters might return when ready for purchase or recommend your service to others. It could even serve as an opportunity to demonstrate your expertise to developers looking to rent out newly constructed units or condominiums.
Develop A Partnership With Developers
Property developers looking at new developments will always ask themselves, “How much is this going to cost?” and “Can we sell it for?”. Unfortunately, most property developers only know one answer to each question – here is where you can help.
Locate and familiarize yourself with the area’s top builders and the types of projects they undertake. Create a plan to reach out and form alliances with them as would any cold calling effort; local experience can prove invaluable in planning and executing new projects; you could serve as an expert throughout this process.
Alongside consulting costs, it is wise to suggest acting as the listing agent for any major developments or new properties. Being the listing agent on any major development can provide additional income as a real property professional; doing so offers protection and offers an administrative team to handle marketing and scheduling needs.
Ben Caballero, one of the world’s most profitable real estate agents by closing sales for over 10 years, enjoys working closely with developers when it comes to new construction projects. If you still doubt his methods’ efficacy, note that in 2021 Caballero closed 4,671 houses worth an astounding total of $1.98 billion!
Discover an Underserved Niche in Your Market
Experienced agents often find that leads come directly to them instead of having to seek them out. Need some guidance when starting? Below are a few different questions that will help you uncover opportunities in your marketplace.
Are any universities or colleges located within your community?
College towns housing markets can be extremely profitable businesses for those who know how to navigate them effectively. Students living away from home will require agents who can help them find an apartment, although at significantly lesser costs than commissions on home sales; earnings per hour remain similar.
Are short-term rental properties popular in your city?
Airbnb is rapidly taking over the real estate investment world. Helping investors identify properties they could turn into Airbnb hot spots is an effective way of securing long-term customers, staying abreast of local regulations regarding short-term rentals, and understanding risk and the factors that define this risk better. When your advice proves particularly effective, clients will likely return or refer you to friends.
Are there housing shortages or issues in your region?
Suppose there isn’t enough housing in a given area than necessary. In that case, smart real estate agents will quickly focus on land that remains vacant. A lack of housing can quickly hinder expansion and vitality in any neighborhood; to encourage builders, municipal authorities often provide tax breaks or schemes to encourage more housing developments. Builders will require land for purchase – be ready to serve as their go-to source when dealing with local land transactions!
Are people moving into your city?
Real estate agents often take on the role of relocation expert as part of their real-estate duties, but advertising yourself as one can add credibility. Use your contacts (movers, mortgage brokers, lawyers, bankers and storage businesses) to ensure a smooth move for those moving into your local area from outside it – they know more than anyone about how best to navigate their way around town! You are the expert when it comes to local knowledge. So use it in your favor!
According to Indeed.com, relocation specialists typically make approximately $63,000 each year in earnings – adding this number onto any compensations you already earn!
Are more homeowners turning to short sales?
Sellers can utilize short sales to avoid the devastating effect that foreclosure would have on their credit scores while simultaneously helping banks protect their investments and avoid losing money from investments made into distressed homeowners. Learn all you can about short sales as an effective source of support and see if one might work for your situation.
Are there seniors interested in retirement living nearby?
As people plan to reduce their lifestyles as they age, they require representatives to understand their requirements and objectives. Take time to learn about this group and explore how you can assist in making an easy transition; plan a lunch-and-learn event at the local senior center with cleaning up and staging for an easy transition; market effectively within this senior population.
Do you know of ways that could assist the families of military personnel?
Families of military members frequently face unique conditions that impact their homes, making specializing in helping military families relocate a lucrative and sustainable source of revenue. Joining the National Association of Realtors or speaking with a Mystate MLS representative could allow you to become certified in Military Relocation.
Are there any luxury markets you can tap?
Luxury agents require premium branding. Luxury Presence provides an all-encompassing system to manage web presence by designing visually engaging sites that drive leads while simultaneously controlling content marketing strategies and social media strategies for social media presence management. Luxury Presence also has real estate-specific solutions which help create awareness for their businesses among global audiences.
Make Money as a Real Estate Investor
Experience is your ticket to turning knowledge into profit when investing, and joining an investment group is an efficient way to start investing in real estate. Instead of pouring all your savings into buying one property alone, find four or five people willing to pool together money as one group to purchase multiple homes at the same time. In an ideal scenario, create a team composed of an agent for real estate, an attorney, contractors, and an investment banker or portfolio manager – or all these elements combined if possible!
Not only can investments provide greater returns, but they can also give investors real-world experience by showing real estate investor customers that you understand the industry well enough to provide better service than other firms.
Be The Expert Agents Trust
Whatever the market conditions may be, agents seek each other out for advice and inspiration. By understanding your unique contributions to business, agents stand a good chance of increasing earnings through real estate investment.
Make use of your knowledge to identify both your strengths and weaknesses. You may excel at using your sphere of influence, balancing work with family life, managing teams or being able to recognize salespersons while recruiting new sales agents.
Many agents make their living by coaching others in their field of expertise. You can start establishing yourself by writing for local newspapers or becoming an author on TheClose.com! Doing this will quickly establish relevancy and build up your reputation.
Start a blog, make YouTube videos, and establish yourself as a coach to others – it may even prove more profitable than selling homes!
