We all know that most people become real estate agents so they can make deals and earn that commission. What many people don’t realize is that there are many other ways that you can utilize your skills to get paid! So, let’s take a look at ways you can leverage your license and how to make more money as a real estate agent!
Make money by creating a downline
A downline starts with finding a brokerage you really enjoy working at. You’ll want to look for an office that offers great training and agent support, as well as a generous commission split.
Then, you can recruit other people to come work at your office. This is how you create a downline. When you’re passionate about where you work and the people you work for, it makes recruiting a breeze.
This might make you wonder how you can make money. Well, most brokerages will reward agents who help bring in quality agents to grow the company.
This is done by giving you a small portion of the profits. You get rewarded if the agents you’ve recruited close deals and help make the office profitable.
Your downline grows with the more people you add to an office. This increases your chances of receiving income from agents who close deals. A downline can make it easy to make money from your license.
Earn more with referrals
So, how do you become a referral agent? And if you’re not participating in the transaction, how do you get paid?
By having a network of agents you know and trust, you can refer clients to them. This may seem counterproductive being that you’re an agent, but there are many reasons you may want to hand a deal over to someone else.
Maybe the client is buying or selling in an area you’re not familiar with or outside of where you’d normally do business. Or, there could be some sort of conflict of interest. You may just have a lot on your plate already, and want to be sure this client gets the attention they deserve.
Whatever the reason, referring clients to other agents for a piece of the deal is a fantastic way to earn some passive income.
Use your expertise
You have many options to make money with your experience as a real-estate agent. Use your expertise and credentials to bring on more money while helping others.
Are you passionate about teaching? Use your qualifications as an educator. You could become a trainer in a real estate school, or even as a tutor to help those looking to pass their exam. Or, you could mentor other agents. For your assistance in the transaction, you’ll receive a portion of the deal.
A great alternative is to become a real estate consultant. This will enable you to consult clients on an hourly basis. Consultants will usually offer their services in relation to real estate investing and financial planning.
In this digital age, real estate websites and blogs are growing in popularity. Another great way to make money is by freelancing your expertise in real estate writing.
Become a broker
As you know, being a real-estate agent is a great way of making money. This is why you have your license.
But what about bigger goals? Are you aiming to lead other agents, or grow a team in the near future? Once you have completed the education requirements and passed the state exam, you will be able to get your broker’s license.
A broker’s license not only allows you to work independently, but you can start your own brokerage! You get a share of commissions if you are a broker and help other agents close deals. This is a great way to help other agents succeed and grow your own wealth.
Invest in properties
There’s a reason so many real estate agents become investors. Flipping houses or buying income properties is a fantastic way to make a profit.
Your expertise gives you a distinct advantage when it comes to making smart real estate investments. And, one of the perks of being an agent is that you get notified when properties hit the market. This means you’ll get first crack at all those great opportunities!
Represent yourself in real estate transactions
Let’s look at one advantage of representing yourself during a transaction.
As the buyer’s agent, you can use the commission as a downpayment. This is an excellent tool to help you purchase additional investment properties.
You don’t need to be an investor in order to benefit from representing yourself. You can reduce the commission paid to the listing agent when you sell your home. Or, you can be the buyer’s agent if you are buying a house.
Representing yourself is a great way to cut costs and get commission.
Conclusion
Being a real estate agent doesn’t limit you to only helping others sell or buy properties. Real estate offers you many creative opportunities to use your license and earn a living.
We hope this has helped you explore your options. Now get out there and take advantage of them!
