Grow Your Income as a New Real Estate Agent
Every real estate agent has a dream to make big bucks as quickly as possible but real estate is a game of patience. However, following the tips in this post will help you establish yourself as a brand and as an expert real estate agent.
6 Strategies to Grow Your Income as a New Real Estate Agent
The 6 strategies below will not only help promote your services but generate multiple income streams in the real estate industry.
#1 – Broadening Your Network using Multiple Channels
The National Association for Realtors says that 39% of homeowners found a real estate agent to sell the property via referral from a family member or friend. On the other hand, 70% of the home sellers would use the realtor they previously used.
Therefore, boosting your sphere of influence by attending community events, attending open houses, and using social media platforms can be a long-term success strategy.
#2 – Using Online Real Estate Portals
Creating your online profile on real estate portals such as Zillow, realtor.com, Trulia, etc., will help showcase the services you offer in your local area. Similarly, you can create business profile pages on digital yellow pages like Google My Business, Yelp, Bing, etc. This will help you appear amongst the top search engine result in your area and generate potent leads.
#3 – Focusing on Underserved Niche in the Real Estate Market
Do some research and find the most underserved areas in your community. For instance, if there is a shortage of rentals, or a realtor dealing in apartments or multi-family units, you can offer these services to give yourself an edge and tap into the underserved capital in the industry.
#4 – Becoming a Property Manager
Helping clients buy and sell properties will be your main source of income. You can create another income stream by offering additional services to be a property manager for homeowners and multi-family property owners.
This will help you make extra but steady monthly income by charging a property management fee while continuing to find leads for potential home buyers and sellers.
#5 – Running Comps
You can run third-party price analysis and run comps to diversify and offer price analysis services to interested home sellers and buyers. You can help potential home buyers by providing consultancy on the available houses in the market and the right price to buy or sell the property.
#6 – Representing Rental Clients
Representing rental clients is another way to generate multiple income streams. You can network and develop a good sphere of rental clients, paying you a steady commission on a month’s rent. The more rental clients you have, the more commissions will land in your bank account.
Bottom Line
For most, the real estate sector is all about big bucks, but having multiple income streams, such as mentioned in this post, can help you survive the financial turmoil or times like the COVID-19 pandemic. Follow these tips and grow your income as a new real estate agent.
