Many of us share the same concerns about our finances, increasing expenses, and having enough money for our future. “How am I going to afford the things I want out of life?” This is why I am so passionate about helping people capitalize on opportunities to make additional income. So what’s my number one money-making tip? Get your real estate license. Now, often people think that getting a real estate license essentially means becoming a stereotypical house-selling realtor, but this is simply not the case. Let’s think outside the box! In this article, I’ll share 15 unique examples of ways that a real estate license can help you create additional income. Let’s get started!
1. Use your connections. When you have a real estate license, you can make passive income simply by connecting people with other agents. If you refer someone to an agent, and they end up closing the sale, you are entitled to a significant referral fee. It’s a big payout with minimal work required.
2. Buy and sell yourself. The average person moves every 5 to 7 years. By acting as your own realtor, you can save the commission on the sale of your home each time you move. Most people will save at least $10K each transaction, which adds up to a lot of money towards college education, retirement or travel over the course of a few moves.
3. You may want to be a sales agent! There’s a stigma to the word “sales,” but don’t write it off just yet! Many people have the natural ability to be great real estate consultants without even realizing it. If you like people, want to protect people and help people make good choices, then you might make the perfect consultant. There is a lot of money in the real estate industry, so why not capitalize on your skills?
4. Be a showing agent. If you like the idea of opening doors and showing off beautiful homes, then you’ll have a lot of fun as a showing agent. Showing agents can make a significant percentage of the sale price of a home - all you have to do is open the door!
5. Appointment setting. In contrast, if you don’t love spending time with people and you don’t want to be at the open house, then you could be an appointment setter. Many agencies provide a bonus to licensed realtors just for looking through their real estate database and organizing appointments for realtors.
6. Transaction coordinating. Most realtors are great at fostering relationships, but not always so great at keeping themselves organized. If you’re the type of person who has an eye for small details, then doing work as a transaction coordinator could be for you. It’s easy to work remotely for agencies across the country, and the income can be quite significant - we paid $6,000 in one month to our transaction coordinator!
7. Lead generating. For those of you who are well versed in technology, SEO, social media and marketing, you can use these skills to generate leads for agencies and get paid for all leads that result in a sale.
8. Be an assistant to a team leader. There’s a trend happening where people are realizing how hard it is to be a jack-of-all-things in the real estate business. It’s becoming more vital to work in teams, including essential assistant roles. If you love keeping things organized and helping run businesses, it could be a great opportunity for you to earn extra income.
9. Be a broker. You don’t have to sell! Many companies nowadays hire out a salaried broker. If you’re licensed, they’ll pay you to look over all of the files from the agents, and ensure that everything is compliant with state regulations. If you enjoy a leadership role and don’t have as much interest in selling, being a broker is a good option.
10. Growth and profit-sharing. There are so many companies out there who will pay you for recruiting good people who will help grow the company. You can even recruit with multiple companies! But in order to be paid, you need to be licensed.
11. New home sales. Some homes are in tip-top shape, while others need some TLC. If you prefer the idea of sitting in a gorgeous, quiet, turn-key model home chatting with house hunters, then why not focus solely on new home sales? Generate income doing something you love!
12. Marketing and advertising. We pay a percentage of each closed transaction to people on our team who bring in those leads. If you’re good at marketing, you could be generating leads to companies across the country, resulting in a big payout.
“Think outside the box - real estate is so much more complex than simply selling houses. Generate income doing something you love!”
13. Interpreting. Our country is growing rapidly, and we have many folks moving into the country who don’t speak English as a first language. Working as an interpreter is an amazing opportunity to help people through the home-buying process, while also negotiating for a percentage of the sale.
14. Real estate coaching. Now, you don’t need to be licensed to be a real estate coach, but most people won’t pay you for something that you don’t have some sort of credentials to back up. You can (and should!) negotiate to make a percentage of sales when you coach an agent through their sales process.
15. Broker Price Opinions. What’s a BPO? In the sales process, banks will come to you asking for an appraisal. You can get paid for simply checking out a neighborhood, doing some homework, and appraising a home. How cool is that?!
Hopefully, this list has helped you see that real estate can be a valuable income-generating tool - no selling homes required! Are you ready to learn more about how to leverage your real estate license to create wealth? Let’s connect! Join the conversation on Clubhouse, sign up for free newsletters and courses, or reach out directly to start working towards your goals.