2 minute read
The best streams of business for Real
Danon Burnside
It is commonly said that the average millionaire has seven streams of income. I don’t know whether this is true, but the idea here is that you need several income streams to make it where you want to be. The same applies to real estate agents. As a real estate agent, you cannot solely rely on one income stream, especially considering the rapidly changing housing market winds.
Real estate agents need to protect themselves from the dynamic seasonal slumps and inevitable recession periods.
The only way to do this is by diversifying on their income streams. This article will highlight some of the best streams of business for real estate agents.
1.
2. BEING A BUYER’S AGENT.
Real estate agents work on behalf of prospective buyers. Agents connect buyers to the sellers, show interested buyers, and rentees through the available housing units and properties. Agents also write offers on houses for buyers. Most homebuyers mostly depend on agents’ help to successfully undertake all the aspects of the home buying process until the process is complete. From this helping homebuyers, buyers’ agents make good money.
LISTING HOMES FOR SELLERS.
Real estate agents also carry out listing services for sellers of residential or any other properties. Agents help sellers find the right profitable price for their properties to be sold, prepare them for sale, and then list the properties in MLS. Agents are also responsible for negotiating with buyers to get the best prices for the properties, together with completing the transaction process. From this, agents earn a commission.
PROPERTY MANAGEMENT.
Real estate agents also play the role of managing various properties for homeowners, landlords, and investors. Property management includes managing, finding renters, collecting rent, accounting for the properties, maintaining, and repairing the properties. From the properties agents manage, their owners pay them a percentage of the rents collected monthly, which mostly falls at 10%.
ROYALTIES.
Some real estate agents earn royalties from giving people, especially other agents, access to their work. As an agent, you can create real estate eBooks containing reliable real estate insights and information and earn passive income from letting people access and use your work.
Besides books, some agents establish courses such as investor courses, new agent courses, and real estate social media marketing courses, where you will charge people to have access to the courses.
COMPLETING BROKER PRICE OPINIONS (BPO).
Licensed real estate agents also make money from performing the duties of licensed appraisers, that is, preparing BPO reports. The reports involve comparing various home pricing with the relevant statistics and commentary for the seller’s benefit. Most BPOs only require the agent to inspect homes or provide the pictures of exteriors and interiors of homes.
All these income streams are very effective and can be utilized by all real estate agents. However, it is smart to master a few income streams, specialize in them, and be the best to get results.
Work cited.
https://www.designhill.com/design-blog/top-tips-on-howto-earn-money-as-a-real-estate-agent/
