The Real Estate market has recently taken a down turn in some major cities across America and have sent a lot of up and coming Real Estate agents running back to their “day jobs”. In my recent research for additional real estate prospects, I have found that the Real Estate industry has a number of other opportunities to offer a licensee who would like to keep their real estate license active and still earn commissions without jeopardizing all of their hard work that they put into the business. Here are a few suggestions on how to keep your real estate license active and still be able to earn commissions.
Real Estate Agent Referral Programs
Real estate referral programs have been around for quite some time, however referral programs exclusively for real estate agents has recently been developed into a very lucrative and much needed vehicle for agents who do not want to actively participate in selling real estate. A Realtor Referral program is a program that accepts licensed real estate agents who refer family, friends and/or associates to purchase or sell real estate transactions within the network. Once the agent is accepted into a referral program, that agent is not allowed to participate in the selling and/or the buying process of any transaction but receives a referral fee (percentage) on any closed deal. I especially like the referral program option because as an agent, you do not have to pay Multiple Listing Service (MLS) fees and Association dues however there are some referral programs that require a membership fee. Real Estate Agent referral programs have to be sponsored by a broker in your state therefore research local real estate agencies in your area who sponsor referral programs, such as the TexasAgentNetwork, an affiliate with Century 21 Mike Bowman and The Referral Center, who affiliates with various states around the country.
Why Not Take on Rental Clients
There are a number of real estate agencies that cater strictly to rental clients and are consistently busy all year round. I found that when I was selling real estate full time, there was always a need for rental property. A lot of the clients I solicited were not ready for a number of reasons to actually buy property but they had to have a place to stay. Therefore, taking on renters and finding them that perfect short-term or long term rental property was one of my biggest moneymakers. If you are currently working with a broker, ask about their rental property division or start to research other agencies and apartment locator services. The commission is based on a percentage of the rent once the client has signed the lease and paid their deposit. Taking on rental clients is a pretty decent part time gig especially if you want to sit back and wait for the real estate market to warm up again.
Become a Part-time Real Estate Associate
On the flip side of the real estate market, there are still some real estate agents who are making a decent living and beating the odds of the market. However, I found that these agents have been in real estate well over 10 -15 years and have paid their dues (literally) by networking and developing partnerships during their tenure. The real estate market is very competitive so I found that viable and qualified clients are more likely to go with the tenure real estate agent than take their chances with a newbie. Therefore, these hot shot real estate agents are busy and still have to hold open houses, conduct phone calls, home showings etc. and they cannot do it alone. If you want to stay abreast on the real estate market and still make some money, solicit one of the hottest real estate agents in your area to find out if they need help in managing their client base. Even if it is sitting at open houses or pre-qualifying clients in your spare time you will be able to keep your real estate skills sharp and still earn a percentage out of the deal.
Real estate is a tough field but it can also be exciting, rewarding and a great industry to meet a lot of interesting people, therefore do not let all that hard work go to waste. Start checking out some of the other opportunities that the real estate industry has to offer.