How To Make Money In Real Estate In This Economy – This post may contain affiliate links that allow us to earn a small commission for the products and services we use and recommend.
You already know the ways to make money buying and selling real estate. That’s not what we’re talking about here. We are talking about many ways you can make money. As a real estate agent, you have the connections and skills that can easily tap into whole new income streams. Without leaving your day job as a real estate agent.
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Again, let’s be clear: we’re not trying to replace your day job. We strive to enhance your position, your value and your income in your daily work.
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And we’re not trying to get rich quick. We seek to strategically create additional revenue that will provide future cash flow. It may start slow, but it will grow.
Using this criteria as a guide, I’ve compiled a list of 26 income streams for you to consider. They are divided into four categories:
Side note: This is a really long post. But it’s packed with useful information and actionable tips! You will get a brief overview of the most profitable income streams for real estate agents. So settle in and get ready to make some money.
As the name implies, online information income is the money received for providing information on the Internet. This includes media such as blogging, YouTube and podcasts.
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Information is presented differently in each medium, but the revenue models are the same. Each of them offers income opportunities:
Blogging is a no-brainer for agents. If you don’t have a blog, you are at a disadvantage in today’s real estate industry. Let’s forget about the potential for income generation (just for a moment!) and look at one of the main reasons for blogging: a new generation of buyers and sellers expect this from their real estate agents.
A consistent, high-quality blog will take you to the top of Google’s search results. It will put you in front of more millennials. Sure, you can get by without millennials for now, but not for much longer. And the next generation behind them will expect even more online presence from their agents.
If you’re a forward-thinking agent, you’ll start creating consistent, high-quality blog content now, so you’ll be the #1 search result when the next generation is ready to buy. See Mastering Blogging for Lead Generation to learn more.
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Many agents mistakenly believe that they only need to blog about buying and selling real estate to be effective. Of course, this should be part of your blog to showcase your knowledge and demonstrate your authority to prospects. But you can do much more with it. When you dig down, you find ways to monetize your blog that you can’t achieve with basic buy and sell content.
For example: How about focusing on real estate investing? You can link to your favorite real estate investment books on Amazon for affiliate sales, sell ad space to brokers who specialize in REITs, and promote your own real estate investing products (eBooks or online courses).
Or focus on flipping real estate. Affiliate home improvement products for affiliate income, sell ad space to hardware retailers, and write sponsored product reviews of home improvement tools.
You can even use the topic of your niche to provide you with more of the types of clients that appeal to you the most. The real estate investment niche can bring you repeat investment property buyers who can also use your property management services to settle tenants. A home flipping niche can bring you repeat customers who buy and sell from you!
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A final blog note: I hear all the time from agents who understand the importance of blogging but don’t know what they might write week in and week out. If you’re struggling for ideas for a specific blog topic, help yourself to mine! Just enter your email below to get over 100 specific real estate blog post ideas delivered to your inbox.
Just like a blog, a YouTube channel gives you a platform to earn income in multiple ways. You can earn money directly through affiliate links, ads and sponsored posts. Or you can use YouTube as a starting point to sell your product or service. Or you can use it simply to serve your customers and attract new prospects.
In the same way that you maintain your blog, you should also maintain your YouTube channel. YouTube is a great vehicle for the home maintenance and repair niche. You create step-by-step videos for common home renovations. How to fix a leaky faucet, how to change an air filter, how to install lights.
Yes, they really do! This proves that there is money to be made; People are actively looking for this information. So find a way to make your videos stand out. Not being sexist, but simply being female was preferred in this niche. More single women are buying homes, and they want to know that women can handle home renovations. If 1 out of the top 10 search results shows a woman spreading her hands and opening a tube, which video do you think the average single woman will choose to watch?
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Aren’t you lucky to be a woman? Spin your videos your own way. Encourage fellow Packer fans to always wear your cheese head and jersey. You will be outstanding and memorable.
Podcasting is the ultimate income stream for online information monetization. You will be interested in the same way as blogs or YouTube. Focus on real estate investing, ownership, maintenance, or even a career in real estate.
But I listen to them all the time. The good thing about podcasts is that your audience doesn’t have to sit still to consume your information. They can drive, walk or clean the house. People choose podcasts over blogs and videos for this very reason. And compared to the number of bloggers and YouTube channels, there are far fewer podcasters competing.
You can still monetize like you do with blogs and YouTube, but everything will be audio. So you should write your affiliate links to your listeners (or direct them to the online show notes where you can link to an affiliate product through your standard affiliate link).
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You may even be able to attract sponsors who will pay you to read a radio-style advertisement for your product during your podcast.
And services are a great option for agents because there are so many areas of service related to real estate. In fact, many of these service side hustles will work in conjunction with your real estate sales practice. You will be able to meet potential buyers and sellers through your service business who can become brokerage clients and vice versa.
A word of caution: When providing real estate services, always be aware of potential conflicts of interest and ethical issues that may arise from providing multiple services to your brokerage clients. And there are certain services that are implied in your role as a real estate agent (such as home staging advice, pre-sale repairs and home inspections). Never ignore this advice or rely on it for your support services business.
Property tax appeals are a completely untapped income stream for an agent! And, depending on the market and your state’s property tax laws, you can make good money helping people with property tax appeals.
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It’s actually quite simple. Property taxes are usually based on the county assessor’s assessment of the property’s value. But appraisers often get it wrong because they use broad formulas for increasing value by submarket (they can’t appraise each property individually every year).
If the homeowner (or their representative – that could be you!) can show the county that the property’s actual value is less than the appraised value used to calculate their taxes, the homeowner will be granted a tax abatement.
So it really just involves a simple property appraisal (most states don’t even require an appraisal), which you can complete as a real estate professional, and submitting the results of your appraisal to the county taxing authority. Often, the value presentation can be delivered via email or phone!
You can charge a flat fee for your services. But you’re often better off paying interest for tax savings. Homeowners are more likely to work with you if they can pay out of tax savings instead of paying upfront.
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The beauty of adding this revenue stream to your business is that property tax appeals are the opposite of real estate sales. When sales increase, there is less opportunity for tax appeals, but when sales decrease due to a market downturn, tax appeals end!
I actually spent six years doing property tax appeals and am happy to provide more information if there is interest in this income. Check out my post “How to Make Money Appealing Property Taxes” and then contact me or leave a comment if you want to learn more about this opportunity.
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