Recruiting As A Source of Income in Real Estate
Published Friday, September 21, 2018
Recruiting for Dollars
One thing all real estate professionals learn right away are the things they can do that produces income. There are six basic sources of income producing activities. Most agents focus on 4 or 5 of them but tend to overlook an important one.
Here’s the list …
First, of course, is working with buyers. When you help them find the right property and the transaction closes successfully, you have a payday.
Number 2 is representing sellers. In other words, listing property for sale. Once a buyer is found and all the promises are kept and the keys are turned over … bingo, a paycheck.
Number 3 is helping renters find a home, or commercial space. Your fee is typically a percentage of the rent and you often get paid a little faster.
Number 4 is representing the landlords who are looking for tenants. Rental properties are often listed in the MLS and the seller pays a fee for a good renter.
Number 5 is placing referrals. If you have a buyer or seller interested in property outside your marketing area, it makes good sense to refer them to a local agent and get a referral check.
Number 6 is the one that’s often overlooked … RECRUITING … that is attracting agents into your company. Most real estate companies pay for recruits a number of ways. Some will give you a nice cash bonus. Other companies allow you to share in what’s called the “Company Dollar” which gives you a percentage of the money the recruit earns for the company. Others have outstanding profit sharing programs. Still others allow you to actually create a “down line” much like multi-level marketing programs that provide income continuously even when you retire from brokerage.
Agents come in contact with dozens of people each week and many of them are unemployed or underemployed. Just suggesting that they might investigate a career in real estate can be a life changer for them and a source of income for you. Don’t overlook recruiting as a way to make some dollars.
A career in real estate starts with a license and Your House Academy is happy to award a $25 Amazon gift card to anyone who refers a student who enrolls in our course.