Once you get a real estate license, you are registered as a real estate agent and can start participating in the purchase and sale of real estate within the approved jurisdiction. That brings a certain amount of difficulty, however, as there’s no real easy way to start making money as a real estate agent.
The market is usually already flush with agents dominating the region. Fortunately, there are a few ways you can get going. Let’s learn how to make money as a real estate agent.
1. Buy or sell for friends and family
Let people know you’re a real estate agent. Get your name out there. Make a post on social media. Maybe you have friends or family interested in buying or selling, or they know of someone in their network who is looking to do the same.
Either way, you may be able to nab these and derive your next commission from helping someone you already know. It’s a great opportunity for someone starting who doesn’t have the connections yet to be capitalizing on their momentum.
2. Specialize in a real estate category
The world’s most successful real estate agents get to be that way by specializing where they’re needed. Some do luxury real estate deals for athletes. Many target neighbourhoods or specific condo developments. There are many ways to specialize, including targeting a specific market based on age, ethnicity, or values.
When you specialize like this, you eliminate some competition and can start branding yourself as the go-to agent for that specific aspect of real estate.
3. Join a real estate brokerage
If you’re very new to real estate, join a real estate brokerage. You can learn from peers, network and build relationships there, and get plugged into a marketing engine that’s already generating leads left and right.
Many real estate agents maximize this opportunity with predictable income based on their ability to find a listing and buyer that comes down via a brokerage’s sales funnel. It’s a lot less stressful working for a brokerage and is a great way to learn the ropes of what to expect if you ever go out on your own.
4. Start a real estate website and a blog
The best advice we can give to someone who wants to immediately establish themselves is to create a website and start a blog. A website legitimizes you in the eyes of many. It makes you search through Google.
There is a multitude of benefits to having a real estate website. Having a blog also is an opportunity to write, produce, and share free content with your name attached. It helps you get clicks and meet prospective buyers and sellers looking for a real estate agent where you are. If you need help managing your website, the top real estate CRM software will come in handy. The platform provides many tools to make updating your website a breeze.
5. Invest in real estate marketing
This goes hand in hand with having a website and blog. Invest in yourself and invest in a marketing plan that creates awareness in the marketplace. Business cards are set out at select businesses. Google Ads and social media marketing channels are activated and invested in.
Have your phone and email on standby at all times. You don’t need to be pushy in soliciting leads as a real estate agent. You just have to get your name out there and in front of the people already looking for someone like you.
6. Become a real estate consultant
Once you’re at least somewhat experienced as a real estate agent, you can use these skills in a consultant role. As a consultant, you can offer clients input on sales and purchases, investing, financial planning through real estate, and similar services.
You can choose to train, educate, or mentor at a certain experience level. If you’re very advanced, you can take things even further by looking at starting your real estate team or brokerage and putting your license to work for you that way.
7. Become a referral agent
Unfortunately, not every potential client you come across will be perfect for you. If you don’t specialize in the type of real estate they need, it’s best to refer them to another agent. This is a money-making opportunity.
A referral agent brings business to other real estate agents in return for a cut of the other agent’s commission, sometimes as much as 25%. That’s money in your pocket without doing any of the work. You will, however, need those relationships with agents. This is where networking in the industry can come in handy.
8. Become a real estate investor
You may not have gotten into real estate agenting to become an investor, but many are led this way once they discover the potential of real estate to deliver a return. You can invest in real estate in two main ways. The first is buying a house to renovate and flip for profit. The second is buying an investment property to rent out to a permanent tenant or AirBnB.
As a real estate agent, you can identify what properties are great deals and make an offer before anyone else can. It’s another way to make money as a real estate agent and is often the most lucrative on this list.