​5 ways to supplement your income as a realtor

We all know someone who is a  real estate agent. Many of us can reach out to a few relatives, friends, even co-workers for real estate advice as we are looking to buy our home or test the waters of selling while the market is hot. Most of us also assume that realtors make too much money. Honestly, they earn it, but it is a big misconception that most realtors make a lot of money. As with many industries, most transactions across the country are done by select big firms or brokerages, leaving the rest for well, the rest. On average, a good realtor will do around 12 transactions per year. However, the commission earned doesn’t just go to the realtor. They’ll share with their brokers, perhaps a referral fee to another agent, and other costs that come with listing a property, taking pictures, driving around for showings, etc.

With many full-time agents not being busy all year around—because even 12 transactions per year won’t fill up your entire time—we wanted to offer a few tips for those realtors out there who could use a little bit of additional income on the side.

Become A Broker

It is a natural progression to any career is to move up. In the case for realtors, with enough experience, many can become brokers. This transition will require some years of experience as real estate agents, plus a few more courses and a state exam. Well worth it if you want to keep the entire commission and if you are ready to have agents working for you for additional income. Make sure you read up on your duties and responsibilities as a broker. Liabilities increase.

https://study.com/articles/How_to_Become_a_Loan_Officer_Education_and_Career_Roadmap.html

There is a trend of ex-loan officers becoming real estate agents. Perhaps the natural progression is to meet clients and show them homes instead of crunching numbers and rushing to meet escrow deadlines. Also, home conversations are more fun. And, many former loan officers are more successful as real estate agents because of their knowledge on the lending side. So, with taking a few courses and taking an exam you can  become a loan officer to do both the loan, and real estate and this could be a great income per transaction. Be sure to disclose to all parties that you are doing both the loan and real estate.

Driver Uber

I gave up my car last year for almost an entire year. It was cheaper to go around in an Uber and I don’t particularly enjoy driving much. I met so many interesting people—from former Olympians who enjoyed talking about exercise, biomechanics, and everything health, to engineers who drove on their way to and from work, to others who were having their start up. Besides enjoying the conversations with these individuals, there was a tremendous opportunity to network. I must have passed out my business card and received business from several of these drivers. Just remember to get insured and if you ever get into an accident contact an Uber Accident Lawyer .

Become an Appraiser

Another way to get consistent income and stay close to your profession—finding referrals and your next client—is to become an appraiser. You should have had an appraisal course as a prerequisite to becoming an agent. Build on this, sign up with an agency and get out there. If you’re not getting the home sales, you can get the appraisals.

Photography

This one is unique and perhaps not everyone has an eye for the camera. These days you’ll be amazed what your smart phones can do. I have a friend who is a realtor but not quite a busy one—about 6 to 8 transactions per year. To continue to improve her business she takes photos for other agents and she’s amazing at it. So many listings in her area are based on her pictures and she uses social media to look for buyers using her photos. Make sure to not confuse your buyers into thinking the listing is yours.

We all could use additional income to supplement what we do. It seems more necessary now to have a supplemental income and though there are endless ways to do it, here are five that can keep you close to your industry and perhaps help you with more clients.