When the real estate market is slower than what we are used to, seeking supplemental income is often a reality for many real estate professionals. But what path to pursue?
The criteria:
- Something that will generate a substantial income and
- Something that will utilize our sales and networking skills.
Recently, a number of agents in my office have looked into network marketing opportunities. Yikes!...At least that's what I thought until I did some research and talked with some "big hitters" in the network marketing industry.
Network marketing can actually fit the above criteria--if it's done right.
- An interesting statistic: only 6-7% of people will be successful in this industry.
- Fact: These 6-7% of successful people don't even sell a product. They sell a concept.
In real estate, is it really about selling a house? No, it's about selling the "concept" that a property can provide investment success, income-generation, fulfill a dream...something bigger than the "house" itself. It seems a reasonable transition, then, that a real estate professional could supplement his/her income in a way that still utilizes a sales-oriented strategy (selling the concept) and the network resources we can access, just applied to a different industry.
Like selling real estate, it is an opportunity to provide a benefit to someone...and it's not someone you are selling anything to. It is someone whom you mentor and train to be successful like you.
Tony Robbins has a great perspective on financial success: "Wealth is created by distribution." Successful network marketing follows a concept-oriented approach that takes advantage of the exponential potential of distribution. And not necessarily product distribution. I'm talking here about concept distribution: sell the concept over and over again, have the people you mentor continue the cycle (mentor, sell the concept), and the idea of virally inducing financial success becomes a legitimate reality.
There's a great online training program (and it's free) that anyone can attend to learn more about how these 6-7% of people find success by merely taking advantage of the viral marketing of a concept. You can contact kfishes@comcast.net to register for the seminar or to just get a free copy. If supplementing your income in these slow times seems appealing, what can you lose?
Let me know what you think!
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This was a great posting. All marketing in any business is a form of Network Marketing. Think about it Doctors, Lawyers, Realtors all have a service they want to promote how do they do it by making sure their service to their current cusiotmer base is top notice then asking those same customers to refer them to others they know. I have yet to go to a phonebook to find a doctor. I first ask my family and friends who they use and then go to the phonebook for a number.
People who are successful in business (all business) are successful in selling themselves first then the service or product they are providing.
Networking Marketing is a great method of distribution provided you have the right product, company, and desire. Every industry has it successes and failures that is just business. The beauty in this method is that you can start part-time without going in debt.
Good luck. Stay in touch.