NOTE: This is a fairly long post, but it can put an additional $100,000 or more in your pocket, so I encourage you to read it thoroughly.
I know it's a tough market, there is no denying that. Many people have left and as more and more real estata agents and loan officers exit the market, there will be more business for those who remains (that's an encouragement to hang in there whatever it takes).
I was chatting with a few colleagues over the weekend, and one asked the other "what are you doing since the market is so slow?" Fortunately, he still had some decent business doing, but did admit to looking at other opportunities. Many financial planning experts will tell you that it makes sense to diversify or have additional marketable skills in order to ensure that a market change does not radically alter your financial well being. This is advice given to everyone, not just real estate professionals.
As a business development and marketing coach for real estate professionals, there are several programs and strategies that I recommend to help real estate agents and loan officers generate revenue, and I will give you a few:
1. Mortgage Reduction Consulting. If you have been in the business for some time, or done a fair amount of transactions, hopefully you have kept good records and have a customer database. If so, you can go back to all of those customers and show them how to pay off their mortgages in 1/3 to 1/2 of the time. What's the benefit to you?
First, you are seen as a true professional looking out for your customer.
Secondly,as they pay off their mortgage, you can help them purchase a 2nd home or investment property (more commissions).
Third, you can ask them for referrals for both mortgage reduction and new business.
Fourth, you get paid to be a mortgage reduction consultant. You can be paid upwards of $1,000 or more for each client to help, or you can just send in your leads and get paid $200 for every one that gets closed. Not too bad.
2. Selling Real Estate Training. We all know that now is the time to invest in real estate, but most of our clients don't have the know-how to make it happen. They may think they need lots of money or to be able to qualify for another mortgage. With some solid training behind them, they can learn creative financing, and understand how real estate really works. Some of you might be thinking that you'd like to learn more about this. I work with the premiere real estate training company in the country, and what we do primarily is train real estate investors.
I am looking for 10 people who want to change their lifestyle and help others do the same by learning how to in vest in real estate. The upside to you is $1,500 to over $9,000 in commissions for a single sale, not to mention the tens of thousands you can personally make as an investor. As a member of my real estate training team, you will get access to my "pocket" investor resources such as buying multiple investment properties for less than 40 cents on the dollar (properties that are managed for you and have cash-flow), as well as finding land deals for 30 cents on the dollar through my developer network.
3. For Loan Officers Only. If you are a loan officer and you have been forced out of the business BUT you still have solid contacts in the industry, I have a way for you to get paid for your leads (legally). You would become an employee of the bank that backs our company and you would get paid 25bps (1/4 percent) for every loan you send us, residential or commercial, in any state except Hawaii. As an employee of the bank, you are allowed to receive compensation on any loan without having a license. I guess a real estate agent "could" get in, but there is a potential conflict unless they are putting their license on inactice status because you cannot get compensated for loans on properties where you are the agent.
4. Website revenue. If you don't have a website by now, shame on you. I personally have 9 websites/blogs, with 6 more in development - here is why. I have a website for each niche market that I serve, this allows me to offer expertise without appearing to be "selling everything to everyone". A real estate deal is a real estate deal and a mortgage is a mortgage, but every person wants to be met at their level, so I have built sites that cater to different interest groups. Here is the cool part. I get thousands of visitors per month, meet lots of new people, and close business with people I never meet with face to face from all over the country. Even better, I make money by selling resources from those websites in the form of ebooks and other ad revenue. One of my site alone brings in nearly $1,000 per month (sometimes more) whether I get any real estate / mortgage deals from it or not and that's just awesome.
To leverage affiliate marketing and online ad sales, you need a website, but you also need to invest in making it a solid enough resource so that people will link to it and tell others about it.
5. Offer a complementary service. Have you ever lost a deal because your customer had credit problems? What if I could show you how to not only make money from that lead, but be able to track them going through the credit clean up process, would that be cool? Well, that is just one of the services I offer my clients both offline and from my websites. Here are some solid resources that you can offer your customers and be well compensated:
- Legal Services
- Healthcare Plans
- Mortgage Reduction Program
- Credit Repair
- Financial Planning
These aren't just random suggestions, but rather examples of companies that I have built relationships with - some dating back to more than 10 years ago - who pay me for referrals nearly every day. All you need to do is get signed up with each and then add a link to your website, send an email or letter to your customers, and get the resources that they NEED to them. You will be paid well, and in some cases, be paid on a residual basis as these people remain satisfied customers. I don't know about you, but the thought of closing a deal and getting paid for a lifetime is pretty exciting to me.
If you are interested in any of these programs, drop me a line and I would be happy to help get you set up. In fact, if you are struggling in this market, you owe it to yourself and your family to take the next step that could give you an additional $100,000 in revenue even if you don't do another real estate transaction.
If you are interested in business development and marketing coaching services, where you can learn how to implement strategies such as these, please let me know. I offer both (group) tele-coaching and one-on-one coaching. Even better, ask about how you can get these services for FREE!
I look forward to hearing from you and helping you increase your revenue (and stay in the game).
~ Anthony
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