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Dustin Brom
There are actually 22 different ways that real estate agents can make money. Earning commission from selling a house is just one of them. Let's dive into all the other 21 options right now. The Massive Agent podcast. We lead generation tips and strategies to get you more leads and sell more homes. I love to buy houses. I like to sell houses. It takes brass balls to sell real estate. Wait a minute. The leads are weak. You're weak. I've had better. Better. Oh, have I got your attention? Here's your host, Dustin Brom. What is up, guys? Welcome back to the Massive agent podcast, episode 10,343. Just kidding. It only feels that way. This is episode 358 of the massive Agent Podcast. I am your host, Dustin Brom here in Salt Lake City, Utah. Today, I'm going to go over the 22 different ways that real estate agents can make money in this industry. And I bet you've only heard of a few of them. So we're going to think outside the box here. My goal is to get you thinking as an entrepreneur about all the different revenue streams available to you. Now, let me just say this up front. You do not need to do all these things, nor should you even try. And just because you may hear some of these and you're like, oh, that's a good idea, it doesn't mean that you should do it right now. Some of you should add some of these things right away. Some of you need to wait until you get more established with what you're already doing. Because if you're not established, then any new idea, even if it's a good one that you could do at some point, it's just a distraction right now. So if you don't, if you haven't gotten traction, if you're not really, like settled in to what you're doing, then just be aware of the shiny object syndrome, because I'm going to. Some of these could be shiny objects. But if you're open minded, if you're confident, if you're focused, if you really think about the timing in which to implement these different revenue streams, they could help you out in a major way. Be a lifesaver, be a business saver, be the tool that actually unlocks all of your growth. Because now with more revenue, then obviously you have more, more means and resources to scale. So let's get into that. Well, first though, Spotify listeners, if you listen on Spotify, first off, thank you. I just learned this, I just learned this the other day. Did you know that if you're Listening on Spotify, you can actually leave comments on each episode. You can comment on the episode. So if you're listening on Spotify, please comment on this episode. Let me know what you liked about it, what you learned from it and moving forward, leave some comments and then I can reply to you and all that. I think that's pretty cool that Spotify allows that functionality. So I love our Spotify listeners. Let's get into the 22 different ways real estate agents can make money. And I'm just going to blow through these. I'm going to give a little bit of detail on each one, of course, but it's important that we get through all 22. I already gave my disclaimer up front. You don't need to do all of these. You probably shouldn't try. And even if they're a good idea, question whether or not implementing it now is the right choice or would it just be a distraction from what you're already doing? Number one, commission income, obviously. Sell a house, make a commission. I mean, that's, that's the one thing that most agents, that all agents do outside of, number one, a lot of these other ones you may have not considered. Number two, referral fees. Right. When you refer business out to another agent, they sell the house, then they pay you a referral fee back. I personally freaking love outgoing referrals because as long as you're giving it to a competent agent that can see that deal to close, that's passive income for you. Like they're out there doing the work. And then you get a passive income check. Right. As soon as they close the deal. That feels like it's out of the blue. It's not. But you weren't the one involved in that transaction. They were. So the referral fees, it's an incredible way to leverage your time. If you can give out a bunch of outgoing referrals, I love those. I'd rather give a referral than receive a referral personally. Number three, team commission. If you have team members, they sell houses and you have a commission split with them, you know that the team's. The team gets 20% or, you know, whatever. That's another income stream that most agents will never experience. But say most, most could just mean 51%. Right. Will not experience. But that if you're a team leader or want to be, obviously that's the reason why. Number four, revenue share or profit share. If you are with a certain brokerage and you help to bring other great agents to that brokerage, the brokerage will share in some of the profit or the revenue, depending on the brokerage. And if you take the revenue share option seriously, it could become a considerable meaningful full time income that comes passively and residually every single month. No, let me just say this. It does take work and effort, a lot of it, to build a big revenue share or profit share organization. Because you have to spend a lot of time first off, like getting people on board, right? Which takes time. There's onboarding and then there's ongoing support. So it does take time, but it's worth it. Most of the time is spent up front and then you continue as long as they're selling houses to earn revenue every time they close a house, which is pretty powerful. And it could be added on to what you're already doing. It may be a distraction, it may be a compliment, maybe a supplement, I don't know. But you have to be with a certain brokerage in order to do that. Number five, selling your expertise. You're good at something. There's something that you're really freaking good at. If you, if you package it up, you could sell that expertise. You could have a community that you monetize. You could have an online course, you could have a coaching program. You can get paid to speak, you can have people attend webinars. And you know, there's, there's a cost for that. There's, there's events that you could do that you could teach at, that you could charge for. So selling your expertise is something that you should consider one day, right? Maybe not right now, but that could be a great compliment and supplement to your real estate business right now. Number six, vendor referral fees. If you are going to hand a roofing company a client that's going to spend 15 to 20 grand a new roof, why don't you just negotiate up front with that roofing company that they're going to pay you two grand or 1500 bucks or 3000 or whatever it is in order to get that client. This is such, this could be huge. You're already giving your clients painters, landscapers, contractors, gutter installation people, house cleaners. Why not have those vendors have a referral, a referral fee coming back to you as long as you disclose it properly to everyone. There's, it's totally on the up and up. There's nothing wrong with it. And some of the biggest businesses in real estate are doing this already. You just have to do it the right way and it could be a huge additional revenue stream. So number six is vendor referral fees. Number seven Transaction fees. You could increase how much you earn per home sale by adding a transaction fee. You can call it whatever you want, but transaction fees. Number eight, upfront buyer paid VIP buyer programs. We've talked about this on the past a couple times, but you can get your buyers to upfront at the time of the buyer presentation, for example, pay 500 and it upfront and it gets them into a certain program that's going to get them in a higher level of service and you know they're going to get more for it. So you could do that upfront. VIP buyer programs. Number nine, add money that if you have a website that's getting traffic, you can run ads on that website and earn revenue from that. Number 10, I haven't. This one I put on here and I kind of laughed because I know I'm going to have to explain it to some of you. BPOs doing a BPO for a bank. Back when I got into real estate and 2011, I'd see agents out in the field at these short sale properties and they were out there basically doing appraisals for banks. The bpo, the broker price opinion and agents would get hired by banks to go figure out how much the home is worth that that was being short saled or was about to be foreclosed on. So I know that those don't exist much right now. But there's another way to supplement your income if those exist in your area. You could, you could do a BPO for a bank and get paid for that. Kind of like doing an appraisal. Number 11, content sponsorship. You could, if you are doing certain content, promoting a restaurant or a clothing company or a new home community or an amusement park, whatever, you could be earning sponsorship money, right? It could be promoted content. So think outside the box here. Know who could you whose business or whose opportunity could you shine light on that that would be worth it to them to pay you to do it? Right? You see this all the time. Paid collabs on Instagram and on Facebook and well, everywhere on social media, you can do them too. Number 12, the YouTube Partner Program. If you are committed to YouTube, once you get enough views and enough followers and you qualify, you can start earning revenue every month from how many people watch your videos because YouTube will pay you a little bit for everyone, for all of the videos that you put out there that people watch. Because YouTube is putting ads on those videos and they're going to give you a piece. The YouTube Partner Program. Whenever you hear about somebody making money from YouTube, like directly where YouTube pays them for their views. That's the YouTube Partner Program. There's a lot of agents doing it. Some of them are making a thousand, $3,000 a month just for, just for doing what they're doing anyways to grow their business, which is YouTube videos. Number 13, Instagram, Facebook, TikTok bonuses. I've earned money from Instagram. I mean never a ton. Like, you know, it's not like they've sent me a five thousand dollar check or anything like that. I know some people that have. But you can earn, you know, 100 bucks, 50 bucks, 300 bucks from Instagram just for getting views on your reels, just for putting content out there anyways, just by signing up for the bonus program. Facebook has one, TikTok has one. So social media platforms are paying creators. Why not get some of that? Number 14, affiliate marketing. By recommending a product, recommending a service, giving out a certain link that when somebody goes to use it and buy, you get a little piece of that. So you hear this all the time, hey, use my link for this and get 15% off. Well, that's an affiliate link, right? Like Audible for example. If you use Audible. I used to be an affiliate for Audible years ago. Like that's something that I did. I believe I made about $65 in a year or so of being an Audible affiliate. I think because everybody already had Audible at that point. But for everyone who used my link that I gave out on the show, they got a free book and a free trial and I got five bucks or something like that for each one. So yeah, I made about $65, obviously got rich off of that. But affiliate marketing, jokes aside, can be powerful. You're recommending stuff anyways, a product, a service, something on Amazon, if you use a link and people buy through it, you're going to get a piece of the sale for, for bringing the buyer. Number 15, investment dividends. If you're investing in a stock within your company or whatever, that stock can spit off dividends. You could earn some dividend money, 5%, 8%, sometimes 3% on that money that you've invested. So investment dividends. Number 16, rental income. If you own a rental property, you can obviously earn rental income off of that. Number 17, mortgage partnerships. If you have a joint venture in a mortgage company, which a lot of bigger teams, a lot of bigger brokerages have mortgage company relationships, usually in the form of a joint venture where the agent and or team or the brokerage and the mortgage company come together and create a new company and whatever you know, whichever transactions happen through there, the profits get split. So I mean there's a lot of teams that have their own mortgage companies through these JV partnerships. That's something you can add on and if done correctly with the right mortgage company, it could be a big value add to your clients. For having everything in one under one roof. There could be some potential savings for them as well. That makes it even more appealing. Number 18, title partnerships. Same thing like if you have a title company that you are a joint venture owner in whenever you know you could be earning revenue from the title side of every transaction that you're already doing anyways. Number 19, relocation consulting. This is outside the box. If you can offer relocation packages to corporations who are moving employees to your area, including services from housing to neighborhood Insights. There are companies out there that are about to be relocating to a certain area. They don't know a damn thing about that area. So what do they do? They go to an expert on the area. So they hire real estate agents and as a consultant and you can actually by giving them advice and giving them guidance, they'll pay you for it. So relocation consulting is an option. Number 20, smart home tech and home security consulting. Work with providers of smart home or security systems and promote to clients in exchange for affiliate income. You could you, I guess we could lump this in with affiliate marketing. But I know this one agent that he's a smart home consultant. So he gets people will pay him to come in and give them advice on how they can make their home smarter. Like which devices they can bring in to make their home a smart home. How can they save money on their utility bills? How can they be more green and blah blah blah or just like how can they connect everything? Isn't that incredible, right? Smart home technology consultant. So that's number 20. Number 21. Insurance affiliate programs partner with a homeowner's insurance company to provide to refer clients potentially for a referral fee. Now this, you may not be able to legally do this in your area. So make sure that you check on that. But as I was doing some research on this like I, I wrote like 19 of these myself and then I needed a little help for the, for the last three and so I did some research and, and like wait, like if we're recommending insurance companies like their referral fees there. Yes, yes. Just make sure because it's insurance there may, it may not be allowed in your area or you may have to structure it a certain way. But that is an option. Insurance affiliate programs and number 22 events number 22 events. Community events and networking. Host community focused events, perhaps sponsored by local vendors and, and build your brand while earning income. If you throw an event and you charge money or you just, or it's free, but you get a bunch of people there and you have a bunch of sponsors, if the event cost you $6,000 to put on, but all the sponsorship money and or ticket sales equals $9,000, then you made $3,000 by doing that event. Not to mention any business that it may give you in the long run. Right? Any, any new business or any new clients that may come your way as a result of that event. So, so events themselves could be a revenue generator. So hopefully these 22 different ways that a real estate agent can make money will help you think outside the box a little bit. I know. How do I put this? Real estate's hard. Business is hard. It's not supposed to be easy. It's not meant to be easy. So if you are struggling financially, if you're having a lean month or a lean year and you're looking for ways to supplement, first off, it doesn't mean you're dumb, it doesn't mean you're incapable, it doesn't mean that you're not meant to be successful. I would argue that's exactly what it does mean, is that it's just the test to teach you what you need to know in order to become successful. It's the test that helps you become the person who's capable of attracting that success. So it's okay if you're in that period of struggle and some of these new revenue streams new to you may be great lifelines like some of them are such obvious and simple add ons that you could add. Right now I'm a big believer in revenue share and profit share in that model. I obviously believe in revenue share much more than profit share. I was about to say for obvious reasons, but I guess it's not obvious to everybody with profit share even though it's better than nothing and you can certainly there's a lot of people at the profit sharing company that make it, you know, they make some decent money through profit share. The problem is it's based on profit. So if the market center or if the, if the brokerage is not profitable that month, nobody gets paid profit share because there's no profit to share. Right. Revenue share which has become very. Which. All the new companies that are coming out and including mine, we do it on revenue because no matter what, as soon as the deal closes, you Get a piece of it. If you were responsible for bringing that agent who did that deal to the company, you get a piece of it, and it's very powerful. It doesn't have to be a big distraction, especially if you team up with the right people and, you know, they could be doing a lot of the heavy lifting of helping you bring people, you know, they should be doing it with you. Like, this is what I spend the majority of my time doing for my agents, is they're like, hey, I'm out there selling houses, but Johnny wants to bring his brokerage of 30. I don't have time to talk to all of them. And I'm like, cool. I do. Then, you know, I jump in and we kind of go through the whole thing together as business partners. So it does. Like I said before, it definitely takes time, it definitely takes effort. But when you're with the right people, it's not nearly as time consuming as you might think. And if you're with the right brokerage, it's a lot easier than you might realize to attract agents. So don't sleep on revenue share if you. If you think negatively about it, if revenue share has a negative connotation, please try to put aside the jackass, the amateur that approached you the wrong way, that pitched you the wrong way, that got pushy with you, that got salesy, and it just. You. It kind of turned you off, please realize it's not the business model's fault. Right? The business model is extremely powerful, and it would be a mistake for many of you to ignore it and to push it aside and not grab onto that opportunity. The problem was you were just approached the wrong way by someone who made it icky. They were the problem, not the business model. So I challenge you. If you're one of those people that's like, oh, I don't know about that, because I don't like how they do it. You don't like how they do it. The business model is great when done the right way, with the right people in the right company. So so many of those 22 different options could be exactly what you're looking for. Make sure that you're not just jumping on them as a shiny object. Think about them, be methodical, be intentional, and then start adding these revenue streams on in a way that supplements and complements rather than distracts from what you're already doing. I hope this was helpful. And, you know, before we wrap, keeping current matters is one of the. One of the tools out there. Look, I don't have many sponsors on the show. In the past, I've had two or three sponsors of the show, and one that I really believe in is Keeping Current Matters. KCM is a tool that helps. It saves so much time. It provides agents so much leverage where every like in your email, you just get an update on here's what's happening with the markets here, what's happening with the economy. Here's where things are going. Here's what it means, here's how it affects buyers, sellers. Here's what we recommend with graphics and video scripts. So it saves you so much time and it makes you look like a freaking genius. Like you spend all day studying the housing market or something when you just pay a little bit every month for housing experts who do spend all day studying that to just give you the information and what they learned. So go to try kcm.com Bam some real leverage available to you right now. Don't sleep on KCM. Try kcm.com BAM and BAMX, the community with online courses, events, masterminds. I highly recommend bamx and use code Massive at checkout to get a discount. Just go over to nowbam.com to check out BAMX. Thank you guys so much for listening. Again, Spotify listeners, leave some comments. Go comment on this episode. Let me know what you liked. Let me know what you learned. Let me know specifically of those 22 different ways for an agent to make money, which one was your favorite or which one blew your mind? Which one did you not even consider that you're excited about? Let me know in the comments on Spotify. And if you're an Apple podcast listener, which is pretty much like 85% of you, then make sure you've left a review. If you haven't yet left a review on Apple, please do so. It's such a big help to me in this podcast. It helps us reach more people. Podcasts that are reviewed a lot, they get a lot of reviews. It's an indicator to the podcast platform that, hey, this is good content. People like this. And so the podcast platform will then suggest it and have that podcast show up in the search results for more people because they know it's good stuff. So by you just going and leaving a review that takes 20 seconds, let me know what you like about the show and just, you know, click. Hopefully five stars. If you feel we've earned it. That helps this podcast reach more agents and have an impact on more real estate agents. So help me in that effort. Thank you so much. For those who have already left a review and if you haven't, please do right there within the Purple Apple podcast app. Thank you so much for listening this week. I'll see you back next week. Take care. Sa.