← Your Daily Real Estate Podcast with Tristan Ahumada
Your Daily Real Estate Podcast with Tristan Ahumada
Episode 811: This is Why Smart Agents Need Multiple Streams
00:09:57
Loading summary
Transcript1 lines
- [00:00]
A
If you're a real estate agent and you're only making money when you close a deal, well, I know some of you are worried about that because the smartest agents out there that are winning right now have multiple streams of income, and it's called ancillary. You see brokerages do it, you're seeing Zillow do it. Every big company out there is doing it. And I want to give you some options. I want to show you the different ways that you could possibly build some more money. Obviously, it comes down to disclosures and it comes down to your brokerage. Does it allow it? But I want to give you some ideas so you can start thinking about how to show up in different places that also help you in the current vertical that you're in so you can have multiple streams of income. Today, I'm going to walk you through 12 side hustles. And you can call them whatever you want. That's what I call them. Because we had a whole virtual event in lab coat agents about this. And these, I think, make sense specifically for agents. So it's not random. These all compound because they fit into the real estate world. So let's get into this. I'm Tristan. This is your daily real estate. It's a podcast, it's a show. I built lab code agents 12 years ago in real estate. 22 years. Just opened up my own brokerage nationwide, Y Realty. Excited about that one. So a lot of this stuff that I'm talking to you about, I'm talking out there to our agents, lab coats, brokerage, wherever. And let's get into this one, number one, content creation and brand monetization. You're already making content. Well, some of you are. You're already posting it. So monetize the audience that you're building, right? YouTube revenue, sponsored posts from lenders, title companies, home service providers. Even a Local newsletter with 2,000 engaged homeowners is gold to a roofer or a kitchen remodeler who wants access to this audience. Number two, coaching and mentorship. You don't need to be a mega agent to coach. I've seen a lot of agents out there with zero experience doing it, and I'm not recommending that. But listen, if you've closed 30 plus deals, you know more than 80% of agents in this business, which, it's a lot, so start small. Five agents paying you 500amonth, it's. It's a lot of money. 30,000 a year right now, that becomes a side hustle. And it's not about Taking advantage of agents. It's about wanting to help them, wanting to help them grow into this business. Build a course around your niche. Luxury expireds, social media, open houses, whatever, whatever you're best at. Number three, referral only network. When your sphere relocates or your content pulls in leads from other markets, don't just let it go. I've seen a lot of you do that as well. Refer them out for 25% or whatever referral fee that you charge. Normally some agents build six figures a year purely on referrals from this. Depending on where you're referring to, right? Some of the referral checks can be larger than your normal area checks. It just depends where or you're sending these out to. Look, you already have these relationships and if not build them. Just create a system around it. Number four, property management. This is a pretty big one. Your investor clients need someone to manage their rentals. And you already know the properties, the market and the owners charge 8 to 10% of the monthly rent. Or just check it out on AI and see what that recommends that you charge. You know, think about this. 10 units at 3,000amonth. That averages 36,000 a year in recurring revenue. This is what of the only side hustles that creates true monthly recurring income. I have a friend who is now jumping into Y realty. She has 350 doors and that's a lot of revenue. She's built out a whole business so her little side hustle became her main source of income. She still does great in real estate, but damn, let me tell you, that's a, that's a beautiful thing. Number five, real estate investing house hacking. B rrrr. I think I said enough. Rs the brrrr method, right? Small, multifamily. You see deals before anyone else out there and that's kind of an unfair advantage most agents never use. So partner with investors. You bring the deal, they bring the capital, you split the equity or you find some smart way of splitting that equity. Doesn't have to be 50 50. But listen, you can have an opportunity here. With wholesale properties you come across that just don't fit your clients, you can send them somewhere else. Assignment fees can run 5 to 25,000 per deal. It's crazy. Number six, notary and loan signing agents. I have a few friends that do this locally. You get your notary commission and start doing mobile signings. Just connect with an escrow company, title company or just a lender that's close by. They'll if they know you or you get to know Them, that's another avenue, right? They pay 75 to $200 per appointment. And you already understand real estate documents better than most people entering this whole space. So stack that into signings around your existing schedule and guess what? You're making money. Number seven, home staging. Consulting. You already tell sellers what to do to prep their homes. Package that as a paid service for for sale by owners or other agents. Just estate sales, divorce situations. Build a network of stagers and charge a coordination fee. Or buy your own inventory and rent it out as you get listings or as other agents get to know you. And here's the bonus. This feeds your listing business too. Don't forget that every home you consult on becomes a referral source. Smart, right? Number eight, real estate, photography and media. If you've built any skills with photos, videos or drone footage, other agents will pay you for it. Many agents are terrible at marketing their listings. So what you do is offer photo, video, drone and social content on a package and you set it up for a weekend shoot. Three listings or 500 each. That's 1500 bucks on the weekend, right? You just have to start building that clientele. Number nine, short term rental management. Similar to property management, but higher revenue per unit. You manage the listing, pricing, cleaning, coordination and Guest Communications. Charge 15 to 25% off of the bookings or the booking revenue. Listen, one high performing short term rental can net you $1,000 a month or more. I've seen more in management fees and your market knowledge. Well, guess what? That's your competitive ed. Number 10, paid speaking and workshops. But you're like Tristan, nobody would pay me to go speak. Well, just hold on. Title companies, lenders and real estate boards, they're always looking for speakers for lunch and learns CE classes and events. So start locally, build a speaker reel. What are you great at? Listen, a lot of you come into this industry with a whole bunch of knowledge from somewhere else and you can use that here, right? Because they pay 500, 700, $1,000 per talk. And that adds up fast as you start getting into this circuit. So think about that. And look, every. Every talk builds your brand generates referrals. Especially if you're recording it, posting it up on YouTube and Instagram and all these. It creates authority in the market. Number 11, transaction coordinating. And I know you probably thought of this one. It's probably the easiest one, at least easiest one to think of, tougher one to manage unless you are amazing with details. So if you're detail oriented and understand the contract to close process, you offer t services to other agents charge $350, 450, 500. Just depends on what you're going to do. But you manage 10 of these a month and that's 3,500 to $5,000 as side income. This one can get a little challenging because it doesn't allow you to continue to do as much real estate business because this one kind of takes a life of its own. You're going to have to be really good with your time on that one. You build a small team to handle the work and now it's starting to be scalable, right? Not just a side hustle. Number 12, AI setup and automation consulting. This one is brand new and almost nobody's doing it yet. I've got a friend of mine who just started a group coaching around this for real estate agents, which is really smart. But most agents know they should be using AI but have no idea where to start. So you offer to set up their CRM, automations, AI follow up sequences, content workflows and lead scoring systems. All of this stuff. And you know what? AI is already built into some of these CRMs. Just agents don't know how to set it up. So you can charge a setup fee plus the monthly retainer if they want to change up things. The demand for this is growing. Here's what matters. The best side hustle for agents aren't random. They compound back into your main business. Every single one of these either builds your brands, deepens your relationships, creates recurring income, or gives you an unfair advantage in your real estate career. So here's what I want you to do. Pick one, maybe two, match it to your strengths and go deep. Don't try to do five of these at once because you'll end up doing none. And go build something that works for you. Please.