A real estate agents income is generally wholly based on their commission from the sale of real estate properties. With the industry changing and market fluctuation a constant, savvy real estate agents are discovering new opportunities to increase their client base. Here are three revenue opportunities you can implement right now to grow your business:
Banks and mortgage servicers are still in need of real estate professionals to help list and sell foreclosure properties. No longer the madness that ensued in 2008, REO sellers have become much more process driven and methodical in their disposition strategy. With inventory lower than average historical numbers, REO sellers have the time and capacity to evaluate new agents to onboard in their network.
Broker price opinions are a common valuation product in the foreclosure and corporate valuation world. There are many companies that are on-boarding agents to complete broker price opinion reports for pay. An added benefit of completing broker price opinions: you stay up-to-date on the market in the local area. To learn more about broker price opinion reports, read our article about the topic.
Referrals are not new in the real estate business. Agents have passed referrals back and forth for a portion of a client commission for decades. What is newer, however, are national referral companies who facilitate the connection of buyers and sellers with real estate agents. Referral companies gather leads based on advertising, affiliation with a personality or various marketing such as geographic targeting. The leads are then referred to real estate agents for a referral fee. There are dozens of such companies and are a great source of new business for a real estate agent.
How To Get Started
Getting started with all three opportunities generally involves a registration process with the REO, BPO or referral company on their website. REO Agent Society members have access to details on dozens of these companies by just logging into the site as a member. If you are ready to become a member and grow your business, click here.