Creating Multiple Streams of Revenue with Your Real Estate Business

Unless you have locked up an REO account with a lender, times are pretty tough for most real estate professionals.  Many real estate agents are exiting the industry as they can’t generate enough revenue to stay in business.  In times like these, it is very important to try to generate multiple streams of revenue with your Real Estate Business to get you through the tough times.

What do I mean by multiple streams of revenue?  Buying and selling real estate is only a few services of many that you can offer and generate income.  Even if the revenue is only a few hundred dollars, it can add up very quickly.  Here are some ideas of what I do to generate revenue from my real estate business.

1. Buyer Leads – I refer all my business to my agents generating revenue on each deal that closes.  Most agents handle their own business, so this scenario is a given.
2. Seller Leads – We actively market for short sale listings as most of the REO business is locked up in our market.  I have two agents that specialize with Las Vegas Short Sales and they get all the short sale leads.  Again, most agents handle their own business, so this scenario is a given.
3. Property Management Leads – I created a Las Vegas Property Management website and a web page on my real estate website to generate property management leads.  I don’t handle property management but it doesn’t stop me from referring the leads to a property management firm and get a referral fee.
4. Rental Leads – I don’t handle rentals but there is an agent in my office that only handles rental leads.  I refer my rental leads for a flat fee, so again I get paid for every rental lead that turns into a successful closing.  Again, many agents handle their own clients, so this scenario is a given.
5. Commercial Real Estate Leads – I don’t handle commercial real estate, but that didn’t stop me from creating a web page about commercial real estate in Las Vegas.  I have generated a few leads for commercial real estate and I referred the leads to a Las Vegas Commercial Real Estate Agent and 1 deal has closed.  I did nothing but create a web page about commercial real estate and I should be getting a very large check here shortly.
6. Loan Leads – Sometimes we get potential clients to fill out our contact form with lending questions.  We refer the client to our preferred lender and when they are ready to buy, our lender refers them right back to us.
7. Credit Repair Leads – Not everyone can purchase right now but doesn’t mean that you should give up on them.  You can refer your clients with bad credit to a reputable credit repair firm and they usually send you a referral fee, once their credit is solid again, you can assist them in finding a home.
8. Lease Options Leads – I have an agent that specializes in lease options and he handles all our lease option leads.  If you don’t know how to handle a lease option, refer the lead out and get paid a referral fee when it gets into contract.
9. FSBO Leads – I have a separate company set up with a loan officer and we offer consulting to homeowners trying to sell their home by themselves.  We provide a complete marketing system for Las Vegas for Sale by Owners.  Again we get a fee when we sell our marketing package and we usually pick up a few buyers from the program as well.  When they can’t sell, they are referred to our real estate team to list their home which has lead to several closed deals.

I am sure there are many more avenues in your real estate business that can generate revenue; you just have to figure it out!  I hope this gave you some ideas on how to increase your revenue with your real estate business.