You will work with renters who may eventually want to buy houses. Make sure they understand you are a licensed Agent. Should they ever decide to buy a property, they will want to work through you.
When you represent enough buyers, you will likely get to the point where there is enough demand for property management you will no longer be able to ignore it.
In the beginning, I suggest you take on a few property management clients without a big, giant infrastructure. You do not need to build another business right now. You want to take on a few clients and see how you like the property management aspect. This is where it all starts.
Eventually, you can build your own property management business. I will describe this a bit later on in this session.
You can also build a team. Let’s say you decide to invest. Before you begin, you can build a team around yourself as the Investor-Agent first. Then you leverage your knowledge and skills. You teach other people how to do some of the lower-paid tasks. You can have a buyer’s agent. You can do all kinds of stuff. Basically, you are building a team.
The seventh circle is for “referrals.” I have mentioned it before and I will tell you again that I always seem to get more referrals from Investors than I do from my owner-occupants. On average I get one referral for every Investor represented. This is incredible! It means I essentially doubled my business just by working with Investors.
Some Investors referred more than one; some Investors did not refer well. However, on average it has been a little more than one. Once you get a great referral business going, it will not just be referrals coming to you from your clients. You will also get to the point where someone says, “Hey, I have a friend who lives in Santa Barbara and they want to learn how to invest. Can you help them; hook up with the right realtor?”
No matter where I’m living at the time, I can say, “Absolutely,” because I know how to find an Investor-Agent out there. It is very easy to do since typically I have former students across the country. However, whether you are with RE/MAX, Coldwell Banker, or Keller Williams, you can always have a way to contact other agents within your company, and you can find out which of those work with Investors.
I prefer to refer to people who know my techniques. The bottom line is, though, you can earn referral income by sending referrals to people all across the country based on the relationships these folks have with your own clients. You can have referrals coming in and referrals going out.
The last arrow is “helping Investor clients buy and sell their own homes.” Let’s face it. Everybody you are representing lives somewhere! Of course, they do. Investors are typically homeowners. They own their own properties and from time to time they will want to sell their current property and buy another one. They will want to move up. Most Investors eventually realize they can live in bigger homes.
You will get that business. You get the Investors looking to buy and sell their own homes, so you get a sell-side by listing their current home and a buy-side by helping them buy their new home. You may even get a third side which is a buy-side on the listing you got from selling their current home.
There are eight ways for you to make money by working with Investors. I suggest you always work with a minimum of three and help your owners do the flips; help them do the rentals; and you should invest, as well. This is a minimum.
If you are really entrepreneurial, eventually you will get to the point where you want to build a team and maybe build a property management business. Perhaps you will want to take on wholesalers or build your referral business.
Start with the three-legged stool first:
Invest for yourself
Represent people buying rentals
I promise you will always have income. Even if another recession hits and the owner-occupy business drops, you will not care so much. You will be making money from your Investors. They are out there in droves during a recession. The good ones will be out there buying in a recession, not sitting back on their laurels.
Essentially, there are eight ways you can leverage what you are already doing to build your business around your license.
Your license is an income-producing asset. You need to think of it as an income-producing asset and run it like a business. You get up early, you work all day, and you have a fulfilling day.
You do not have a full day; you have a fulfilling day. You have a profitable day.
Run it like a business so every day you know what money you have coming in and what expenses are going out. Run it so you’ll know what money is coming in tomorrow, and what expenses are going out tomorrow.
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