Key Takeaways<\/strong><\/p>\n Your sphere of influence is your secret weapon in real estate\u2014and your customer relationship manager (CRM) is the key to unlocking its full potential. By setting up automated campaigns that keep you in touch with your contacts through emails and text messages, you’ll stay top of mind when they’re ready to make a move.<\/p>\n Here are a few ideas:<\/p>\n With so many great CRM options tailored specifically for real estate agents, you’re sure to find one that fits your needs and budget. Still trying to figure out where to start? Check out our article on the best real estate CRMs<\/a> to find the perfect fit for your business. Trust me, investing in a solid CRM and putting it to work for you can make all the difference in keeping your pipeline full and your commissions flowing, no matter what the market’s doing.<\/p>\n When the market slows down, keeping your pipeline full is crucial\u2014and paid real estate leads<\/a> can be a game-changer. Whether you’re an individual agent, a team leader, or a broker, there are plenty of ways to keep those leads coming in. <\/p>\n Check out some of my favorite paid lead generation companies:<\/p>\n These experts know how to target the right people with the right message at the right time, serving up hot leads ready to convert. However, not all paid leads are created equal. To make the most of your investment, be sure to:<\/p>\n With the right approach and a little bit of hustle, investing in paid leads can be a smart way to keep your business thriving, even when the market’s not cooperating. So, don’t be afraid to explore your options and find the perfect match for your business.<\/p>\n Looking for a powerful CRM that can also generate exclusive leads? Get a predictable number of exclusive and affordable social media leads monthly with Market Leader.<\/p>\n In a slow market, it’s easy to feel like success is out of your hands. But one tried-and-true strategy puts you back in the driver’s seat\u2014hitting the phones and cold calling. This tactic is a powerful way to learn how to make money as a real estate agent and land some listings<\/a>, even when the market is challenging.<\/p>\n Now, I know what you’re thinking\u2014cold calling isn’t exactly the most popular strategy these days. And it’s true\u2014it’s not for everyone. But hear me out! You’re taking control of your productivity and pipeline by reaching out to FSBOs, expireds, your farm, and other potential leads. And with some great cold-calling scripts<\/a> in hand, your confidence will grow with each new call.<\/p>\n Here’s the thing: When you’re the one making the calls, you’re not waiting for leads to come to you. You’re actively seeking opportunities and starting conversations that can lead to real business. And while it may take some time to learn how to convert leads over the phone effectively, the payoff can be huge.<\/p>\n Of course, cold calling isn’t the easiest way to learn how to make money with a real estate license. It takes persistence, patience, and a willingness to step outside your comfort zone. But if you’re ready to put in the work and learn the skills, cold calling can be a compelling choice to keep your pipeline full and your business thriving, no matter what the market’s doing.<\/p>\n Get started with the right tools. If you\u2019re ready to tackle this cold-calling strategy, REDX delivers fresh leads directly to your fingertips. You can choose which type of leads you want to work with and only pay for what you need. Plus, their built-in dialer saves your finger muscles from all the number-punching.<\/p>\n When the market slows down and buyer leads<\/a> seem scarce, it’s time to get creative. One often-overlooked source of potential buyers? Renters! Targeting renters is a smart strategy when learning how to make money as a real estate salesperson, even when the market is challenging. The people signing leases could be your next big sale. By marketing directly to renters and nurturing their relationships, you can groom them to become your future buyer clients.<\/p>\n Think about it: Renters may not be ready to buy right now, but by staying in touch and providing valuable information about the homebuying process, you’ll be the one they think of when they are ready to take that next step.<\/p>\n So how do you tap into this potential gold mine of leads? Here are a few ideas:<\/p>\n Focusing on renters and building relationships over time will cultivate a pipeline of potential buyer leads without breaking the bank on paid leads. This well-tested method can pay off big when those renters are ready to become homeowners.<\/p>\n<\/div>\n When the market starts to cool and traditional sources of business start to dry up, building relationships with real estate developers and investors can be a lifeline. Here\u2019s the thing: While the average buyer may be tightening their purse strings in a slow market, investors tend to do the opposite. They know that the secret to building real estate wealth is to buy when everyone else is sitting on the sidelines\u2014and they typically have the means or know some hard money lenders<\/a> to do it.<\/p>\n As Warren Buffett famously said, “Be fearful when others are greedy, and greedy when others are fearful.” When the market is retreating, and everyone else is watching their pennies, that’s when savvy investors are ready to pounce.<\/p>\n So, how can you find real estate investors<\/a> and tap into this revenue source? It all starts with building relationships. Here are a few ideas:<\/p>\n Of course, working with investors isn’t always easy. They can be demanding and may have different priorities than traditional buyers. But if you’re willing to do the work and build those relationships over time, you may just find that investors are the key to keeping your pipeline full and your business growing\u2014and a dynamic way to learn how to make money as a real estate agent. <\/p>\n Need to learn the inside scoop on hard money lenders to share with your investor clients? Check out Kiavi. From bridge loans to fix-and-flip funding, Kiavi uses state-of-the-art tech to streamline the process and make funding easier for investors.<\/p>\n When learning how to make money in real estate, there are plenty of opportunities across all types of properties and markets. But if you’re looking to maximize your earning potential, a few specific areas tend to be more lucrative than others.<\/p>\n One of the most profitable areas of real estate is commercial property. This niche includes everything from office buildings and retail spaces to warehouses and industrial properties. Commercial real estate deals are larger and more complex than residential transactions, often with higher commissions and fees. Commercial properties often have longer lease terms and more stable tenants, which can provide a steady income stream over time.<\/p>\n However, breaking into the commercial real estate market can be challenging, especially for agents who are used to working with residential clients. In most cases, you’ll need to obtain additional designations, such as the Certified Commercial Investment Member (CCIM) designation, to show your expertise and credibility in the commercial space.<\/p>\n If commercial real estate isn’t your cup of tea, luxury real estate is another highly profitable area to consider. This market focuses on high-end properties and affluent clients, which can translate to significant commissions and fees. Unlike commercial real estate, you don’t necessarily need additional licenses or designations to break into the luxury market\u2014although pursuing certifications like the Luxury Homes Certification can help establish your credibility and expertise.<\/p>\n One of the biggest advantages of working in the luxury real estate market is that the skills and strategies you’ve developed in residential real estate are highly transferable. You’ll still need to focus on building relationships, providing exceptional client service, and staying up to date on market trends and best practices, but you won’t need to start from scratch regarding your knowledge and experience.<\/p>\n If you’re interested in making the transition from residential to luxury real estate, there are a few key steps you can take to set yourself up for success:<\/p>\n For more detailed guidance on becoming a luxury real estate agent<\/a>, check out our guide that walks you through the process step-by-step.<\/p>\n And if you\u2019re really ready to level up your real estate business, explore the gorg website designs of Luxury Presence. If you\u2019re competing with other luxury real estate pros, you\u2019ll need a site that can keep up. Your image is important in the luxury game, and you\u2019ll need high-end branding. Luxury Presence is an all-in-one platform that manages your online presence with stunning websites that generate leads to help you get your sophisticated brand out in front of all the right eyeballs.<\/p>\n Ultimately, the type of real estate that makes the most money will depend on your unique skills, interests, and market opportunities. Whether you specialize in commercial, luxury, or another niche market, the key is continuously educating yourself, building your network, and providing exceptional value to your clients. With the right strategy and mindset, you can build a highly profitable and rewarding career in any area of real estate.<\/p>\n When the competition is fierce and the market is slow, it’s time to get specific. One of the smartest strategies for standing out and generating leads is identifying an underserved real estate niche in your market and becoming the go-to expert in that area. If you want to know how to make money in real estate agent niches, this is how to do it.<\/p>\n Now, you might be thinking\u2014won’t narrowing my focus limit my potential business? But the truth is, the smaller your niche, the more targeted (and effective) your marketing efforts can be. By honing in on a specific group of buyers or sellers, you can tailor your messaging, build deeper relationships, and establish yourself as the authority in that space.<\/p>\n So, what are some potential real estate niches<\/a> to explore? Here are just a few examples:<\/p>\n Keep in mind that not every niche will be a fit for every market. While military housing might be an ample opportunity in some areas, it may not be relevant in others. And beachfront condos might be a hot commodity in coastal towns, but they\u2019re probably not a factor in inland cities.<\/p>\n The key is to identify a niche that aligns with your market and expertise and then go all-in on becoming the best in that space. Focus all your marketing efforts around that niche, from your website and social media presence<\/a> to your networking and referral strategies. By doing so, you\u2019ll be well on your way to answering questions about how to make money as a realtor.<\/p>\n And don’t be afraid to get ultra-specific. For example, instead of focusing on “farmhouses,” you might specialize in “horse farms or equestrian facilities from 5 to 25 acres.” The more targeted your niche, the easier it will be to establish yourself as the go-to resource for that group.<\/p>\n<\/div>\n<\/div>\n One real estate side hustle<\/a> that offers multiple benefits is becoming the agent other agents turn to for advice and expertise. By positioning yourself as a leader and educator in your industry, you’ll attract more buyers and sellers and create opportunities to monetize your knowledge.<\/p>\n Here’s how:<\/p>\n By monetizing your expertise in this way, you can create a lucrative side hustle that complements your core real estate business.<\/p>\n Becoming a real estate expert other agents turn to takes time, effort, and consistency to build your reputation and establish yourself as a thought leader. But the payoff can be huge\u2014not just in generating leads and closing deals but also in creating additional revenue streams that can help you ride out any market.<\/p>\n As a real estate agent, you’ve probably encountered this scenario before: You’ve listed a property for a client, but due to circumstances beyond their control (like a military relocation), they must move before the home sells. While this can be frustrating for everyone involved, it also presents a unique opportunity for you to expand your services and generate additional revenue.<\/p>\n One smart strategy is to offer to manage the property for your client as a rental. By taking on the role of property manager<\/a>, you can help your client avoid the stress and hassle of dealing with tenants and maintenance issues from afar\u2014all while creating a new income stream for your business.<\/p>\n Of course, before you start offering property management services, there are a few key things to remember. Check with your broker to ensure that your brokerage is set up to manage properties and that you follow all in-house rules and regulations. In some states (like Florida), you may need a broker’s license to manage rental properties for others legally, so be sure to do your due diligence and comply with all relevant laws and regulations.<\/p>\n Assuming you’re able to move forward with property management, there are a few best practices to keep in mind:<\/p>\n By offering property management services, you can provide a valuable solution for clients whose homes don’t sell right away\u2014and create a lucrative new revenue stream for your business in the process. And who knows? You may even discover a passion for property management, leading to a new career path.<\/p>\n One of the biggest mistakes new agents make is assuming that simply having an active real estate license is enough to start raking in the dough. In reality, success in real estate requires a clear plan and a strategic approach. That’s where a clearly defined business plan and marketing plan come in.<\/p>\n Your business plan<\/a> should outline your goals, target market, unique value proposition, and financial projections. It should also include a detailed budget for marketing, technology, and continuing education expenses. By treating your real estate career like a business from day one, you’ll be better equipped to make smart decisions and invest in the right tools and resources to help you grow.<\/p>\n Your marketing plan<\/a>, on the other hand, should focus on how you’ll attract and retain clients. This plan might include tactics like:<\/p>\n By creating a comprehensive marketing plan and executing it consistently, you’ll be able to generate a steady stream of leads and build a reputation as a go-to agent in your market.<\/p>\n So, how do you make money as a real estate agent? It certainly takes effort and strategic planning. But for those willing to treat their real estate career like a business and work to build a strong foundation, the rewards can be life-changing.<\/p>\n Many agents set a goal of making six figures, but the path to achieving it can look different for everyone. There’s no one-size-fits-all formula on how to make money as a real estate agent\u2014instead, it’s about understanding your market, setting clear goals, and consistently taking action to move the needle forward. <\/p>\n One of the first things to consider when aiming for a six-figure income is your market and niche. Real estate agent salaries<\/a> vary from one market to another. In some areas, selling a single multi-million-dollar property could be enough to generate a six-figure commission. In others, you may need to sell a dozen or more homes at a lower price to achieve the same goal. Understanding your market and the types of properties and clients you want to work with is key to creating a realistic and achievable plan for success.<\/p>\n Once you clearly understand your market and niche, it’s time to set some concrete goals. This phase is where reverse engineering comes in. Start with your ultimate goal (e.g., making six figures in a year) and work backward to determine what you need to do each month, week, and day to get there. For example, if you know you need to sell 12 homes at an average price of $300,000 to make six figures, you can break that down into monthly, weekly, and daily targets for prospecting<\/a>, setting appointments, and closings.<\/p>\n But setting goals is only part of the equation\u2014you also need the skills and strategies to achieve them. One of the most important skills for any real estate agent is the ability to convert leads into clients. This ability means mastering the art of asking leading questions, handling objections, and turning “no’s” into “yeses.” Any time you invest in learning and practicing these skills is time well-spent, as it can directly impact your ability to generate more business and close more deals.<\/p>\n In addition to lead conversion skills, there are a few other real estate agent tips<\/a> that can help you achieve a six-figure income as a real estate agent:<\/p>\n Ultimately, making a six-figure gross commission income (GCI)<\/a> as a real estate agent is about setting clear goals, developing the skills and strategies to achieve them, and consistently taking action toward your vision. It’s not easy\u2014but with hard work, persistence, and a willingness to continuously learn and adapt, it’s an achievable goal for any agent committed to success in the industry.<\/p>\n Let’s be honest\u2014starting a career as a real estate agent is a lot like starting your own business. It takes hard work, dedication, and a willingness to put in the time and effort to build your brand and client base. So, how do you make money as a realtor? For those who treat their real estate career like a true business venture, the rewards can be significant\u2014both financially and personally.<\/p>\n<\/div>\n This question is tricky to answer. Success working as a part-time real estate agent depends on various factors, including your current work situation, goals, and commitment to building a successful real estate business. There are pros and cons to being a real estate agent<\/a>, especially part-time.<\/p>\n On the one hand, pursuing real estate as a side hustle while working a full-time job can be incredibly challenging. Real estate is a demanding field that requires significant time, energy, and resources\u2014especially when working with clients. So, you\u2019ll want to carefully consider whether working part time in real estate<\/a> will work for you.<\/p>\n<\/div>\n How to make money as a real estate agent is a big question. Many roads lead to a lucrative real estate business. This list is just the tip of the iceberg. The trick is there is no trick\u2014you can achieve as much success as you\u2019re willing to work for. The beautiful thing about real estate is you can make it into anything you want. Whether you want to become a coach, a real estate investor, a template designer, or the most successful luxury agent in your market, the world is your oyster. But first, be sure to set clear goals so you\u2019ll have a roadmap to get where you want to go.<\/p>\n Do you have a cool real estate money-making secret? How are you designing your real estate empire? I\u2019d love to hear about it in the comments!<\/p>\n The post How to Make Money as a Real Estate Agent: 11 Strategies to Earn More<\/a> appeared first on The Close<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Success in the real estate industry takes serious hustle and grit, no matter what the market is doing. It\u2019s been rough out there lately, but don’t worry\u2014I’ve got your back! I\u2019ll share 11 awesome tips on how to make money as a real estate agent, even when things aren’t exactly booming. 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1. Leverage Your CRM to Keep Your Sphere Warm<\/h2>\n
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2. Fill Your Pipeline With Paid Leads<\/h2>\n
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![\"Market](\"http:\/\/folster.me\/wp-content\/uploads\/2024\/03\/ML-CRM.jpeg\")
3. Control Your Destiny by Hitting the Phones<\/h2>\n
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4. Find Future Buyers by Nurturing Renters<\/h2>\n
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Pro Tip<\/h3>\n5. Build Relationships With Developers <\/h2>\n
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6. Choose a Lucrative Niche<\/h2>\n
Commercial Real Estate<\/h3>\n
Luxury Real Estate<\/h3>\n
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7. Identify an Underserved Niche<\/h2>\n
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<\/span>\n<\/div>\n8. Become the Expert Other Agents Turn To<\/h2>\n
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9. Manage Properties That Don\u2019t Sell<\/h2>\n
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10. Create a Solid Business Plan<\/h2>\n
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11. Manage Expectations Based on Your Specific Market<\/h2>\n
Set Concrete Goals<\/h3>\n
Learn to Convert Leads<\/h3>\n
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FAQs<\/h2>\n
Is it hard to make money as a real estate agent?
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\nIs being a real estate agent a good side hustle?
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\nYour Take<\/h2>\n