9 Lucrative Side Hustles for Real Estate Agents in Slow TimesJan 12, 2023
Working Americans are spending an average of 12 hours per week on duties connected to their side hustle and earn $1,122 per month on average. One in five people with side hustles earned over $75,000. A side hustle is a secondary job or business that brings in extra cash and hopefully an extra income long term. Here are 5 lucrative side hustles for real estate agents to consider during slow times.
No matter if you are a full-time or part-time agent, side hustles are important for all agents because it can help you make more money, optimizing the business you are already building. You can also get extra work, which can be helpful when the market is slow.
Finally, as a real estate professional, you are used to building something and selling your services, so finding the best side hustles in the real estate industry will be a great way to expand and create a strong real estate career.
Most people think only of rental properties or becoming a part time property manager when side hustles are mentioned, but there are many other ways to leverage the homes that you are viewing with clients. Becoming a house flipper is one of them.
Flipping houses is a great way to make some extra money during slow times in the real estate market. If you have some experience in renovating homes, this could be a great side hustle for you. You can buy homes that are in need of repairs at a discount and then renovate and sell them for a profit.
You can learn about flipping homes from realtor Chauncey Pham from Dallas Texas here
Buy & Sell Notes
While all other real estate agents and investors are fighting over the few opportunities that come up to purchase investment real estate, learn about a way to invest that is still a big, blue ocean: Note Investing. Note investing is when you buy and sell the mortgage notes that lenders are selling.
The best aspect of investing in notes is that when you purchase someone’s debt, it comes with the security (the home). It is also worth noting that lenders do not sell notes because they are not performing. Lenders sell notes as part of everyday business, so you are able to enter into the market simply through networking and educating yourself on this unique niche.
You can learn more about note investing on the “Not Your Average Investor Show” with Scott Carson.
Another perfect opportunity that uses your real estate skills is to invest in other types of real estate investments, such as storage space. Many realtors only think of rental properties with long-term or short-term rentals that have tenants. Storage units will give you more free time with lower maintenance management It is a good option that will not have as much competition when searching for a building to buy.
Start researching your local market for what storage units are available to the general public and begin recording the average rent amounts for these units. That way when something becomes available, you will be ready to act on the opportunity.
A great video comparing multi-unit investments to storage units is from Chandler David Smith
Offer Home Staging Services
If the market is slow, one way to bring in more business is to offer home staging services. Home staging is the process of preparing a home for sale. By preparing a home for sale, you can make it more appealing to buyers and help it sell faster.
Start a Blog
If you want to find new clients, one of the best things you can do is start a blog. A blog is a great way to showcase your expertise in real estate and connect with potential clients. You can also use your blog to generate leads and drive traffic to your website.
An attractive real estate website has more than just home buying and selling information on it. It will also have information on property taxes, open houses, and different ways that past clients can make their life easy.
I am not a fool and can hear many of you saying:
- “It takes too much time!”
- “I don’t know how to start a blog!”
- “I don’t have anything interesting to write about!”
- “It won’t generate any leads or traffic!”
I had never written any articles or content either three years ago, but here you are reading this article that will, hopefully, help you change your business and experience success. If you can stick with it and get better, you can start earning affiliate income with product and service recommendations to your clients without a lot of work. Check out some of these real estate blogs that are written by real estate agents just like you:
- Realty PHD- https://www.realtyphd.com/blog
- Living Room Denver- https://livingroomdenver.com/blog/
- Christina Swyers- https://christinaswyers.com/
Create Online Courses for Other Real Estate Agents
One of the best ways to generate income during slow times is to create a course for other real estate agents. A course can help you share your expertise with other agents and help them learn new techniques that can help them be more successful.
Creating a course is a great way to build your brand and show other agents what you are capable of. It can also help you connect with potential clients and generate leads.
If you are interested in creating a course, there are a few things you need to do. First, you need to decide what the focus of the course will be. Second, you need to create a curriculum that covers the topics you want to discuss. Third, you need to find a way to market the course. Finally, you need to find students for the course.
Creating a course is a great way to generate income during slow times in the real estate market. If you have some experience in real estate, this could be a great side hustle for you. You can use your knowledge and experience to help other agents be more successful.
Chastin Miles is a real estate agent on Youtube who started in real estate in just the past few years. You can check out his videos and download his 90 Day Plan here.
Affiliate income is a type of income that is earned by selling products or services that you recommend to your clients. When you become an affiliate, you are given a special link that you can use to promote the products or services. If a client clicks on your link and then buys the product or service, you earn a commission.
Affiliate income can be a great way for real estate agents to make extra money. It is a passive form of income, which means you can earn money without doing any extra work. Snce you are recommending products and services that you have experience with, you can be sure that your clients will be happy with the recommendations. Here are some examples:
- Home Staging Services with links to products to use when staging a home
- Renovation Services with links to renovation products
- Real Estate Courses you recommend to other real estate agents
- Moving supplies
- Products all new homeowners should buy for their new home
One of my favorite examples is a real estate agent who now earns more income from affiliates than selling real estate is Lori Ballen from Las Vegas.
Real estate agents and brokers can also create semi-passive to passive income by creating an income stream on Youtube. Youtube videos are a good side hustle because it is one of the most viewed social media channels and it will simultaneously grow your real estate business and name, while also being able to promote your affiliate marketing efforts. Youtube is a great place to get comfortable with video and it is a good way to show your expertise in the real estate field.
Some of the best ideas I have seen on Youtube from other real estate agents include:
- Show property owners creative ways to market listings
- Talk to local audiences about the housing market
- Teach people how to own investment property
Compare the differences between short & long-term rentals, as well as vacation rentals
- Talk about how you became a licensed real estate agent
- Promote property management companies in your area
- Record, over time, all the steps and behind the scenes about what takes place when a deal closes
The number one realtor I think of when I think of growing on Youtube is Meet Kevin- https://www.youtube.com/c/MeetKevin
Start a Mortgage or Title Company
Mortgage and title companies are important for real estate brokers for a few reasons. First, mortgage and title companies can help real estate brokers make more money. By partnering with a mortgage or title company, real estate brokers can offer their clients discounted rates on mortgages or titles. This can help them close more sales and make more money.
Second, mortgage and title companies can help real estate brokers build their business. By partnering with a mortgage or title company, real estate brokers can access their customer base and promote their products and services. This can help them reach more potential clients and grow their business.
Finally, mortgage and title companies can help real estate brokers stay competitive in the market. By partnering with a mortgage or title company, real estate brokers can offer their clients additional products and services that they may not be able to offer on their own. This can help them stay competitive and attract more business.
Buy shares in a Mortgage or Title Company
Many real estate agents choose to invest in mortgage or title companies by purchasing shares because they are an affiliated real estate business that does not take up much of your spare time. In addition, these businesses offer a valuable service that is important for real estate transactions. It is also important to note that owning equity is the only way to get paid by an affiliated company because you cannot collect a referral fee when using a mortgage or title company.
By investing and supporting a mortgage or title company, real estate agents can access their customer base and promote their products and services. This can help them reach more potential clients and grow their business.
Additionally, mortgage and title companies can help real estate brokers stay competitive in the market. By partnering with a mortgage or title company, real estate brokers can offer their clients additional products and services that they may not be able to offer on their own. This can help them stay competitive and attract more business.
Check out our podcast where I interview real estate broker owner, Mortgage Broker Owner, and title company owner Mike McGavisk.
Real estate agents can generate a steady stream of income by selling products or services that they recommend to their clients. Additionally, mortgage and title companies can help real estate brokers build their real estate company and attract more quality real estate agents.
So, what do all of these side hustles have in common? They are all great ways for real estate agents to make extra money. Additionally, mortgage and title companies can help real estate brokers stay competitive in the market. If you're looking for a way to bring in more income during slow times in the real estate market, then consider one of these side hustles.
If you're looking for a way to bring in more income during slow times in the real estate market, then join us on one of our upcoming webinars where we walk through in more detail some of the income-adding strategies outlined in this article. A link to join this FREE live webinar is below: https://www.thecolablife.com/mortgagebroker
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