Multiple Sources of Income

One of the great secrets of the wealthy people of the world is that they all aspire to have multiple sources of income - preferably sources that don't require them to do anything in order to create money.  This is the way that the rich get richer - they leverage their knowledge or their money to make more money. 

Being in a service business, it is often difficult for agents to think about how to create another source of income.  You are probably overwhelmed with the work you're doing now.  But consider this - come the winter time, your business will slow down again, and you'll be wishing you had something to pick up the slack. 

Many agents do the obvious and invest in real estate.  This is certainly a good option - especially given the tax incentives.  But once you've invested in real estate - now what?  How can you leverage your knowledge to create even more income? 

There are a couple of options that I can imagine.  You could write programs and reports that you could market and sell to buyers and sellers across the country on the web.  You could take those leads and refer them to agents across the country to get referral fees.  In this way you would get a double bang for your buck.

Or, perhaps you'd like to help your fellow real estate agent.  Consider writing a program or sharing a tool you've found useful.  Could you compile a package of all the ads you've had success with over the years and sell them to other agents?  Sure you could!  In fact, if you don't want to go through the trouble of marketing the material yourself, let us know.  We're always looking for good material that is in alignment with our values structure.  If we like your stuff, we'll rep it for you to the real estate world.  Then, you can sit back and collect the commissions.  What could be easier?

Can you think of another way to leverage your knowledge of the business?  Share it with us!  I've been doing some creative thinking on how to make life easier for agents.  I'll be doing some brainstorming on the subject with others as well.  I'll let you know what I come up with.  But in the meantime, share your ideas - we'd love to hear them.

Have a great week!