Would you like to earn more money as a real estate agent? That’s a no-brainer. Who wouldn’t want more money in the bank? Here are five tips to help you build a lucrative career in real estate.
Add Another Stream of Income
During the first years as an agent, until you’ve got a more robust portfolio and established a name for yourself, things might be a little lean. The good news is that while you’re learning and growing, you can also be earning money on the side.
Consider getting certified as an appraiser or property inspector–both flexible side jobs that can help you in your real estate career.
Sell More Expensive Homes
All things being equal, it takes a lot less work to sell one luxury property than 10 inexpensive homes. However, it will probably take longer to find the right buyer for a high-end property.
Although it can be intimidating to break into the luxury market, real estate agents may find that it’s more rewarding in the long run. If you can establish yourself as a trustworthy and sophisticated agent, you might just have a very lucrative career in the future.
Explore Commercial Real Estate
Many agents don’t think about commercial properties when they consider the paths their careers might take. Leasing or selling commercial properties can be a surprisingly rewarding niche, but be warned that competition is fierce.
If you’re changing careers after leaving the corporate world, you’ll have an advantage in this sector.
Try Property Management or Short-Term Rentals
When the housing market is slow, it can be a smart strategy to include property management as part of your portfolio. New agents might be surprised to discover that they can buy a home as an owner-occupant, rent out the additional units in the property, and live essentially free.
With the vacation rental sector riding high, you might also consider managing or even investing in short-term rentals.
Earn Additional Credentials
If you’re struggling to make a name for yourself as a real estate agent, it might help to add a few initials after your title. Certifications can help convince wary clients that you can be trusted to handle their transactions, even if you’re brand new to the industry.
