Hello and welcome to Episode 15 of Real Estate Mastery - How To Create A Lifestyle The Doesn’t Require Your Presence! In this episode, I wanted to share something I have been thinking a lot about this morning and that is the benefits of having your real estate license and how you can use it to create a passive income from the tasks you are most likely already doing.

More Money - Equal Work

Real estate professionals of all types likely spend thousands of dollars getting leads each year. Many of these professionals only offer one solution to the people who contact them. It can help you make the most of your leads while also helping you to provide them with a greater level of service.

For example, if you are in an industry that works closely with buyers and sellers, being able to provide them with multiple solutions will make them more likely to work with you. Maybe you help people with downsizing. If you had your license, you could also refer them to an affiliated agent, collecting a fee, and making that lead even more valuable to you.

For years I held off on getting my license because I was worried about increased liability. I thought I wouldn’t be able to buy and sell the way I had been, however, this couldn’t have been further from the truth. I also thought that having a license meant that I would be stuck listing houses, handling impatient buyers, and working night and day to earn a commission. I was wrong about this too.

One day, about 10 years ago, I realized my assumptions were wrong. Just because I had a license, didn’t mean I had to do the tasks of a traditional real estate agent. I first earned my license so I could get direct access to the MLS. Back then, the primary way to get real estate information was via the MLS. Today, there are many more options, however, the most current and accurate information is still found on the MLS - and only a licensed agent or broker can obtain access.

 About 5 or 6 years ago, I realized having my license could help me to monetize more leads. For years, I spent my time and energy generating leads, but I wasn't doing all I could to monetize them. Basically, I would make someone an offer for their house, and if they didn’t like it, that was it. After dealing with this time and time again, I realized it was in my best interest, as well as theirs, to help in any way I could.

Now, if someone doesn’t like my offer, I can legally refer them to an affiliated agent, collecting a fee. By offering multiple options to the leads I was bringing in, I was able to create multiple ways of bringing in income. This same theory holds true for agents. Most will only offer to list a house, but that isn’t always the best solution for some homeowners.

Every state has different rules and regulations on who can profit from a real estate referral. You must also be sure that what you would like to do isn’t going against federal law. For individuals in industries such as lending, collecting a referral fee won’t be allowed. Before you go out and get your real estate license, make sure it will work for what you want it to.

If you are in a real estate related industry, find out if having your license will be beneficial for you. You may be able to further monetize leads you are generating anyway. You’re likely handing off referrals to people as it is. Why not make the most of them while offering better service to your clients?

We always love your feedback! Let us know what you think about this or if there are any other topics you would like discussed.

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