Welcome to episode 16 of Real Estate Mastery - How To Create A Lifestyle That Doesn’t Require Your Presence
Today, I want to talk about a topic I first heard several years ago and have been trying to incorporate into my business and my life ever since. The concept first stuck with me after reading books by Robert Kiyosaki, author of the “Rich Dad Poor Dad” series of books. One of the things often mentioned in his books is that you need to create multiple streams of income. Better yet, multiple streams of passive income.
One Is A Dangerous Number
Having one type of marketing, one source of lead generation or one source of income can be very dangerous in your business. If you were to lose that one source, your business, your lifestyle, and everything you have worked for all have the potential to simply go away. As a professional investor, home buyer or real estate agent, you should always be looking for ways to create more than one source of income for yourself.
When I first started my business 20+ years ago, I thought I would just buy and sell houses, hitting it big one year, so I would never have to worry about the success of my business going forward. I was wrong. Instead, I was hitting primarily singles, with a few doubles here and there that kept me going.
Then one day I had my epiphany. When I was buying properties, I started to keep one or two here and there. Only the best, which I could turn into investment properties for myself. I paid them off as quickly as possible so that any money coming in from the property, would be primarily passive income.
Getting My License
The next thing I did was to finally get my real estate license. I never wanted to be a traditional agent, rather I wanted to have easy access to the information provided on the MLS. However, as my business grew, I realized the best reason to get my real estate license, was to have the ability to monetize more leads.
When a lead reaches out to me and a direct purchase of their house doesn’t make sense, I can refer them to one of the many agents I work with, providing my clients with options that other home buyers can’t. In exchange, I receive a referral fee for connecting the agent and the seller. The agent gets more deals and the clients receive better service, everyone wins. The beauty of this is that I am able to monetize more leads, without doing any more work.
Benefits of EXP Realty
When I got my license, I chose to hang it with EXP Realty. It is a nationwide company, so I can take my business to any state, working with the agents in that area. Agents love working with EXP Realty because they are able to generate income in multiple ways.
- There is the traditional transactional income from assisting clients buy and sell properties.
- There is the ability to generate and receive stock in the company just from the usual business
- Agents are able to recruit and sponsor other agents, collecting a fee via revenue share. If your agents sponsor agents of their own, you collect a fee through them as well.
It is a great model to be involved in both as an agent and an investor.
If you are a real estate or thinking about becoming one, I encourage you to get your license and look into working with EXP Realty. Not only can you list, but you can legally collect referral fees.
All We Have Is Time
Over the years I have realized that when it comes down to it, all we have is time. The more passive income we are able to generate, the more freedom we have to do the things we want to do. Whether it is to spend more time with your family, travel, or pursue a hobby.
I want to help you in your business so you can achieve the freedom you wish to achieve. I want to help you to really enjoy your life instead of having your business simply controlling you.
Look forward to seeing you again soon!
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