These Are The Multiple Income Streams That Boost My Bottom Line
Creating Multiple Income Streams in my real estate business helped level out the feast/famine cycle that comes with commission only work.
If you’ve hit your income cap in your real estate business, think again!
These are the ways I’ve steadily increased my revenue without working with more 1:1 clients.
Creative ways to grow and scale your real estate business.
“You’re not in the business of Houses. You’re in the business of People.”
This mantra was drummed into me from very early on in my career and to this day, it still runs true. In fact, as real estate professionals, we’re in the business of SERVICE to people… but as we all know, serving clients at a 1:1 level only takes us so far in terms of how much income we can generate for our business or our yearly salary (if you’re employed) before we hit a point of maxing out, or heaven forbid, burning out!
When I reached this point in my business it wasn’t long before I started looking for ways I could increase my income without exchanging anymore time — (time which I really didn’t have because I was too busy serving my 1:1 clients at the highest level).
If you’re at this point in your career or business, read on …
We recently recorded this podcast episode which shares ways you can create multiple income streams for your business — and below I’ve listed my own top 3 additional revenue-makers that add an extra 10-15% to my bottom line each year.
The Top 3 Income Streams I Have Added to my Real Estate Business to Boost Revenue.
1 / Referral Income
My second highest revenue stream outside of buyer’s advocacy income is referral fees or referral income. I have built several opportunities for this kind of income over the years and here’s the breakdown of where it comes via:
Referral fees from Property Management Firms. Whenever I refer a rental property to one of my referral partners in this space, I receive a referral fee that is equal to the first week’s rental plus the GST. I’ve also negotiated an additional referral arrangement, whereby if that agency’s sales team sell one of my referred properties, I receive 20% of the sales commission earned.
Referral fees from other Real Estate Agencies. I often refer clients who I can’t serve (for whatever reason; either my client book is full, I don’t specialise in that particular area or I simply don’t offer that type of service) to other advocacy firms or sales agencies and in exchange, I receive 20% of that agency’s commission received, as a referral fee.
Referral fees from complementary Service Providers. Mortgage Brokers, removalists and essential service providers are amongst the other companies whereby I receive a small referral amount in exchange for directing my clients to engage their services. It’s as simple as an email introduction, and if my client works with this company, I’m paid an automatic fee direct to my account. Keep in mind, as a professional and ethical agent, you should always be disclosing to your referred clients how much you are set to receive in exchange for their business.
2 / E-book Sales
I’ve written 4 ebooks that share my expertise, each of which can be downloaded directly via my website at a small price. The beauty about creating online resources is that you only have to produce the resource once and provided the information continues to be relevant, the books or guides can be sold over and over without any extra time input on your part. Not only are you receiving a relatively passive form of income from your expertise, but these publications also act as a friendly introduction to your personal brand and a gateway to what it’s like if this person decides to engage your higher ticket service offerings — like appointing you to sell their home or act as their advocate.
3 / Online Courses
In 2024 I introduced online courses into my business model to meet a growing demand for women asking me “how I did it”. Since I started my buyer’s agency business in 2014 I’ve been consistently approached by women in the real estate industry who are curious to understand how I built my brand, started my own independent agency and so on. Hey, you might even be one of them! This is why I created my Masterclass for Women in Real Estate and since launching the course, I’ve taken numerous ladies through their own career transformation. Not only is this another income stream in my business, but it’s an incredibly rewarding passion of mine to educate fellow rising stars in our industry. It’s a win/win!
All up, the income received from online course sales, ebook sales and referral income adds another 10-15% to my bottom line.
It might not seem like a lot, but keep in mind, this is income I receive without having to exchange significant amounts of time in the process.
How Can You Bring In Extra Income?
Have a think about what you could create, or who you could partner with to add extra revenue to your business. Need to workshop some ideas? I can help.
Book a 1:1 coaching session with me below and together let’s explore your options further.
MEET THE WRITER
Hi, I’m Wendy.
I’m a storytelling writer, champagne lover and Luxury Buyer’s Agent based in Brisbane Australia. I share my journey as an independent real estate professional and self-made career woman. MY STORY
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Wendy Russell is a Luxury Buyer’s Agent, social introvert and self-made business woman on a mission to help career women step into their power as high-value professionals. It starts here.
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