50 Ways to Riches in Real Estate
#3 - Buyers
It's a safe bet that you are going to spend some time with folks that are looking to buy a home, driving them around, sending them emails, texting them, getting to know them and what they are looking for. It's also a common occurrence that these same folks are also Sellers. Ideally, you would like to be both, the listing agent for the property they are selling and then acting as their Buyers agent for the property they are going to purchase. Sometimes this isn't possible, as they may be from out of State or already working with another agent on the selling side. This doesn't mean you still can't benefit from both transactions.
Let's take the out of state example, above. Perhaps your Buyers are from out of state, up north, perhaps. Maybe they haven't found an agent to sell their property. This presents the opportunity for a referral. There are many referral services for Agents, some offer free service, some offer a fee-based, most Brokerages also offer methods such as Cartus networks or the like.
Some agents function solely on referral traffic. It can be lucrative. It becomes self-fulfilling, over time, agents that you have sent referrals to will often think of you first when they have a referral in your area. Slowly, over time, you build a network of your "own" agents sending all their referral business your way. "You're moving to South Beach eh? Ya know, I know somebody down there that I've dealt in the past...let me get you their info."
Another possibility is finding a Buyer for your Buyers property, even if it is out of State. The owner of the property is right there and probably would love to chat about their place while you drive them around. So you get the first hand, detailed account of a listing in ..wherever it is. A few days later, maybe you get a call from someone looking to list their local property and they tell you they are looking for a place Just like the one your potential Buyer described that they were selling.
It's good to be mindful of the different avenues of revenue that present in various situations. It is also good to be open to other methods of producing income from any situation you might happen upon. Perhaps your Listing Presentation turns into a referral, perhaps your Buyers drive around that failed to produce a sale, produces a referral or connects you to their home for sale that is perfect for that other buyer you know.
You need to be open to the possibilities that present and take advantage of them.
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