Every agent reading these words has a specific income goal in real estate. Whether you've stated it, written it down or acknowledged it in any other way, if your income is mostly derived from a real estate related activity then you are seeking (or hoping?) to put a certain amount of money in your pocket after all fees & expenses have been paid. Do you know what your number is? Perhaps more importantly, do you have a plan to achieve it, even if the market changes?

While Bellator Real Estate & Development supports working with people you already know, we understand that there are many potential clients outside of your sphere of influence. I would know. It's the way I survived the downturn of 2009.

The only way I did was to begin branching out, learning & layering my business with as many different ways of earning money as I possibly could, including with people outside my sphere of influence. I knew I had to do something fast if I wanted to eat and pay my bills.

Thinking about my situation back then, I realize that many agents today are facing my same predicament from 2009: not reaching their income goals because they are accustomed to traditional real estate and their entire income is derived from helping traditional buyers & sellers. If this might be you, here are a few ideas to begin expanding your income opportunities:

• Buying Leads: 
  • Should YOU buy leads? Many agents swear by it. Before you move ahead with this plan talk to fellow agents who currently buy leads and ask their experience. Rule-of-thumb, if you invest $3,000 in leads for the month you should generate at least $9000 in commission income from those leads, which is similar to paying a 30% referral fee.
  • Leads & referral fees are "discounted commission business." Remember that you'll work just as hard (or harder) and you're earning less money. Unless you're prepared to spend plenty of time working and qualifying these leads, then you'll find it's a waste. So you may want to limit how much of this "discounted business" you accept relative to your other business sources (rule of thumb: No more than 25% of your business derived from business you must pay to receive).
• Develop a niche market where you're one of a small group of experts:
  • Foreclosures. Take a course or two and learn how to develop foreclosure investors. Design a digital ad campaign for foreclosures that directs to a high value landing page where you can capture lead information for remarketing.
  • Short sales. Many people feel that later this year we'll see short sales resume at a higher pace. Eventually the market will turn and you can capitalize on your knowledge.
  • Condo or resort market. Baldwin Realtors has an excellent course for learning this market.
  • Land sales. Luxury home sales. You're only limited by your willingness to learn and be creative in your marketing.

Here's how I survived in 2009 by learning & layering different income opportunities:

• I learned about foreclosures, then I reached out to banks and asset managers, demonstrating why I was the better agent choice for them to partner with.
• I began teaching more CE classes.
• I learned how to practice commercial real estate, and eventually began listing commercial foreclosures all over the state.
• I learned as much as I could about condos & condo sales, so I could work that segment traditionally & with foreclosures.
• I began working relocation referrals.
• I reached out to agents who worked other areas of the state and developed mutual referral business.
• I increased my marketability by assembling a "team" of every service provider available. Handyman, cleaning service, painters, landscaper, etc. Then I marketed my team when seeking new opportunities.
• I asked asset managers to recommend me to other asset managers.

The years of 2009 & 2010 were some of my best income earning years in real estate at a time when many agents were leaving the business due to lack of income. Currently business is booming for almost everyone, but think of what adding additional layers of income will mean to your income both now and in the future.