Working as a real estate agent may be a very rewarding career choice. The sky is the limit when it comes to earning opportunities, which may come in various forms.
The real estate industry in the Philippines is booming, and real estate agents are primed to take advantage of the sector’s growth. Working as a real estate agent may be very rewarding because when it comes to earning money, the sky is the limit.
There are various ways to earn money in the industry, and successful real estate agents know to explore these different methods.
Here are some ways to make money in the real estate industry, which should give struggling agents options on how to revitalize their careers, as well as prepare aspiring agents on what they can expect once they start working in the business.
Earn Commissions from Buyers
The most basic way of earning money as a real estate agent is to earn commissions on successful sales to customers.
Most developers support real estate agents in their preparation to pitch properties to potential customers. They often receive marketing materials that they can use for their presentations, and while commission rates vary, they are often at good percentages to make agents do their best.
However, earning commissions from sales requires a lot of time and effort. Real estate agents need to accompany potential buyers to the properties and will have to handle the whole process until the same is completed.
List Homes for Sellers
On the other side of the coin, real estate agents may also earn commission from working instead with the seller of properties.
A listing agent helps sellers determine the proper price for a property and then ensures that it is properly listed on various platforms such as magazines and online portals. While listing agents also does some of the work as buyer’s agents, they have more control over the sales process, such as being able to negotiate the price of property between potential buyers and the sellers.
Manage Properties for Homeowners
Real estate agents, with their expertise on different types of properties, have the alternative of working as property managers for rental assets. Duties of property managers include handling maintenance, looking for renters, collecting rent, and monitoring the accounting of the property’s earnings.
Property managers earn a percentage of the collected rent, among other possible channels of income from this career path. It is also possible to manage multiple properties at once.
Seek New Clients
Whether as a buyer’s agent, a listing agent, or a property manager, real estate agents should actively seek new clients all the time.
The money that a real estate agent makes is limitless, but it is tied to the number of clients. The more an agent’s clients who are looking or selling their homes or who wish to have their properties managed, the higher the moneymaking potential.
Real estate agents are advised to create an online presence, build connections in the industry, and participate in communities to get their name out to the public.
Fix and Flip Houses
One of the more lucrative ways of making money in the real estate industry is to fix and flip houses. In this process, real estate agents purchase properties that they assess as undervalued, fix them up, and then sell them to potential customers with a significant mark-up to make it worth their while.
The short-term strategy is not a simple one, as real estate agents will possibly need to pay contractors to fix homes. Afterwards, they will need to find a buyer for the house, ideally at their preferred price to make money from the whole thing.
Flipping houses, however, presents high earning potential. Instead of acquiring a percentage of a sale, real estate agents will be able to make much more if they do things right.
Making Money as a Real Estate Agent
Whichever way a real estate agent chooses to make money in the industry, they should never forget that their customers should always come first.
With the proper mix of professionalism, courtesy, and business savviness, real estate agents will be able to find success.
Sources: Design Hill, Real Estate Express, Fit Small Business