If your deals have slowed down a bit and you’re wondering how you can temporarily branch out to get some cash flow, here are some ideas for a commercial real estate agent to supplement their income.
- #1 Property Management. Offer property management services to your clients, where you can handle the day-to-day operations, maintenance, and tenant management of commercial properties. This can be a recurring source of income, as you earn a percentage of the rental income or a flat fee for your services. You don’t have to take on a bunch of properties, you can offer this to 1-2 clients just to get some monthly cash flow. *My require a specialty license, check your state for rules.
#2 Leasing and Tenant Representation. I know it’s difficult when you’re used to only providing services for acquisitions and dispositions. Consider, temporarily, offering leasing services and representing tenants. You likely already have investor clients, so offering to fill their vacant spaces would be a great place to start. CoStar Tenant Data is a great resource to find tenants need assistance in finding suitable locations.
#3 Real Estate Consulting. Provide specialized consulting services to clients looking for expert advice on commercial real estate matters. This can include market analysis, investment strategies, feasibility studies, and lease negotiations. Charge an hourly rate or project-based fee for your consulting services. You can automate this by using Calendly’s payment at booking add-on, where people can pay upfront for consultation. You can also offer consultations to junior agents who want mentorship.
#4 Real Estate Investment. Investment might be a big jump right now but start doing the process of figuring out your numbers. How much can you invest? How much rent does the property need to bring in to get your desired income? I have a feeling that we’re going to come out of this storm with some opportunities.
#5 Referral Fees. Build a network of professionals related to the real estate industry that are not your direct competitors. I.E. Make some industrial friends if you’re a retail agent and vice versa. Refer clients to these professionals and earn a referral fee or commission for successful business transactions.
#6 Real Estate Education and Training. Share your expertise by offering educational courses, workshops, or online training programs on commercial real estate investing, leasing, property management, or other related topics. Charge fees for enrollment or access to your educational materials. Most local real estate schools would love to have a commercial real estate agent as an instructor, so be sure to reach out.
Just so you don’t sue me, I want to remind you to comply with all applicable laws, regulations, and licensing requirements when pursuing these additional revenue sources.
If you’re looking to advertise your new services or specialties, consider our website design package!
We build commercial real estate websites with one goal – converting traffic into leads. We provide a pre-written eBook of your choice to capture more leads and can set up your website to your Calendly account so people can schedule meetings with you without a hassle.
Providing you with websites that bring in leads is just another way, I’m taking the “broke” out of commercial real estate brokerage.