When I first learned the concept of multiple income streams as an agent, I initially thought of additional home sales. In my mind, each extra sale represented a new income stream. I guess this was technically correct, because I received additional checks.
However, the more I learned about income streams, the more I realized that selling additional homes was not necessarily an income stream. An income stream is money that flows to you repeatedly, month after month. Traditional agents do not have income streams because commission checks do not consistently flow to them each month, unless they have a marketing approach that delivers client after client to them.
When I realized the true potential of creating income streams, my entire focus in business changed. Yes, I wanted to sell more homes like everyone else. However, I decided to make creating income streams a higher priority.
As real estate agents, we have two choices for multiple income streams. Here they are:
1) Create additional income streams within your real estate sales business
2) Create additional income streams outside of your real estate sales business
I choose to do both at the same time. Call me crazy, but why limit your income streams?
Inside my business, I launched several new ideas that generated recurring monthly revenue. These income streams have been detailed in my Less Clients More Money report. You can request this report for free by clicking here. I also have highlighted a few other income stream ideas in my Renegade Millionaire Strategies for Real Estate Agents book.
Outside of my business, I decided to acquire a building for my business. Here is a picture of the building I purchased with a few of my team members:
Yes, I know it's not the most attractive building. However, it allowed me to setup 4 additional income streams. The building is two levels, each totaling 4,000 square feet. We took the entire second floor for our real estate sales office. The first floor had 4 separate offices. One was rented to an insurance agent. Two were rented to attorneys and one was vacant. My plan was to start my own mortgage company and use the vacant office for this new business. We got so busy in my real estate business that I didn't have time to start the mortgage company.
My plan also entailed referring our real estate clients to the tenants in the first floor of our building. This would help our tenant's businesses because they would be receiving a constant stream of new clients from us. It would allow us to maintain great tenants in our building. Why would they want to leave our building when we were referring new clients to them? More than likely, we would also be able to charge attractive rents to the tenants, too. Over time, we would pay off this building and have a nice income stream for retirement.
The point of this post is for you to see that you can add income streams inside and outside of your business. Pay attention to both opportunities.
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