OfflineThough having been a very active real estate agent with a good seller-buyer base, I now desire to slowdown in the business now due to the current downward trends in the market and take it up later when the markets are up again. Is there any option for me, where I need not give up my contacts and earn some residual income from what I have built over the years?
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You present an interesting situation. I think if I were you I would act as a bird-dogger and just put buyer together with seller and in doing so avoid the responsibilities of a realtor and contracts and still make a decent profit.
With you already having a great buyer and seller database you have the potential to rake in a ton of residual income just from referrals. Let me know what you come up with.
Anita
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Which part of the country are you from?
Let's talk.
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
I don't understand why you would want to be inactive, unless your cost to maintain your license is very high. You could still birddog deals that are not on MLS, but if you locate a deal that is listed, why not collect the commission? You may also loose some of your client base if you are not available to service them. I am finding the the market is very active now with the low prices, low interst rates, and tax incentives. If your broker will nor allow you to work part time, find one who will. Let me know what you decide.
Al
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With your expertise you should invest in rea estate and/or like anita said Referral Referral Referral.....i have an associate friend that makes 20k a year in just referals in state and out of state and thats apart from his career. Bird dogging also especially if you have been a successful realtor. Use your sales/communication/marketing skills to find/talk to fsbo's/home owners/renters...... you know how to do CMA's, go thru public records, find out what properties have recently sold and are active, how to find home owners that are delinquent with their taxes, DOM of all properties in the MLS even though you are not an active member i am sure you have Realtor friends that can give you a quick help......
if your monthly and yearly fees are high with the real estate company you were with find a small companies that are 100% commission companies, or that charges small monthly fees or just yearly fees that affordable, or even charge only per transaction fees, everything is negotiable....cut a deal with the broker telling him/her that you will only be doing referrals if that is what you want to end up doing and if he/she will only charge you a fee when you get paid on referrals......im sure you will find a broker that is willing to do that if you shop around
"Saying I can't or I will is a world of difference that will set you a world apart" (ME) Edwin L.
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Yes, of course. The situation may be grim, but you have a reason to smile. Have you heard of referral services? I just came across a site called www.MyGreenParachute.com while browsing the internet. It has a exit strategy for all real estate agents devised by Carolyn Kindley Single. You can become a key referral agent and and keep earning residual incomes while being one. So go ahead and check it out for yourself.
I have read these comments with a high level of interest because I am kind of on the fence myself as to put my license on inactive status for now and focus my time and efforts totally as an investor. I can see that there would be benefits either way but I need to weight both sides and decide which way to proceed from here.
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