Are you looking to boost your income as a real estate agent?
One way to do so is by offering concierge services to your clients.
It’s a must-know for anyone looking to increase their income and provide top-notch service to their clients.
Find out in this video!
Transcript:
Chris Bounds 00:00
What do you see next with that kind of opportunity? How people can take advantage of it? Whether a consumer, which you do work with consumers as well, but you’re actually, it seems like a lot of your business is actually working with those that can impact many consumers. Because realtors, they’re dealing with hundreds of transactions a year. Yeah, investor, same thing, like the apartment complex. I mean, there’s hundreds of consumers that are gonna be involved, if that just one property, not to mention any other properties they have. What do you see next with this kind of opportunity and how should folks if they want to learn more, how should they learn more?
Jerry Scribner 00:43
You bet. I actually was with a realtor last night and he had never even heard of the concierge service. I explained it to him, he had been a realtor for 30 years. I said, Mark, do you have any idea how many transactions you’ve done over 30 years? He goes, Oh, my gosh, a lot. I said, and how much are you getting paid today on them? and he said, I’m not making a dime. Guys, this is the future for real estate professionals. Elon Musk, makes business and a lot of different, he makes money in a lot of different sectors. Okay. Realtors are gonna have to look at that.
Because times get tough, you got to have what I like to call the bridge between closings and income that comes in, whether you’re closing deals or not. The way we build this also is kind of a realtor broker relationship, where brokers hire and train realtors, and earn a commission when a deal is done. We do the same thing we allow people to be, let’s just call them brokers and they can attract as many agents as they want. I train them for them. I work with them and we all share in the profits. Hey, what’s really interesting I have-two weeks ago, I was in Cody, Wyoming. I met with two realtors.
The next day I went to Casper, Wyoming. I met with a realtor and he’s also an insurance agent. That gentleman was so impressed with what we do. I said, I told him, his name is Brian. I said, Brian, when I leave here. I’m going to be going through Cheyenne, I’m going through Fort Collins and going to Denver, back to Houston. Do you know anybody there?
He said, Yes. My friend Sean is in Cheyenne and my friend crystal is in Fort Collins. I met with both of them. Now, they’re not connected business wise, they just know each other through their real estate, professional systems and all that. But now on anything that crystal and Seane do with me. Brian’s gonna get paid. Yeah, I’ve got realtors that send me to real estate professionals all over the country. You may not do business in Florida, you may not do business in Seattle. But now you can earn you know, from the concierge service.
Chris Bounds 03:14
You really highlighted on something that’s with the real estate Commission’s are getting, it’s getting compressed. 3% or 6% 3% on each side, that’s been kind of the average-ish, various areas of the United States and can be a little different. But that is shrinking, every single years, especially as technology like firms like Zillow, Redfin, flat fee brokerages start to compress that. Now we’ve got this huge class action lawsuit that’s threatening buyer’s agents commission.
There’s a real possibility that entire buyer side could end up getting effectively wiped out. Not in a literal sense. But the way some some folks would want to essentially would do that where buyer’s agents essentially, they’re just not valued as much the way that lawsuits been presented and tried. What that ultimately means is realtors, they own a job. They own a job, just like a W two employee, just like a house flipper or wholesaler, every single transaction, they’re out of a job like you said earlier. Once that transaction is done, they can do it again and again and again.
There’s a great way to make money, you can build a tremendous business added that. The moment you stop or the market pulls back, or some regulation shifts, Regulates, sit down, takes it away, you’re vulnerable. The only way that you can insulate your business from that is to diversify your income sources. So now I talk all the time about diversifying marketing sources. If you’re only going after expired listings, well, maybe you should try.
Once you nail that down, maybe you should try a different marketing source like Google ads, because I’m just cold calling expired listings. That way, when one dries up, you’ve got other ones to support you. Same thing with income streams. The problem with real estate agents is nearly all of them their only income stream, the only income from the half is commission.
When that income stream shrinks, sometimes dramatically, say in 2008, they’re out of business, or they’re hurting, They’re having to go get another job. It’s one of the reasons why I love eXp, because they built like a three income stream model. Now, every agent has the opportunity to be supported by three different income streams commission, also equity, also revenue share, plus whatever else you’re doing, which for me real estate investing, and then things like this concierge service that you’re saying, so it makes a lot of sense why agents would be receptive to the message one, it adds value to the client, that’s always a win. Two add recurring revenue, and that’s nice, right? And then three, it adds diversification of income, which really goes to the point I was illustrating before so I don’t know. I like it. I like it.