As a real estate agent, planning for a secure financial future can call for creativity as many in this field are independent contractors. Fortunately, plenty of options are available for agents planning for life after selling homes, including HomeSmart’s agent-centric commission plans and programs.
From the power of referrals to sharing in the success of your fellow agents, here is a look at two programs available to HomeSmart agents that can shed new light on life after real estate.
Agent Referral Network
Referrals are a vital part of any real estate business. Whether you’re just starting out or you’ve been in the industry for a long time, gaining more referrals is always helpful in building income and even having an income after you are done working.
With a referral network, agents can refer other agents to clients they’ve worked with who are looking to move to a new area or are interested in a second property. This not only helps the client find a trusted agent, but it puts the original agent in line to receive ongoing referral payments even after they’re done working in real estate.
At HomeSmart, our Agent Referral program is available to our nearly 25,000 nationwide agents. This program incentivizes agents to refer buyers and sellers wherever they need assistance nationwide; with a few simple keystrokes. In one platform, agents can bring clients closer to other agents and industry partners to create a comprehensive experience. HomeSmart provides this service at no charge to agents who are referring their clients.
Revenue Share & Lifetime Recurring Revenue
We all know that a real estate agent's income depends on the structure of their commission plan. Much like a referral network, a revenue share program, like HomeSmart+, is a commission plan that lets agents build wealth by referring other agents to their brokerage.
As an agent on the HomeSmart+ commission plan, you earn income when agents you attract, and the agents they attract to the HomeSmart+ platform, close transactions and contribute to the cap.
When someone in your revenue share network closes a transaction and contributes to the cap, you earn residual income. You can also earn through bonus pools and agent equity when you join HomeSmart+, plus you have the potential of reaching Lifetime Recurring Revenue status, continuing to earn residual income based on the transitions of your referrals, even after working as a producing real estate agent.
If you don’t already have a plan for life after real estate, now is the time to invest in your future. Instead of depending solely on traditional commission checks, look to flexible long-term growth plans that can help lay a foundation for potential financial freedom and the option to stop working when you feel it’s right.
Working in real estate has always been somewhat unconventional, especially when it comes to income and taxes. But with these referral-based earnings options, you’re opening the door to ongoing income beyond your time as a real estate professional, helping you build toward a more comfortable post-work life. Partnering with a company like HomeSmart can afford you these options and give you the potential for impressive financial growth for years to come.