Did you know that in this crazy market, you have to think outside of the box to create additional revenue? In this video, I’m going to explain to you how you can create additional revenue streams for both you as a brokerage and your agents. We’ll look at everything from preferred lender relationships to service providers so you make the most out of ancillary relationships.

In this ever-changing market, it’s important to think outside of what you’re doing on a traditional basis. Most brokers only focus on increasing agents’ production. What we found is that there is a tremendous amount of money in preferred vendors and ancillary services. 

Here are a few ways that we have created additional revenues for our brokerage.

Preferred Lenders And Vendors

One of the first ways that we created revenue within our brokerage is that everybody has a preferred relationship with a lender. All you have to do is base it on your production and how much you can market this mortgage lender. You can then create additional revenues from them participating in things like an MSA. 

Here’s what’s really cool: most brokerages only focus on lenders, title, escrow, and things of that nature. What people don’t know is that there are a lot of non-RESPA vendors that are out there that can actually share in the revenue with you and your agents. This can range from inspection companies and credit repair to movers, landscapers, painters, and contractors. You name it, the list is endless. 

Company Partnerships

One example of this is solar. We actually receive X amount of dollars from a solar company that is one of our preferred vendors. Then, we share that revenue with the agents. This means that the client is picking the solar company and they are maximizing their profits on someone that the client is already using. This provides a revenue stream both for the agent and you, the broker. 

Another one that we utilize is a company called Referral Suite. They are an all-in-one solution to market your database. You as the broker can offer this solution to increase your agents’ production while also monetizing any agent that signs up for this platform. 

We have found that there are multiple service providers out there that will create these agreements that will benefit you, your agents, and your brokerage. Let’s be real: in the ever-changing market and with commission compression, we have to create new revenue streams that can benefit brokers and agents at the same time. 

The Trade Industry

The third area that you want to focus on for ancillary services is all based on the trade industry. These are going to be service providers that clients, buyers, and sellers are going to need around the transaction. This includes people such as cleaners, movers, painters, flooring, contractors, and more.

What most people don’t understand is in this particular vertical, these types of ancillaries are looking for additional business just like you are. Because of that, they’re happy to share in the revenue at the end of the day. A lot of these ancillaries are overlooked because you’re not focusing on all the different services that are needed around the transaction. 

Build Your Brokerage With Sweet Assist

I hope this gave you a good idea of how to add more revenue to your brokerage with ancillary services. If you’d like to learn more about additional broker tips that can help you monetize and build your brokerage, please visit us at Sweetassist.com.

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