Creative Ways Real Estate Agents Can Generate Income (Besides Commissions!)

Let's face it - in today's housing market, the income for real estate agents has decreased tremendously compared to levels in 2006 and the first half of 2007. Everyone is looking to supplement their income, whether it's through obtaining a second job or trying to increase their presence in the local market. For agents who aren't market leaders or "top producers" in their area, however, making sufficient money in today's market can be quite difficult.

There's good news - with all the knowledge agents have obtained in real estate, there are a few other methods of generating income. While these methods won't necessarily mean that an agent won't need to pick up a side gig, it does mean that some extra money can be made. Here are a few ideas.

Blog or be a contributor to an online real estate source. Agents can start their own blog (which increases their online presence as well as generate some additional income if the blog makes money from advertisements) or contribute to someone else's blog or possibly an online real estate journal and get paid for their contributions.

Affiliate marketing. This is another source of online income and requires an agent to have his or her own website. Real estate affiliate marketing is allows agents to make additional income by providing a means for their website visitors (both clients and general website visitors) to purchase the products or services of a related company (the affiliate). The affiliate then pays the agent a small fee for the sales referral.

Agent referrals. As real estate agents expand their networks and become aware of potential clients in other locations (not locally) seeking to purchase or sell a home, they have the opportunity to refer these prospects to other agents (in the areas where the prospect is looking to buy or sell) for a fee.

Provide a service to fellow agents for a fee. There may be one agent who just loves measuring homes or coordinating clean-outs for bank-owned properties, while there are other agents who despise these parts of their jobs. For the undesirable tasks, an agent may make his services available for hire, which supplements his income and makes both agents happier.

Become a real estate teacher. Since agents how real life knowledge and experience of the business and market, teaching a real estate course or hosting a seminar are great ways to put their knowledge to use and generate additional income.