I’ve always heard, or at least thought, that the quickest way to becoming wealthy is not necessarily by having a high-paying job or even a successful business, but rather by having multiple streams of income. My thought process is that in doing so, you can create a safety net for your business, which results in greater financial security.

Luckily, I have the great fortune of running a Facebook group of high-producing Realtors, so it’s rather easy for me to poll many people at a time. So, I decided to bring this question to my group.

Advertisement

Once you’ve successfully added a new stream (or two), revisit this idea. In essence, challenge yourself to get creative. Even if you don’t pull the trigger on two new sources, the mere fact that you’re thinking about it will force you to open your mind to new possibilities.

3. Remember that passive or residual income is also a revenue stream

Maybe instead of being a real estate agent who sells the investment homes, you become the real estate agent who buys the investment homes. Or perhaps instead of being the agent, you become the owner or one of the shareholders in your real estate brokerage.

Jennifer Schumacher

Revenue share from eXp Realty and profit share from Keller Williams Realty seem to be popular forms for adding residual income as well.  

As Jennifer Schumacher, agent at Russ Lyon Sotheby’s International Realty, wrote: “Every Realtor should have a side hustle of rental properties! Make money while you sleep.”

4. Never lose sight of your primary source of income

Once you begin a new venture, it can be easy to lose sight of how you got there in the first place. It can be easy (or appear that way) to build up new residual streams. However, you have to make sure that your core business is remaining intact, performing well and hopefully, growing. That way, you’ll always have a solid foundation for your business, which will help control your financial stability. 

Kevin Kauffman is an agent with eXp Realty and the host of the Kevin and Fred Show, a podcast for the real estate industry. 

After 25 years, Inman Connect is coming to you. We’re transcending our legendary events in a live digital event, Inman Connect Now. Get ready for the top industry leaders plotting the path forward, new business ideas and opportunities, networking like you’ve never imagined it, and tons of exciting new magic, all straight to you. It’s all part of an epic new Inman experience, Connect Now, June 2-4, 2020. Click here to save your seat.

Keller Williams
Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×