Ep. 79: How Many Spokes Do You Have in Your Money Wheel?

Selling the Dream: A Podcast for Resort & 2nd Home Real Estate Agents

How many sources of income do you have?

Just one? Or are there other ways in which you bring in more income?

We all have what I like to call a “money wheel.” The spokes are our income, and help that wheel move forward. Most people have 2, maybe 4 spokes.

If you only have one spoke - one source of income, what happens if that breaks? What happens if that money stops coming in? I believe that everyone should have multiple spokes in their money wheel; multiple ways in which our business brings in money.

You know that many of your clients purchasing their second, third, or even fourth homes think differently about money than the average first time home buyer. You probably are also aware that they bring in multiple streams of income.

Discipline yourself to think like them, and you’ll be able to serve them even more effectively!

Today, I’m here to share 33 possible spokes for your money wheel, and how you can bring in even more income. You don’t have to incorporate all 33 of these spokes, but if you can incorporate a few more slowly into your money strategies, you’ll see a difference.

Highlights of this episode:

• Tom introduces the concept of the money wheel, and having multiple sources of income: this episode of 33 creative ways to add extra income to the spokes of your money wheel

• 1 - Go geo farming

• 2 - Use direct mail!

• 3 - Get the database of people in your sphere of influence

• 4 - Go to Happy Hour mixers and meet people!

• 5 - Use open houses to connect with people

• 6 - Go to new places; new bars, exercise classes, and socialize!

• 7 - Join a social community and connect with people

• 8 - Call expires - they already are interested in buying or selling!

• 9 - Find “for sale by owner” listings and find potential clients

• 10 - Create a system in your database

• 11 - Go knock on doors!

• 12 - Sign up for Zillow Realtor to capture leads

• 13 - Get a website that has lead generation and CRM

• 14 - Do a video show about your community

• 15 - Do Facebook lives!

• 16 - Create regular client events

• 17 - network with other realtors and ask if they have any clients looking to buy second homes in your area.

• 18 - Travel and get to know other offices and realtors

• 19 - Do an old school newsletter for your community

• 20 - Find agents in traditional markets and mentor and help them

• 21 - Create a weekly podcast to promote yourself and your team

• 22 - Hire an assistant

• 23 - Follow up with people you meet and get business cards from

• 24 - Try a new ad campaign

• 25 - Try something extreme, like air painting

• 26 - Get a CRM - there is money in that database!

• 27 - Scrub your database

• 28 - Follow up with former clients

• 29 - Create a marketing plan on Facebook

• 30 - Create a marketing calendar

• 31 - Create a marketing plan for Instagram

• 32 - Hire a coach to help you grow

• 33 - Send your clients a yearly “review” of real estate in the area, to help them know the value of their home and market trends - keep on the top of their radar!

• Implement just a few of these new ways to bring in money, and you’ll quickly start to add more spokes to your money, and increase your income!

Hey everybody, thank you so much for spending time with us today: would you do me a giant favor and share this podcast with fellow realtors, and leave a review. Your reviews help this podcast get shared with more people.

Connect with me (Tom):

• 2nd Home Agents website

• Facebook

• Instagram

• YouTube

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As always, thanks for listening. Don’t forget, you’re not selling a home: you’re selling the dream.

See you next time!