Ok, before starting let’s give Revenue Stream a definition, shall we. Possibly a new word for your brain bank or… maybe just a little refresher.
Cambridge Dictionary says a revenue stream “is the money coming into a company from a particular activity over a period of time”.
Recognizing the source
I completely understand that finding new ways to generate income can often be extremely difficult. You start asking yourself questions that may or may not lead you to an answer that is within your scope and is also affordable.
Let’s start with: What do you have within your reach that you could monetize?
I know, I know, this question is kind of vague… BUT remember, you are the professional in this space. You’ve worked hard to position yourself as an expert in the community. So, think outside of the box, as the saying goes; and instead of thinking internally, why not think externally?
An external thought process where you analyze the people and companies you already know. Quick question … Have you heard of a strategic partnership? Are you asking yourself what’s a strategic partnership?
Well, Investopedia.com tells us that a “strategic partnership is an arrangement between two companies that have decided to share resources to undertake a specific, mutually beneficial project”.
Seeing the opportunity
Ok, let’s say that your client needs to sell their home (or an investment property) to help fund the next part of their life in a care facility. Now, you’re in the position, as an expert in your field to lend advice and direction.
This is where you would want to have a strategic partnership with a local realtor or take it a step further, partner with a realtor who holds the designation as Senior Real Estate Specialists (SRES). The National Association of Realtors holds high regard to this designation and even set up a council to ensure baby boomers are protected and represented fairly through their real estate transaction.
Ok, have anyone mind? No? Not a problem, I put the link to the official site lookup right here: http://seniorsrealestate.com/Find-SRES/find. Use the link to browse their database of realtors holding the SRES designation and find someone in your area.
Turning opportunity into money
Now here’s where you can monetize this process! At this point, this is where you would want to set in place your first partnership with an SRES. In your approach to creating a partnership with a realtor; you want to convey several pieces of information before creating and signing a contract.
Questions are invited
What’s a Senior Placement Specialist? If they ask, tell them! And if they don’t ask, tell them! The more people that find out that this service is available — the more people will seek outplacement agencies.
You are the Expert
They need to know that. A strong partnership requires confidence in self-worth in one’s industry.
Tell them an average amount of homes you see being put up for sale in order to pay for care.
Now, this could be on monthly basis or annual; either way, you want to relinquish this information within your talks. This way they can anticipate a potential growth in their income, which in turn will get them very excited.
Negotiate a referral percentage
Everything is coming together. Within this contract, you will want to negotiate a referral percentage for referring this realtor, thus creating your second revenue stream! I’ve negotiated contracts as low as 10% and as high as 20%, depending on the region and market.
So, what are you waiting for? Go out there and build yourself a revenue stream by starting up your first strategic partnership with a Senior Real Estate Specialist.