Multiple Streams of Business (Oops forgot to Publish)

This was the post for 3.1.2012…What are you doing to create multiple streams of business? With the changes in the economy over the past several years, many real estate professionals have dug in their “Acres of Diamonds” and found some lucrative gems with REOs (bank owned properties, foreclosures).  Others to found alternatives by handling BPOs (broker price opinions).  A BPO is an evaluation and analysis of what the property’s fair market value price should be based on today’s prices and property condition.  Still others have dug up a few gems in handling short sales.  A short sale occurs when a homeowner sells the property for less than what they owe and their mortgage company approves of them doing so.  Though it is a tedious process, there is still lots of money to be made.  The misnomer is that if your property was over a certain price like $500,000 or even over $1,000,000 when the homeowner purchased it, that the bank(s) would not take less.  That is incorrect data.  They will take less.  However, there must be a verifiable financial hardship.  Nonetheless, others found diamonds by doing property management.  Still more diamonds in estate sales, receiverships, corporate sales and so much more.  The question becomes, “what were you doing when all these deals were going on all around you?” Please don’t tell me you are a real estate professional and you didn’t generate at least 4 deals of some sort for the entire previous year.  How can you call yourself a “professional”? Yet there are staggering numbers of real estate agents/brokers that are doing just that.  I love the business that I am in and my work ethic shows it, not just my conversation.  My goal this year is to produce 7 additional streams of business.  I affirm it, then followup with the necessary actions to support the results I expect to achieve.  You can do it too! Last year, one of my goals was to become a HUD listing broker.  Guess what, it is so! Not only that, I expect to be the master trainer for doing HUD deals!  Guess what, I am well on my way.  My new goal for HUD properties is now to become an active Listing Broker with all 3 Asset Managers in the Atlanta region and to do so this year! I expect to make a positive impact on the real estate industry for many years to come and to teach/coach others to do the same thing. How many deals are you planning to do this year? What will you have to do or who will you have to become in order to create this success?