My father has been a real estate broker for all his life. In all these years he has earned himself a good reputation and goodwill of a huge client base. As he nears retiring age, he does not want to give up his work for fear of no income. Is there any way out by which he can use his goodwill in the trade to continue earning without being actively involved in the business?
Does he work with investors or retail buyers?
See it is always better to me to establish a relationship with someone local and refer out buyers and sellers. I was curious to see who he catered too investors or retail so I could let you know what to look for in that person then.
I hope that he has put money aside in some type of retirement account or in cash flow positive investment properties. I can’t imagine that he would be able to use his Goodwill alone to generate a livable income, but maybe I am wrong.
Best thing is to take his solid reputation in the community and open up his own office. Get 10-15 agents working under him for flat rate fees of around $500 a month in which he does not provide any deal assistance. This makes for positve cashflow each month.
10agents at 500 each - 5000 a month. Do not know where you live, but chances are his operating cost will be under 2500 a month and he can earn close to 30,000 a yr in retirement from the office or try and grow it more. Or work with taking some commissions, like 10% and have more money…