Photo by Caroline Veronez on Unsplash
BE YOUR BEST CLIENT BY MELANIE ROBITAILLE, SR. STAFF WRITER & GRAPHIC DESIGNER If you’re in real estate, chances are you either have personal or professional experience with income properties, or at the very least, have thought about it. EXIT Realty’s Director of Brokerage Development, Janice Petteway, has been following her own rules when it comes to this topic since opening her first EXIT Real Estate Results office, and the moment she first took advantage of EXIT’s Formula of sponsoring.
“I made a commitment to use residuals only to purchase real estate. I’m somewhere in the $1.2 million range of residual income and that portfolio is worth about $3.4 million in equity now.” JANICE PETTEWAY, DIRECTOR OF BROKERAGE DEVELOPMENT So how did she do it? By being a “sponsoring machine,” as she calls it, and assigning her residual income to specific tasks. The real key was not touching it, while compounding her sponsoring and production efforts from one year to the next. “You have to learn to put your money to work for you, so you don’t have to work so hard. I guarantee you, no matter what amount of money you earn, if you spend all of it or a dollar more, you’ll never be a millionaire,” she quipped. “A teacher who gets out of college and puts away $342 every month for their whole career, and doesn’t touch it, will retire as a multi-millionaire.” So, she proposes that you think of sponsorship a little bit differently and assign sponsoring income to that task for you. “I had heard Janice talk about investing before and I had been interested in it for a while. I knew my residuals added up each year, but I never saved them for a purpose until I earmarked my sponsoring bonuses for my daughter’s wedding during 2017 and 2018. I was able to pay for her wedding, and in 2019, when I went to Janice’s Convention Breakout Session, everything clicked,” explained EXIT Realty by the Bay Franchisee, Jennifer Anderson. Jennifer has since purchased her first investment property, and is putting her residual income to work on a second in the near future.
28 Volume 10 Issue 1
