Real estate has always been one of the most lucrative industries to venture into.
As one of the economy’s most dynamic and profitable sectors, real estate offers business opportunities of all shapes and sizes. From investment opportunities to online gigs to those involving in-person roles, there is no shortage of business opportunities in real estate.
And the best part; you don’t need to own property to venture into the property market.
With the right training and guidance, almost anyone can make money in real estate. That being said, here are 4 innovative real estate business ideas for entrepreneurs.
1. Become a Real Estate Agent/Broker
As one of the most popular jobs in real estate, becoming a real estate agent is a great career choice and one that comes with many benefits.
First, it’s one of the few jobs that don’t require a university degree for one to get started. However, many states require aspiring agents to complete some pre-licensing coursework and pass the real estate exam.
Secondly, you get to become your own boss and there is no limit to what you can earn, as long as you’re motivated. Top-performing agents earn an average of $111, 800, according to the Bureau of Labor Statistics.
2. Start a Transaction Coordinator Business
A transaction coordinator or TC is a professional who assists agents and brokers by performing the administrative tasks required in each stage of the transaction process. Common tasks include:
- Handling titles and escrows
- Coordinating open houses
- Organizing inspections
- Maintaining accurate files for all transactions
- Acting as a liaison between real estate agents, clients, attorneys, lenders, etc. and managing all the administrative tasks involved
Due to the growing reliance on experienced TCs, starting your own transaction coordinator business can be very lucrative. Note that you will need to acquire the right license for the business. It’s important to first research the laws that regulate transaction coordinators in your state to ensure your business is properly licensed.
3. Become a Real Estate Investor
As one of the top-earning jobs in real estate, a real estate investor’s job is a dream come true for many people. According to BLS, the median salaries for real estate investors were averaging between $100,000 and $150,000 in 2019.
On the flip side, becoming a real estate investor requires a large capital investment.
If you want to become a real estate investor, it’s important to start by drafting a property business plan for your investment. This plan details the nature of your business and may come in handy if you’re considering financing.
You can always rely on the popular cash on cash return calculator that can take care of all the necessary calculations accurately and help you select the right investment opportunities. For instance, if your goal is to generate large sums of cash quickly, a buy to sell strategy will do the trick. Your strategy should align with your business goals that are highlighted in your property business plan.
4. Become a Real Estate Photographer
No real estate experience? No problem.
Become a real estate photographer. Real estate photographers specialize in capturing quality property photos for sellers and landlords.
You probably have seen those high-def property photos and videos, including aerial photos on listing sites. Chances are they were taken by a professional photographer. To get started, you’ll need real estate photography skills and the right tools.
Wrapping Up: Other Profitable Real Estate Business Opportunities to Consider
As mentioned earlier, many business opportunities exist in real estate and you can exploit them as long as you have the right skills. Other business opportunities worth considering include real estate blogger, moving company, real estate app developer, home staging business, home inspection company, and property management business.
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