While the real estate industry is generally a safe place to invest in regardless of the state of the economy, not everyone is cut out to be a property investor or a real estate agent. Thankfully, there are plenty of other potentially lucrative real estate-related business ideas that aspiring entrepreneurs can explore. Here are some of them.
With so many corporations and individuals seeing the value in protecting our environment, property restoration businesses might see a boom in the next few years. Trying to save what can be saved is so friendlier to our environment than developing properties from the ground up. The benefits to the environment are just some of the benefits of restoring old business, so architects urge property developers to upgrade buildings instead of tearing them down.
If you have a knack for design and construction and want to start your own company, consider franchising and training for a restoration business. Not only will you be revitalizing old buildings, but you would also be helping homeowners salvage what they can when their encountering damage in their homes.
A franchise is also a generally safer way to use your capital. You can invest in a known name with a clear business model and marketing plan with people who are willing to train and mentor you throughout the process.
Another potentially profitable business idea in the real estate world is property flipping or purchasing a down-and-out property, sprucing it up, and selling it for a much higher price than when you first got it. This business idea is certainly not new, with so many reality TV shows and personalities capitalizing on this business model over the past several years. But it is perfect for those who do not want a long-term commitment with a specific property; instead, house flippers can make a big, one-time profit out of a single project.
If you can see potential in properties and how they can be upgraded and increased in value, consider looking into this business idea and let your skills for design and construction lead the way. You would have to be strategic in carrying costs and the amount of time the property would be in your name. Be thorough when researching the availability of your materials and construction crew, as well as the state of the real estate market, before you make big moves.
One of the biggest misconceptions in real estate businesses is that people need to have their own property before managing it. This isn’t necessarily true since you can start a property management business to cater to real estate investors who need capable and qualified people to manage and take care of their properties. Here are some tasks you would be responsible for should you decide to be a property manager:
- Handling upkeep and maintenance
- Collecting rent and maintenance fees from tenants
- Helping property owners find new tenants to ensure that the property is constantly profitable for the owner
- Working closely with the owners to ensure the property doesn’t decrease in value and communicate how the tenants hold up
However, keep in mind that if you decide to be a property manager, you would have to be on-call 24/7 because you never know when an emergency might occur. You never know when something in the property might break down or if your tenants might need assistance with something, especially if they live alone. Emergency plans are always key should you find yourself unavailable to attend to your tenants’ needs at any point.
This job may be difficult, but you can potentially profit well from it, especially if you land clients who own properties in more luxurious and high-end areas.
Real estate photographer
If you have a good eye for photography, why not consider becoming a professional photographer for real estate properties? Photography plays a big part in how residential and commercial properties are marketed, especially at a time when open house events are more limited, and how the photos look can make or break a deal.
Build an impressive portfolio and differentiate yourself from other photographers. You can do this by exploring newer technologies like drone photography to give your work a more elevated feel compared with others.
If you are interested in real estate but don’t want to be an investor or an agent, you can explore plenty of alternative businesses. Revisit your skillset and see where your passions lie, and you will indeed find a lucrative business opportunity that’s tailor-made for you.