Image Source: Pexels
With the right tools and training, virtually anyone can make money in the real estate business. You don’t even need to own property to profit in the real estate market because there are many facets of the industry that require management and hard workers to keep it going. Let’s look at some of the most lucrative and exciting opportunities in the real estate industry.
Real Estate Transaction Coordinator
A transaction coordinator is someone who helps a real estate agent by performing administrative duties required during individual stages of a translation, from signing the contract to closing the deal. Some of your responsibilities will include opening escrow and ensuring earnest money is collected, monitoring the contingency period, coordinating the closing process, and more.
If you’re running a transaction coordinator business, you will need to have an impressive attention to detail and organization. You will also have to take the time to build relationships with your realtors’ clients while also needing to prospect, convert leads, and spend time speaking with the community. You can use this experience to transition to a realtor if you want!
Landlord
As a landlord, you buy a property and rent it out at a pricer rate than your monthly mortgage rate. You will get paid consistently due to the cash flow you receive in the form of rent each month, which will pay off the property. You will earn long-term gains through appreciation of your property’s equity over a small amount of time.
However, as a landlord, you are responsible for the repairs made on the property, including the inside and outside. Still, despite the considerable upfront cost and the possibility of missed rent and occurring repair costs, buying property results in an impressive amount of cash flow as well as being a significant financial asset.
Flipping Properties
While property flipping has become a popular reality television genre, it’s still one of the most profitable businesses in the real estate industry. It involves buying a distressed home, repairing it, then selling for a profit. Although this business strategy doesn’t offer continuous cash flow, it will create a sizable one-time profit on a property.
Flippers usually need a lot of upfront knowledge to stay successful, which means they were likely working in construction before starting this business. You also need to flip the house and sell it quickly. Otherwise, you’ll drown in mortgage, taxes, insurance, and utility costs. However, if you’re able to flip quickly, you’ll generate a hefty, long-term income.
Real Estate Photography
The online age has created a need for impressive and stunning photographs that show off a home in the most detail possible. Many people can’t leave their homes during the pandemic to look at a property and rely on this method, and many potential buyers will overlook a beautiful home if the pictures are poor. Hence, real estate agents will hire a professional photographer.
If you already have photography skills, you can quickly transition into this business, but it doesn’t cost a lot to buy a decent camera and learn on the fly. It’s better to invest in high-quality lighting equipment and learn how to edit in photoshop to achieve the perfect photograph. You will usually work with a homeowner to ensure the home is cleaned and prepped, as well.
Bird-Dogging
The term bird-dogging refers to a person that keeps their nose to the ground, always searching for the best deals in the real estate market. Bird dogs find quality deals for investors and earn a small percentage of the sale. While this looks like an easy profession to start, it’s actually quite tricky because you need extensive knowledge of the real estate market.
Your job is to find prospects that people have overlooked and haven’t discovered yet, but that doesn’t mean you’re looking for buyer-ready properties. Sometimes, a distressed property that could entice flippers is the ticket to success for a bird dog. If a bird dog stays flexible and adaptable, they can benefit every aspect of the real estate industry.
