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The real estate business is fast catching up as a popular source of income. It is a major contributor to the world economy. Even in India, real estate businesses have bloomed in recent years with many people looking for a house/plot/office area to purchase. However, the modern day businesses related to real estate are not simply limited to owning, renting and selling properties. Instead today, real estate businesses have flourished beyond the old norms. Many entrepreneurs have understood this and have engaged themselves in this flourishing business. If you are thinking of making real estate business as your working field, then you must be aware of some exciting ideas associated with the real business industry.
Here are 7 real estate business ideas that would suit you:
- Be a Landowner / House owner
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One of the oldest ideas associated with real estate business is to be a Landowner. Being a landowner gives you not only a good cash flow but also a strong investment.
Traditionally, being a landowner meant that someone would own a piece of land as property and then give it out to people who could work on it. Think about farmers and other such laborers. However, today, being a landowner could be difficult for people in the cities. But for such people, there is always an option of renting out houses/plots/apartments. Renting out your property can be either the only source of income or can be used as a second source of income. Either way, this option provides you with a good investment. You can either continue with one property rental or use the profit from the first rent out, you can always go for multiple properties and keep the cash flowing.
Usually, being a real-estate investor is a full-time job. But if you are not confident of taking this as a full-time job, you can take help of property management companies which would manage your property for you. These companies deal with the tenants on your behalf and will undertake the marketing of your rentals. They will collect the rent, handle maintenance and repair issues, and also respond to tenant complaints, as well as handle any evictions or legal issues.
2. Property Management Company
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Alternatively, you could start a property management company of your own. You would be dealing with tenants and property prospects on behalf of landowners or property owners.
Setting up any company needs a capital and commitment. But once you do so, then you and your team can together work wonders handling and managing any property.
Property management is not as difficult as you would think. It involves liaising with different landlords, tenants, contractors. One must understand landlord-tenant laws, and create efficient and effective protocols. Starting a property management business comes with its own set of challenges and risks. But once you do your groundwork well, you are all set.
3. Flip Property
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This one might surprise you, property flipping has been popularized over the last several years. It involves buying a home (that may or may not be in a good state) and then fixing and modernizing it. You can then either sell it for a profit or rent it out. Usually, people prefer flipping a property and selling it for a one time larger profit. Flipping a property can be either a full time or a part-time job.
Profits from flipping real estate can come in two forms – a) buying low and selling high, or b) buying a house that needs repair and fixing it up before reselling it for a profit.
4. Real Estate Appraisal Business
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These days, property owners, as well as brokers and real estate developers, need an in and out evaluation of the property. You could start a real estate appraisal business which would appraise, evaluate land or property. One can never know the true value of a property by merely looking at it. Before a property is bought or sold, the buyers and sellers will like to have an estimate of what the property is worth. This is where your role lies as an estate valuer or appraiser.
5. Real Estate Blogging
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You might not have thought about this one yet; it is surprisingly a very easy and interesting method to make your way into real estate business. You can create blog accounts for your real estate business or if you don’t yet have a business, then for others. You can talk about your services and access a number of online users. Your job would be to keep them informed about developments in the real estate industry. Customers and clients can comment and give suggestions in your blog that will help you to address their concerns and at the same time learn few requirements in the industry. There are a number of sites like WordPress.com where you can freely register as a new entrepreneur.
6. Renovation and Repair
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In recent years, there has been a growing demand for renovations and repairs. People desire to beautify their homes. Sometimes due to natural calamities, some houses along with their outhouse and the garage are damaged and need emergency repairs. Offering a renovation and repair business alongside your real estate business can give you a boost up.
7. Real estate photography
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This one might surprise you, but yes, real estate photographers are in a lot of demand these days. Real estate business often requires a lot of creative angles. Being a real estate photographer involves marketing and promoting a property. As real estate photographers, you take photos of homes for sellers or landlords and then post them online as part of sales materials.
As a real estate photographer, your hours and payments are largely determined by the number and sizes of houses you shoot in a given day. You can choose to base your businesses from the comfort of your house and be on the field as required.
So what are you waiting for?! Get your Real Estate Business going with these easily achievable ideas, and the rest would be history.
Tips:
One of the ways to provide more exposure while selling a property is to use a trendy but cheap real estate sign. The real estate signs need not be expensive and can be quite reasonable, but the impact and the attention they can provide to your business is profound! As a property owner, realtor or developer you would require a quick attention that could be profitable to your business. This is where the real estate yard signs come into the picture. You can make them as attractive and customized as possible.
About the Author:
Jessica is a real estate agent with a keen interest in garage doors. Since she was a kid, varied kind of garage doors fascinated her. She has been writing for elitegaragelynnwood for a long time now. When not guiding people on garage door repairs she can be found traveling to distant places.
