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10 Profitable Real Estate Business Ideas
So you want to start your own business, but you’re not sure what to do or where to begin? There are plenty of real estate business ideas that can help you get started, and this article looks at 10 of the most profitable ones. The topics included in this list are diverse enough that everyone, from new entrepreneurs to more experienced business people, can find something of interest here.
So please keep reading to learn more about the different types of businesses you can start with real estate and why they’re so lucrative!
1. Sourcing real estate leads
When you’re in the business of buying and selling real estate, your first step will be to locate leads—newly built properties or houses that are for sale. If you live in a new home market, such as searching for Mississauga condos for sale, services are available to help you locate these properties and pitch those to potential buyers.
If you don’t have a background in real estate, consider using condopoint.ca as one of these resources instead of relying on word-of-mouth referrals. It can also help to look at recent sales reports on similar properties nearby.
2. Buying foreclosed property
For investors, buying a foreclosed property is one of the easiest and most profitable ways to build wealth and earn a consistent income. While it takes research to learn how to buy foreclosed property on your own, plenty of websites can do it for you.
Zillow is one resource you can use to get started with your research. They have comprehensive articles about learning how to buy foreclosure homes, what kinds of deals are out there, and even how to profit from them.
3. Staging properties
Staging makes a house more appealing to potential buyers. It’s essentially a makeover that focuses on presenting your home in its best light and selling features you can’t see (but potential buyers can).
Condos for sale in Mississauga are also suitable for staging as they often come with furniture and other fixtures. For example, if your condo is fully furnished, all you have to do is tidy it up and freshen it up before showing it to prospective buyers.
4. Managing tenant properties
A handful of surveys have found that most renters don’t necessarily care whom they rent from—as long as they receive a fair deal, on-time payments, and a responsive management team.
As a property manager, you could focus either on managing single-family homes or multi-unit properties. The latter option gives you a wider pool of potential tenants from which to choose. Just know that there is more paperwork involved with larger buildings.
5. Managing rentals through an LLC or Pty Ltd
If you are a property owner looking to rent out your property, it might be worth considering an LLC to separate your personal and business finances. If you have any extra expenses that crop up from managing your rentals, such as cleaning or repairs, you can use your income to cover them.
However, by keeping your business separate from other financial obligations, including loans, those costs will not affect your home’s mortgage or other debts.
6. Renting and flipping rental properties
The real estate market is never stagnant, and people are always looking for homes to buy. It’s certainly possible to make money with a rental property by keeping it rented out.
One of the best ways to make money from a rental property is to flip it, find an undervalued property, fix it up, improve its features and value, and resell it for more than you paid.
7. Renting and managing apartments
If you have some money and a spare room, renting an apartment is a low-risk way to make money. You’ll already have somewhere to live, so finding tenants should be easy. Be sure you understand local rental laws and what might fall under your responsibility as a landlord.
For example, if you rent out your condo unit while you’re on vacation in Mexico, will you have enough insurance to cover any damage caused by your tenants? Will they be responsible for damages?
8. Investing in real estate crowdfunding platforms
There are several options for investing in real estate crowdfunding platforms. For instance, through RealtyShares, one can invest in specific real estate projects and properties from $1,000 to $100,000 or more. You benefit from its income-generating potential by purchasing partial property ownership and gaining some tax benefits since it is considered a rental property by law.
9. Buying, renovating, renting out single-family homes
Homeownership is an excellent investment in your family’s future. While single-family homes can be expensive, they do not have to be if you buy wisely. Look for older homes in good neighbourhoods that need some updating—you can often fix them up and rent them out to families looking for long-term housing at affordable prices. You can even become a property manager and run your business from home.
10. Purchasing lots and building on them
One profitable thing in any economy is building a house from scratch. Whether you’re planning to build an affordable single-family home or a high-end mansion, you can make money if you plan carefully and start small. There are various real estate websites and companies you can reach out to that will give you some options to consider if you are looking for your new property.
Tell us your story
Are you looking to promote your business?
South African real estate agencies, construction or renovation businesses can create your free business listing on nichemarket. The more information you provide about your business, the easier it will be for your customers to find you online.
Registering with nichemarket is easy; all you will need to do is head over to our sign up form and follow the instructions. If you require a more detailed guide on how to create your profile or your listing, then we highly recommend you check out the following articles.
If you enjoyed this post and have time to spare, why not check out these related posts and dive deeper down the rabbit hole that is real estate.
- New Home Inspection Checklist
- How To Start House Flipping
- Why South Africans Are Buying A Property in Malta
- Should You Buy or Rent a Condo?
- A Foreigners Guide to Buying a Thailand Property
- How To Buy Property if You Are A Non-Filipino
- How Do You Know A Property is Priced too High?