Real Estate Ideas

The real estate business is very vital to a country’s economic growth. Just one successful sale can lift someone out of poverty. McKinsey, a consulting firm, reports that over 67 percent of the world’s net worth is invested in real estate, while only about 20 percent is invested in other fixed assets.

What is a Real Estate Business?

A real estate firm provides various property-related services, including purchasing, selling, leasing, and management, and is typically required to have a license to conduct business.

Why You Should Consider Starting a Real Estate Industry Business

If you’re considering starting a real estate business, it’s worth noting that the housing market is forecasted to remain robust over the next five years. However, higher interest rates will reduce buying power. To start a successful real estate business, you must carefully plan, conduct thorough market research, and understand the industry. We have a detailed blog post to help you get started and stay informed; you should click this link

1. Real Estate Consultant: 

Average Annual Base Salary: $75,010

What They Do: A real estate consultant is a financial expert who provides advice and plans for potential investors and clients. They ensure that their clients reach their financial goals by delivering practical property plan strategies and making informed decisions when buying property to avoid being deceived. 

If you possess an in-depth knowledge of the real estate market, you can offer consulting services to individuals or businesses seeking strategic advice on property investments. You definitely should look forward to our incoming posts on the tips, strategies and industry to target as a real estate consultant and make more dollars.  

2. Real Estate Lawyer: 

Average Annual Pay: $93953 

What they do: Real estate lawyers are legal professionals who specialise in the complex legal aspects of buying, selling, and managing properties.

Their primary responsibility is to draft and review real estate contracts, mortgages, and other legal documents related to real estate transactions to ensure that all the legal documents are legitimate, complete, and in compliance with state and federal laws. 

3. Real Estate Agent:

Average Annual Pay:  $29k – $150k

What they do: Real Estate agents work as intermediaries between buyers and sellers, as well as renters of properties. As a licensed real estate agent, you can assist clients in buying or selling properties and earn commissions on every sale.

You can also provide property management services, where you handle everything from tenant screening to maintenance and rent collection on behalf of the property owner. This means you can earn money by managing rental properties for property owners and also get percentages from both parties. 

4. Real Estate Inspection Services:

Average Annual Pay:  $47797 

What they Do: Real Estate Inspection Services involve the expertise of a licensed home inspector who provides a comprehensive, detailed inspection report to potential buyers. This report lists all the issues and possible concerns with the property, including defects, safety hazards, and necessary repairs. The home inspector examines the structural components, roofing, electrical, plumbing, heating and cooling systems, insulation, ventilation, and more.

To become a home inspector, an individual must undergo extensive training and certification in home inspection, which ensures that they have the knowledge and skills necessary to perform a thorough inspection of a property.

5. Real Estate Photography/Blogging/Vlogging:

Average Weekly Pay for Real Estate Photography Jobs: $488 

Average Annual Pay for Real Estate Blogging: $73406

Average Annual Pay for Real Estate Vlogging: $73406 

Real Estate blogging?vlogging: If you are someone who is passionate about real estate and has a creative side, you can consider starting a real estate blog or YouTube channel where you can share your market insights, property tours, and tips with your audience. By creating informative and engaging content, you can establish yourself as an expert in the industry and attract more clients to your services.

Real estate photography: In addition to content creation, another way you can make money in the real estate industry is by offering your services as a real estate photographer. As a real estate photographer, you will be responsible for capturing high-quality images of properties for marketing purposes. With persistence, creativity, and hard work, you can make a successful career in real estate photography, blogging, and vlogging.

5. Real Estate Appraiser:

Average Annual Range Pay:  $65,607

What they do: Real estate appraisers are professionals who determine property values. They help buyers and sellers make informed decisions about a property’s monetary worth. They use their expertise to evaluate properties, considering factors such as location, condition, and market trends and provide a detailed report that includes their findings and analysis.

You might be wondering how this is a viable business. Still, you don’t know how clueless it can be when you want to ascertain the prices to put up for the sales of a property but you can’t because it’s not your field; the buying and selling process will help ensure that all parties involved are getting a fair deal, satisfied with the outcome of a transaction.

If you have a passion and knowledge and are ready to gain more, you can work as a Real estate appraiser and offer services to big industries like big firms, banks, or government agencies. You will also need to have good and excellent analytical skills and knowledge of real estate markets and trends. 

6. Real Estate Development:

Average Annual Pay: $149,460 per year

What they do: Real estate development is a lucrative career option for those with prior experience and substantial wealth. It involves acquiring properties and constructing buildings to maximise their value. Although it has the potential to generate significant profits, it is also a challenging venture as it involves real estate financing, construction, marketing, and management, all of which are the sole responsibility of the developer. 

8. Vacation Rentals:

What they do: The vacation rental industry has grown in recent years with platforms like Airbnb and other popular sites. This market is managed by individuals and companies who invest in real estate located in popular travel destinations and rent it out to visitors. 

Vacation rental managers have many responsibilities, including marketing the property, communicating with guests, and coordinating cleaning and maintenance. To ensure a great guest experience, they also provide amenities, such as linens, toiletries, and local recommendations. By renting out properties on a short-term basis, vacation rental managers have the potential to earn high profits. However, managing a vacation rental requires hard work, dedication, and a keen eye for design, marketing, and customer service.

9. Real Estate Virtual Assistant:

Average Annual Pay:$4,229/month

What they do: Real estate professionals often have a lot on their plate, from managing properties to dealing with clients and closing deals. As a result, they may require assistance with various administrative and marketing tasks. This is where virtual assistants come in – they provide reliable support for busy professionals, taking on responsibilities such as managing email correspondence, scheduling appointments, and handling social media accounts. By taking care of these tasks, virtual assistants allow real estate professionals to serve their clients better.  

10. Real Estate Technology:

What they do: The real estate industry is undergoing significant growth in technology, where software, apps, or online platforms are being developed to simplify the management, listing, and home inspection processes. The primary objective is to use the latest technological advancements to create solutions that make real estate transactions more efficient, transparent, and cost-effective.

As a software expert, you could work closely with real estate agents, property managers, homeowners, and professionals in this field to identify the industry’s pain points and develop innovative tools, designing and building user-friendly interfaces, to address these challenges. You should read this Forbes blog on How Technology Can Help The Real Estate Industry

Bonus

Real Estate Renewable Energy

Average Annual Pay: $84,603

What They Do: Their approach to real estate is guided by a solid commitment to sustainability, which is reflected in their incorporation of environmentally friendly practices. To this end, they offer a range of renewable energy installations, such as solar panels, designed to reduce carbon emissions and conserve energy. In addition, they also provide energy-efficient upgrades and green building designs that minimise environmental impact while promoting energy conservation.

Real Estate Coaching/Training:

Average Annual Pay: $93029 per year

What they do: These are people who have significant experience and expertise in the real estate industry. Consider becoming a coach or trainer. Coaches or trainers train aspiring real estate professionals through classes, webinars, or one-on-one coaching sessions.

Real Estate Software Development:

Average Annual Pay: $102325 per year 

What they do: Professionals who possess software development expertise can design and develop a range of innovative tools that can effectively streamline various processes related to real estate. These tools may include property management software, real estate websites, CRM systems, or investment analysis tools, which can enhance the efficiency, productivity, and profitability of real estate businesses.

Property accountant

Average salary: $65,832 per year

These experts perform a range of accounting tasks, including managing budgets, preparing financial statements, monitoring financial transactions, ensuring accurate account balances, and analysing financial data to make good and informed decisions. In addition to their technical skills, property accountants must have excellent communication skills, as they often work with multiple stakeholders, including clients, vendors, and internal teams.

In conclusion, success in the real estate industry heavily depends on networking, staying abreast of market changes, and delivering exceptional customer service. Identifying the right business idea and executing it efficiently in the constantly evolving real estate market is crucial for achieving success. With these factors in mind, I am confident that you will excel in your real estate endeavours. Best of luck!