SMALL BUDGET REAL ESTATE BUSINESS IDEAS
Ideas to help you kickstart your business in the real estate industry
Investing in a real estate business can be quite profitable. If you are also among the young minds aspiring to make it big in this lucrative industry, we have for you some of the fruitful business ideas that will help you set your foot into it.
Buy a property to rent
One of the first and foremost steps which you can take towards starting up your own real estate business is buying a property and then renting it out. To maximize the profit, chose a property in a city with high rental yield areas, either in your home country or abroad in common destinations for investors like Dubai or Kuala Lumpur. You can get a good return on investment that can go up to 8% in certain places.
It is possible to run this business of yours right from your home and you won’t even require a formal office for this. It will help you earn a good amount of money each month, thus keeping your cash flow smooth. An inflation in the property market will help you bring in further more cash to your kitty.
You might as well decide to sell off the property, preferable when properties of that type are in demand and benefit from a good return on your investment. This could be also interesting with off-plan projects still pending to be finished, with flexible payment plans that don’t require a big one-time spend.
If you want to check the latest developments in the real estate market in Dubai, you can check various online monitors that will show you how the prices changed recently. Dubai is a great destination for starting a business in this sector and even for obtaining a visa and moving there.
Managing a property does not require any investment as you don’t necessarily need to own a property for this. You can also choose to run it right from your home and avoid the expenses of an external office space.
Being a Property Manager, you will have to take care of maintenance and handle the collection of rents on behalf of the homeowner in exchange for a fee, which is usually a percentage of it. Excellent opportunity in places where foreign investors tend to buy property while living abroad, that can’t handle the properties themselves.
There are online courses available to learn everything you need, and also not difficult ways to get a certification that could be required in some cases.
Become a real estate agent
One of the most common real estate business ideas in the real estate industry is becoming a property agent. Being an agent requires formal education and in most of the places state certification as well. In exchange and since the income is based on commissions, you can really boost your economy in a short time.
Majority of the properties in the modern property market are sold through agents and therefore the primary job of an agent is to offer a client a perfect property in accordance with their specifications like location, budget, among many more.
Searching for property online is already a very common practice, so make sure you build your online presence and get good reviews from your clients to improve your reputation in the market. Making a good name for yourself can really help to get new clients and close more deals.
Real estate photography
You don’t have to necessarily deal with properties in order to venture into the real estate market. If you have good hands in photography, you might consider becoming a real estate photographer, where you will not need to invest in an office space as most of the work will have to be done on-location. The only investment you will need to make is a good professional camera and you might need to rent or buy a vehicle to move around the city.
Being a real estate photographer, you will have to take photos of homes and edit them using post-processing software. So a course in Adobe Photoshop or any other image editing tool could be of good help to you. The photos are then displayed on the internet or printed on magazines as a part of the property marketing.
If you have the skills and knowledge required to design homes, taking it as a profession can be a great idea to kickstart your business career in the real estate industry. You can opt to operate right from your home and spare yourself from the investment that would need to put into for hiring a fancy office space. All you need is to be creative and a computer. There are several interior design courses, resources, and workshops available to improve your skills.
In most of the cases, a license is required even if the business is based in a home so it is important that you check with the local authorities, so as to not land on the wrong side of the law.