The real estate industry is extremely lucrative, which is why it presents so many great career opportunities. If you want to combine your entrepreneurial skills with a secure career, launching a real estate business could be a great option.
Of course, you’ll need to identify gaps in the market and come up with a USP if you want to hit the ground running. For inspiration, take a look at these real estate business ideas that offer real career opportunities:
As the name suggests, a buy-to-rent real estate business involves purchasing property and renting it out to tenants. Providing you can finance the initial purchase, this business model gives you the opportunity to generate returns in the short, mid, and long-term.
The rental income from your tenants creates a revenue stream in the near future, while a rise in the value of your property ensures long-term gain, which could potentially keep you comfortable for life. However, you will need to ensure that you’re able to find tenants swiftly if you want to maximize your properties. Furthermore, having an eye for prime locations and buying property in up-and-coming areas will help to increase the likelihood of your properties gaining significant value.
Although many people use a buy-to-rent business model to invest in residential properties, the premise works for commercial units too. In fact, commercial tenants typically sign longer leases, which means you can guarantee your income over a longer period of time.
Investing in vacation properties gives you the opportunity to generate a vast amount of revenue in a relatively short amount of time. Vacation rental investment is popular because choosing the right location means you can virtually guarantee demand for your properties. Furthermore, renting properties out to holidaymakers means you needn’t take on the responsibility of being a landlord to full-time tenants.
Purchasing a vacation property outright and renting it to tourists is one way to generate profits with this business model but there are other options available. You could reduce your costs by leasing a vacation property and renting it out, rather than buying it, for example. Over time, the profits you generate can be used to acquire additional properties and expand your portfolio. With this approach, it doesn’t take long for your property portfolio to expand.
You don’t actually have to buy, own or sell property outright in order to profit from the rental market. A real estate investment trust (REIT) allows you to partner with numerous other investors to finance property developments, such as apartment buildings, hotel resorts, shopping malls, and office complexes.
A career as an investor means you’ll need an eye for a great opportunity and in-depth knowledge of the market, particularly if you want to invest in private REITs. However, there are also public REITs you can invest in or you can choose to appoint your own investment manager if you don’t want to take a hands-on role when it comes to investment decisions.
As you might have guessed, build-to-rent real estate companies construct residential or commercial buildings with the intention of renting them out to tenants. Buying land and building a property can be significantly cheaper than purchasing an existing property, which means there’s more profit to be made in the long-term.
However, financing a property development can be trickier than taking out a buy-to-let mortgage. Due to this, you’ll need to have the borrowing capacity or a pool of investors you can rely on to provide extra funding. Of course, if you have the capital outright, you can begin scouting potential locations straight away.
If you do choose a build-to-rent business model, you’ll need to determine whether you’ll hire your own building team or work with third-party contractors. If you have experience and the relevant certifications, you may even decide to manage the construction of new builds directly.
As a Property Manager, you’ll be responsible for managing buildings owned by third parties. This may include apartment complexes, gated developments, and commercial units, such as shopping malls or retail parks.
Property management companies are widely used by real estate owners, which means there’s a diverse market to explore. From providing maintenance and security services to implementing collections and facilitating lease renewals, property management can involve every aspect of maintaining the structure of the building and cultivating good tenant relationships.
Flipping properties refers to buying real estate, improving it in some way, and selling it on to another buyer. The profit comes when you’re able to sell at a much higher price than you paid for the property, due to the modifications you’ve made.
However, it’s important to consider the cost of renovations when you decide whether this is the best business model for you. If you have hands-on experience and are able to undertake repairs and renovations yourself, it can be a great way to generate profits. Alternatively, you’ll need to hire your own team of contractors or use tradespeople you can rely on.
Even when you factor in the cost of renovating a property, it’s possible to make a good return by flipping properties. As buildings in disrepair typically sell well below their market value, you can potentially make tens of thousands of dollars (or more!) by flipping just one property. As your profits start to roll in, you’ll have additional capital to purchase the next property and, before long, you’ll have the capacity to flip multiple properties at once.
The property industry offers a wide variety of careers, from becoming a realtor to training as a contractor. When you combine business ownership with a real estate career, however, you have the potential to create significant wealth and carve out a role you genuinely enjoy. Whether you’ve always wanted to design new buildings, you love restoring old structures or you simply know a bargain when you see it, a real estate business career can be rewarding, fulfilling, and lucrative.