1. Residential Real Estate

Helping others purchase or sell a home, also called residential, is a common real estate idea. Residential real estate agents assist sellers with marketing their properties to potential buyers and assist buyers with finding the right properties that align with their needs and budgets. The residential real estate industry continues to grow each year and provides great opportunities for experts in the field.

To become a residential real estate agent, you should be well-versed in administrative work, research, and marketing, and check your state’s licensing requirements to ensure compliance. On average, residential real estate agents earn $50,000 per year.

2. Commercial Real Estate

Similar to residential real estate agents, commercial real estate agents assist with buying, leasing, and managing properties for businesses. Because the commercial Real Estate Business market is more data-based, this career involves more research to identify trends. Additionally, commercial real estate deals more heavily with leases than residential real estate does.

A commercial real estate career is an attractive option for many real estate professionals because of its financial benefits. The average annual salary of a commercial real estate agent is $94,383—almost twice as high as that of residential agents. However, licensing requirements are typically the same as those for residential real estate agents.

3. Real Estate Investment

Another common Real Estate Business idea is investing in a pool of Real Estate properties through crowdfunding or investment trusts.

Real estate investors can earn between $70,000 and $124,000 per year—and even more, depending on the number of deals you strike and the time you invest. Salaries also depend on the real estate area in which you’re investing.

For instance, rental property investing typically earns a lower salary ranging between $27,500 and $121,000—home flipping averages at $62,900 per flip. Short-term rentals earn you between $35,120 and $61,097. Wholesaling earns you between $21,500 and $98,500. Essentially, the more work you put into your career, the higher the salary you will reap.

4. Home Cleaning And Staging

Preparing a home to be shown for real estate agents’ clients involves cleaning the home so it is “move-in” ready, as well as making it look presentable for potential buyers to walk through. Home staging aims to transform a house into an appealing and inviting environment in which potential buyers can easily envision themselves living. Those in the home staging industry say home staging can raise seller’s profits by anywhere from $10,000 to $75,000.

On average, a Real Estate Business stager can earn between $300 to $800 for a two-hour consultation at the potential client’s home. If the client wants to proceed with home staging services, the potential to earn an additional $1,000 is the minimum threshold. A home staging project can see a price as high as $5,000 to $10,000, depending on the size of the home, its location, and the expertise of the home stager.

5. Property Management

The need for a property manager often comes when the owner does not have the time or expertise to manage their real estate properties. A real estate property manager generally works full-time and is responsible for the daily operation of properties, including but not limited to residential, commercial, or industrial properties. Property managers meet with potential renters and show them properties, collect monthly fees from tenants, pay bills, arrange for repairs and maintenance, comply with fair housing laws in the area, and more.

In recent years, the average property manager grossed $54,183 in the United States. Although that is the average, salaries have been as high as $79,000 depending on the manager’s education level, certifications, experience, and the property type they are responsible for managing.

6. Real Estate Development

Real estate developers are responsible for overseeing the new construction or renovation of residential or commercial properties. Job responsibilities may include securing financing, working with construction companies to ensure timely project completion, and marketing the new development to clients.

If you’re interested in real estate development, start by taking on a role as a land development project manager. The average land development project manager’s salary is $99,100, with salaries expected to increase to $112,100 in the next five years.

If you’re looking to establish your own real estate development company, your take-home income can be largely influenced by both the project and the broader market. Assuming you can sell a property at full occupancy, you can get a return on investment of between 16% and 20%.

7. Real Estate Photography

If you have an artistic eye, you might consider starting in real estate photography. A real estate photographer takes high-quality pictures of properties for marketing purposes, working closely with realtors, designers, architects, and other professionals. They are also often responsible for pre-photo and post-photo work—such as staging rooms, adjusting the lighting, and editing photographs—to create the best possible final product.

To get started in real estate photography, you’ll need some background knowledge in photography (whether through a degree program, work experience, or self-study) as well as basic camera and editing equipment. You can make an average of $42,940 each year as a real estate photographer, with increased earning potential for high-end real estate clients or higher volumes of properties being photographed.

8. Real Estate Coaching

For experienced real estate professionals, Real Estate Business coaching can be a rewarding and lucrative career path. As a real estate coach, you can help new agents get the best possible start in the industry by providing feedback and professional insights. This career path also offers flexibility—you can take on as many or as few clients as you want.
Real estate coaches typically charge between $400 and $500 per month for individual sessions. Depending on your experience level and how many clients you have, you can make anywhere from $69,337 to $103,606 annually, with an average take-home pay of $86,002.

 

Why Real Estate Is A Lucrative And Worthwhile Industry For Entrepreneurs

• High Earning Potential: It’s no secret that owning real estate can pay off over time—roughly 90% of millionaires are real estate investors. By purchasing property, you can continue to work on your current Real Estate Business, while letting the investment earn a profit by appreciating value, developing it, or renting/leasing it out to tenants.
• Flexibility And Independence: As an entrepreneur, if you’re looking for a place to house your next business, investing in real can offer a cheaper, long-term solution than renting with the added benefit of flexibility. Instead of paying money each month to an outside source, owning a property allows you to pay rent to yourself and make changes/renovations to tailor the property to your business’s needs.
• Tangible Assets With Potential For Appreciation: When you invest in real estate, you own a physical property with the potential to grow in value over time. As inflation rises and areas develop, your property’s value is likely to rise too—when it comes time to sell, your investment will earn you a higher profit than the cost you paid.
• Diversification And Risk Mitigation: By diversifying your portfolio with a real estate investment, you can mitigate risk by having additional assets and ensuring you maintain positive cash flow, even if one of your income streams dries up.
• Opportunity For Personal And Professional Growth: Owning property can lead to opportunities for growth because it offers entrepreneurs a chance to earn passive income through syndication deals, which can help cover mortgage payments or be used to invest in something new. Additionally, should you need an influx of cash down the line for your business (or personal reasons), your investment is a tangible asset with accessible equity for the funding you need.