Getting into the real estate business can be tough. While the potential for a good income exists once you start making sales, reaching that level can be challenging. Building a reputation, networking, and marketing yourself are essential steps before your career gains traction.
Many new real estate agents struggle to make ends meet initially. Thankfully, today's gig economy provides various side hustle options. These opportunities aren't exclusive to seasoned agents; they also benefit individuals entering the real estate field.
A real estate side hustle refers to a secondary job, activity, or investment that generates income from real estate while individuals maintain another full-time job. Here are a few examples:
Renting out spare bedrooms or entire houses for short-term vacation rentals.
Holding open houses on weekends, which, in certain states, does not mandate a real estate license.
Identifying abandoned properties for real estate investors in exchange for referral fees.
Assisting real estate agents as administrative assistants during the summer months, particularly suitable for teachers.
Investing in online dividend-paying REITs and real estate stocks to accumulate funds for future property purchases.
These examples offer a glimpse, and with a bit of creativity, practically anyone can come up with a unique and innovative real estate side hustle.
Having a side hustle, especially in real estate, can bring many advantages. With the changing economy, more people are turning to side gigs because one job may not always cover all the bills.
A side hustle lets you test the waters in a different career without committing too much time or money. It's a great way to try out a new market or industry, especially if you're not ready to invest in a college degree that you might not use.
Unlike some primary jobs that may not offer much flexibility, many side gigs allow you to work on your terms. This flexibility makes it easier to earn extra income without interfering with your main career or family obligations. However, it's important to focus on your main job when you're working on it, as it's likely your primary source of income.
One of the main reasons people take on side hustles is for the additional earning potential. Having extra cash can empower you to pursue your hobbies more passionately, save for college or pay off student loans, or even save up for significant purchases like a house or car.
Running a side business in real estate allows you to set your own pace and work on your terms. This level of professional freedom is a significant benefit compared to a traditional career. While starting a side hustle can be exciting, it's crucial to remain focused on your primary job during work hours to avoid any negative consequences.
The most important skill for a side hustle is motivation. It's what keeps you going and turns ideas into income. Being motivated is crucial for starting and maintaining a side hustle. Think about why you want to start something new and use that to keep yourself going.
Other important skills include being organized, having perspective, being open-minded, and being adaptable. You need to keep things in order, learn from others, and be able to change as your hustle evolves. These skills help you make important decisions and stay focused on what matters most to you.
Putting money into real estate investment trusts (REITs) can be a smart way to earn extra cash. These are like stocks and bonds but focused on real estate. They pay you dividends regularly, and you can invest in different types of properties all over the country. Some REITs offer high dividends, like 7% or more, especially those in mortgages, commercial real estate, and healthcare.
House hacking means using part of your home to make extra money. You can find a roommate, rent out space in your garage or basement, or even pet sit in your backyard. Doing these things can help you earn more money while you're living in your own home.
Busy real estate professionals often need help with daily tasks. If you're good at organizing, paying attention to details, and enjoy talking to people, you could become a virtual assistant. This job might include answering calls on Zoom or Skype, responding to emails and requests, managing calendars, setting up property showings, and handling paperwork. It's a way to help real estate businesses run smoothly while making some extra income.
Creating a blog is a trendy side job, especially for people in real estate. Blogs don't make money right away, which is their main downside. It takes time and work to begin and grow your blog by writing helpful content that Google likes.
But once you get the hang of it, your blog could start making a lot of money. You might earn $1500 or more in a year and then grow your real estate blog to make even more over time. Plus, it's a fun way to be creative and share your knowledge with others in the real estate world who are just getting started. The best part is that a real estate blog can keep growing and making money without a set limit.
Active real estate investors are always searching for deals that the public doesn't know about yet. Anyone who's out and about—like drivers, delivery guys, or anyone with extra time—can keep an eye out (or "bird dog") for properties that match an investor's needs. Some bird dogs get paid for each lead, and others get a share of the profits when a deal is closed.
Making a home look its best can speed up its sale. This includes moving furniture around, giving it a new look, cleaning, and using other ways to make it more attractive.
Knowing how to do this, called staging, is really useful for real estate agents. It not only helps sell homes for more money but also lets you offer staging services to other agents who might pay for your help. If the idea of physically rearranging a home seems like a lot of work, you can also learn virtual staging and provide this service to other real estate agents.
Some places are perfect for renting out your home to visitors for short stays. This can make you some serious cash because travelers often prefer staying in a cozy home instead of an expensive hotel.
If you're good at photography, you can make money taking pictures and videos of properties. The great thing is, you can work with all kinds of properties, day or night. Plus, there's always demand for new photos when a property goes up for sale or rent.
In real estate, making photos look their best is super important. An image enhancement tool helps by making colors, lighting, and details look perfect. It makes properties stand out and attracts more potential buyers. This tool is key for creating eye-catching visuals that highlight a property's best features.
If you're interested in real estate but unsure about buying or selling, consider becoming a general contractor. General contractors handle repair and construction work for Realtors in your area.
Starting this venture takes time and effort as you'll need to build your contracting company from scratch. However, over time, it has the potential to generate millions in profit, especially as you expand your network. Eventually, your contracting business might even become your main source of income!
Flipping houses is about buying inexpensive homes, fixing them up, and selling them for more money. It does require hard work and some money upfront, either from savings or loans. Once you're in, though, it can be a really profitable business. You might end up making hundreds of thousands of dollars per year, but it might take a few years to get there!
Real estate agents, armed with their local knowledge, can explore a side hustle as a tour guide. This option becomes particularly lucrative if you're in a tourist-heavy area. Whether you choose to go solo or join a company, offering diverse tours such as walks, brewery visits, or water tours can bring in a substantial income. With the right approach, this side hustle can prove to be quite rewarding.
Experienced real estate agents can make extra money by offering coaching services, especially during slow seasons. They can teach classes in person or online, either on their own or with a school. Besides earning more money, they can also build a network of potential employees for their future business growth.
Marketing plays a crucial role in real estate, and agents who excel at it can offer their services to others. They can offer digital marketing services, write blogs, create flyers, or even make cold calls or knock on doors for other agents. Over time, they can refine their skills and expand their clientele.
And there you have it – a bunch of awesome real estate side hustle ideas to get you started on your money-making journey. So what are you waiting for? Get out there and start hustling!
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