U9)Top 10 ways to make money from real estate

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In This Video, We Will Talk About the Top 10 ways to make money from real estate 

1: Focus on an Uncommon Niche

The majority of real estate agents work on buying or selling residential properties, but there are many other types of real estate transactions available to licensed salespeople. For instance, a few common real estate niches are working with FSBOs (for sale by owner), expired listings, and commercial properties. These niches tend to be much less saturated by real estate agents but are still well-known and widely understood. Even with a smaller number of agents targeting FSBOs or expired listings, you’re still likely to face a lot of competition.

If you really want to establish a specialty and become the go-to real estate expert in your area, look for even more uncommon niches, like short sales, auctions, and preforeclosures.

2: Invest in Cities With Growth Potential

Investing in real estate is one of the most common and well-known ways to build wealth. However, too many people limit themselves to investing only in their local area or the current hot markets. Instead, use your insight and connections in the real estate industry to evaluate cities all over the world, looking for those with the most growth potential.

By spending time analyzing locations before investing, you’ll increase your chances of buying a property that multiplies its value even faster and maximizes your return on investment (ROI). Look for economic data on different cities in reliable sources like the U.S. Census Bureau.

3: Become a Landlord to Make More Money in Real Estate

Making money with rental properties is a popular way to earn money in real estate. The primary benefit to purchasing a home and renting it out is that you generate passive monthly income and own an asset that is constantly increasing in value. It’s also one of the most affordable ways to get into real estate investing.

However, it’s no secret that being a landlord can be difficult and unpredictable—especially without the right tools, resources, and preparation. At the very least, you’ll need to know how to calculate the right cost of rent, how to screen tenants, and how to maintain the property to learn how to make money with rental properties.

4: Manage Properties

An alternative to being a landlord for a property you own is managing others’ rental properties. While property managers need to have specific strengths and knowledge, like marketing properties, screening tenants, and organizing documents, most states only require a real estate license. This makes it a great option for active real estate professionals or those who have a license but aren’t participating in transactions.

Property management can be a full-time job, especially for large apartment buildings and complexes. However, you could also turn it into a part-time job for extra income if you have personal strengths in management and organization. With the right tools and software, you can streamline and outsource many of your tasks.

5: Work in a Leasing Office

Another way to make money in real estate is by working in a leasing office. Leasing offices are commonly found in apartment or rental complexes but can provide services for a variety of different property types.

A leasing agent typically communicates with current and prospective tenants, receives payments, and follows Fair Housing laws as well as company policies. If you’re interested in learning about real estate management and investing, a leasing office might be an ideal place to start.

6: Become a Real Estate Coach

Real estate is a complex industry, whether you work as a salesperson, managing broker, or investor. As you actively work in the industry, you gain a lot of expertise in the real estate market, making and evaluating deals, and working with people. This knowledge and experience will naturally help you grow your skills and gain more success, but it can also be leveraged to help other professionals.

If you have a proven track record of success, consider offering your hard-earned real estate smarts as a resource. This could mean writing a book, developing a training program, or creating content on YouTube, TikTok, or a blog. Take time to research each possibility to choose the method that best fits your strengths.

7: Call Landlords to Get Listings

As the real estate market ebbs and flows, there will be times when it takes intentional effort to generate more buyer or seller leads. When you want to focus more on selling listings, one unique way to get listing leads is through landlords.

Landlords and real estate investors generally own one, if not many, investment properties, and they may be waiting for the right opportunity to sell. Of course, the best real estate sales come out of genuine relationships, so reach out to your network first—or expand your network and make more connections with investors.

8: Flip Houses

Although the concept of flipping houses isn’t anything new, it’s still a legitimate and highly profitable way to make money in real estate. Flipping a house successfully means finding an undervalued property, doing repairs or renovations, and then selling the house for its new market value.

As a real estate agent or investor, you’ll have opportunities to find undervalued properties more often than the average buyer. Fixing and flipping houses is an excellent short-term investment strategy that can produce tens of thousands of dollars, but it requires a detailed understanding of what actually increases the value of a home and how renovations work.

9: Train & Practice in Other Aspects of Real Estate

Keep in mind that some alternative career paths may require additional education or certifications. However, any experience you have in the real estate industry can help you become successful in whichever new role you choose. If you’re serious about getting another real estate-related license, research your state requirements for each career.

McKissock Learning has step-by-step guides, teaching you exactly how to become an appraiser, inspector, mortgage broker, or land surveyor, as well as top-quality online courses in each industry. In fact, McKissock Learning provides a variety of licensing, continuing education, and self-paced or Livestream classes in almost every state—highly rated by hundreds of thousands of students. Learn more about McKissock Learning today.

10: Become a Relocation Specialist

If you’ve ever moved across the country, you know firsthand that it is a massive undertaking. Relocation specialists are real estate professionals who take this burden off movers by helping them sell their current property, find and purchase a new one, and orchestrate details like packing, hiring movers, transporting vehicles, and processing visas.

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