Real estate is a booming industry and job market. With new development, housing demand, and technologies changing how people buy homes, the field is ripe for those looking to jump in. But getting started can be challenging.
There are several entry points into real estate as a career, but many of them require significant upfront capital or an established network to get your foot in the door. That’s why we’ve compiled this list of creative ways to make money in real estate.
From using your existing skillset to launching a side gig that makes you money – there are numerous options out there if you know where to look.
Advertising is a surprisingly vast industry. Real estate agents, developers, and brokers can all use online ads to reach new customers.
You can find clients by posting on job boards, reaching out to local brokerages, or finding potential customers on social media and through online marketing channels.
One note here – while you can earn money by finding clients and closing the deals, you cannot work as a real estate agent without proper licensing.
If you have a specific methodology for how you target and close leads, you can charge a fee for your services. Depending on the industry, this can be a lucrative side hustle on its own.
Renovation flipping is a specific strategy in real estate that’s become a bit of a hot-button topic in recent years. The basic idea is that you find a fixer-upper, renovate it, and sell it for a profit.
One of the biggest challenges to this side hustle is finding the right property to flip. If you don’t have your foot in the door of the real estate industry, it’s difficult to know where to look for potential flip opportunities.
You can find potential leads by attending local real estate investor meetups. In a worst-case scenario, you can begin with projects around your own home – fixing up rooms or areas that aren’t a priority for the rest of the family.
A common way of earning money in real estate is through short-term rentals. The premise behind this is simple – you find a property and rent it out for a short period of time.
Airbnb and similar companies have put this side hustle on the map, with many owners finding ways to earn some extra money out of their existing properties. This side hustle is great for people who have an extra room to rent.
You can rent out your home, room, couch, or car from time to time to earn extra money. This can be a challenging side hustle to scale since you need to find the properties and be flexible with your hours.
This is a skill that’s been around for decades, but with the rise of technology, it’s found new relevance. One simple way to make money in real estate is to become a virtual assistant.
You can find clients by searching online for people looking for a VA. If you don’t have existing contacts in this field, you can also try reaching out to local real estate agencies.
You may be able to specialize in a few different areas, like staying on top of social media, booking appointments, or keeping track of leads.
You can charge anywhere from $15 to $100 an hour, depending on your skill set.
Contract flipping is a great side hustle for someone who is a bit more experienced in real estate investing. You essentially find a property in a contract and buy it, then sell it at a profit after the deal closes.
This is a side hustle that requires significant upfront capital since you’ll need to make a deposit on the contract and purchase the property. However, if you can find the right deal, you can earn thousands of dollars in profit.
Become an Expert in a Niche Market
Another option is to find a niche market in real estate and become an expert. This could be anything from developing a strategy for short-term rentals to finding a new niche in the senior housing market.
The great thing about this side hustle is that you don’t need any experience to get started – you can learn as you go. To do this, you’ll want to research niches in the real estate market.
Look for problems that are common, but that no one has solved yet. You could also go a more academic route and research niches within real estate that aren’t being addressed.
Long-term residential rentals
Long-term rentals are another way of earning money in real estate. This can be challenging since you’ll be responsible for the upkeep of the home and finding reliable tenants.
This is a great option for people who own properties in high-demand areas, as you can charge a premium on that rental rate. You’ll want to find a property management company to help you with the day-to-day operations of the rental.
This can help limit your involvement and keep this side hustle manageable.
Real estate is a booming industry that’s not going away anytime soon. You can make money in this field by using your existing skills, finding a niche, or contracting on deals.
This can be a lucrative side hustle, but it’s important to do your due diligence before diving in.
There are also risks and challenges to consider, like high start-up costs and the risk of losing money if you do a short-term rental.
If you’re interested in making money in real estate, there are options for everyone. Start by researching the options and finding what is best for you.