Industry specialists expect to see a cool-off period for the housing market in 2022, but this shouldn’t be taken as a warning. The cool-off is due to the accelerated increase that the market went through this last year (U.S. home prices are up 19.8%!).
This level of growth is not sustainable, but whoever managed to take advantage of the wave, definitely came on top. So, if you are used to a certain level of income that may not happen next year, you can always branch out and get yourself a side business in the real estate world.
After all, this is a highly-competitive market that’s about so much more than just buying and selling houses!
And, if you’re out of ideas, here are some of the most well-received ones:
A Real Estate Brokerage
Well, if you are a successful agent looking to get more customers in the near future, the next step is a brokerage. In this case, you should learn a bit about how to start a real estate brokerage and make sure you have all the documentation required for this step.
Overall, if you’ve been in the industry for quite some time, it shouldn’t be difficult to understand how things work at the broker level. However, it is true that you get heavier responsibilities.
Of course, you can also put together a team of qualified agents to help you deal with the new set of tasks and burdens.
Property Management & Development
Remember how we said it’s not just about buying and selling houses? As a real estate agent (or broker), you can either manage property or start a property development company.
This type of business is rather simple and it fits naturally with the tasks of a real estate agent. In a nutshell, the business is about taking care of and managing buildings and other real estate properties for their owners (also known as landlords).
This includes renting and dealing with renters, taking care of the grounds and buildings, and more.
This line of business is a bit more complex and requires a bigger investment because it involves developing a property. This can mean anything from buying land and building various properties on it to flipping houses.
In short, your job will be to take ideas and turn them into reality. However, this is not something you can usually do alone, so you will need a few well-skilled collaborators and partners.
If you like working outdoors and have a passion for gardening, a landscaping business may be the perfect fit. This is not the kind of business anyone can start and be successful in because it requires certain planning, designing, and artistic skills.
However, as a real estate agent, you are always looking at different architecture styles and appreciating beautiful gardens.
Plus, real estate agents understand the true value of a well-designed front and back yard. Also, you already have a long list of possible customers who would usually not be happy to entrust their garden to a beginner in the field.
But, because they know your skills, they may as well put your trust in you one more time and let you take care of their garden as well.
Quick tip: If landscaping is too daring for you, why not start smaller and test your skills with a law maintenance business?
The real estate sector is so diverse and rich in opportunities that it’s difficult to choose only a few. But this is great news for anyone who wants to invest in real estate without being an agent or buying/selling homes!