5 Ways to Integrate a Love of Real Estate with Entrepreneurship

You love real estate and want to be your own boss as a successful entrepreneur. It may seem like the ultimate dream life, but it’s more within reach than you may realize. Following are five ways you can combine your passion for real estate with your entrepreneurial spirit.

1- Real Estate Agent or Broker

When the National Association of REALTORS® Research Group (NAR) asked real estate agents about their working arrangements, 73% reported working independently rather than in a team. If you want to sell real estate, you need to secure an agent license at a minimum. In many states, agents are required to work under a broker, so working independently is a bit harder. It’s important to study the laws in your state to determine what education and affiliations you will need.

If you like the idea of selling homes but want to maintain complete control of a larger agency, consider securing your broker license. You can start by managing a small team of agents and then grow into a large brokerage.

2- Real Estate Photography and Videography

Real estate agents rely on photography and video footage to sell homes. They need these resources to display every room of a home plus the exterior features online and in brochures. If you have a sharp eye for detail, you could build a business creating digital packages for agents and brokers.

One of the easiest ways to get into this entrepreneurial space is to invest in a franchise. You can learn to create 3D property tours and other video products for agents in your local area or in the surrounding states. These services cater to agents with a substantial marketing budget who want to capture the attention of buyers with money to spend.

3- Home Inspector

It’s estimated that up to 70% of home inspectors work as independent businesses. The job requires you to inspect homes to identify problems like structural damage and mold. You then provide the estimated value of the home and a list of identified issues that need to be addressed. Most inspectors are hired when a home is in the process of being sold, but homeowners may request inspections at other times as well.

Most states require new inspectors to complete an educational program and field training before securing a license. Check the laws in your state to determine how you get started.

4- Real Estate Investor

If you have money to invest and love real estate, why not just invest in properties? One option is to purchase property and renovate it so that it’s worth more. You can “flip” the property by selling it for more than the purchase price. If you want to grow, you can develop a team of investors and work together to flip more properties in less time or expand to different geographical areas.

If you don’t want to get involved in the construction business, consider investing in other real estate professionals. You can fund projects that allow someone else to flip homes faster, splitting the profits in the end.

5- Real Estate Virtual Assistant

In the 2018 Teams Survey from NAR, 14% of respondents stated that they used virtual assistants. These assistants may do anything from writing attention-grabbing descriptions for online listings to making phone calls and managing schedules for agents and brokers.

The great thing about virtual assistants is they get to work from home, set their own hours, and hand-pick their clients. You don’t need any training, license, or certification to get started, but your success is likely to correspond with the number of skills you have to offer. Think about all the ways you could assist a busy real estate agent or broker and develop skills accordingly.