Five Ways to Make Money Through Real Estate

If you have a passion for real estate and want to make some money by sharing your knowledge and experience, here are some suggestions.

Buy and resell properties

Buying and reselling properties might work for you, if you have the money to invest, and love taking on big projects. Many home buyers just want to buy a home requiring minimal or no work at all, or that stands out from other homes in the area. So, by taking on renovation work and then selling the property, you could find this is a profitable endeavor for you.

If you need help finding a property to buy or sell after you have done the work, Compass should be able to help. They have over 300 offices in America, and a proven track record of connecting buyers with sellers, to create an outcome that matches or exceeds everyone’s expectations.

Work as a real estate agent

If you have real estate experience, you might choose to pursue a career as an estate agent. If you already have experience but have taken a career break, now is a great time to return. Compass Real Estate is currently thriving, and although their recruitment policy means only a select few agents are taken on, it’s worth applying.

Alternatively, you could go it alone, build a website highlighting your experience and successes, with testimonials, and rely on any contacts you might have to give your solo career a boost.

Rent out your property

If you would rather make a regular income, instead of one lump sum for the sale of your property, you could rent it out instead. There are several things to consider when doing this, as it’s important to get the right tenants. Thorough background checks and getting several months’ rent in advance will help. So will references from trusted professionals.

Turn your property into a holiday home

Similarly to renting, you might hire your property out as a holiday home. Although this will mean you need to furnish the property and invest more money in making it feel like the kind of place holidaymakers can feel comfortable, you can also charge more than you would for renting to tenants.

Rent out parking space

Another option, if you have a large drive or other suitable space where people can park, is to hire out this space. If you’re not making use of all your outdoor space and providing you can assure car owners their vehicle will be safe, you could make extra money. You will need to install CCTV and consider having a gate with a security code, which is changed regularly to prevent car theft.

Because many car parks charge excessive rates for parking, if you can provide a cheaper rate, you will eventually make back any money you invest in creating a safe place for people to leave their vehicles.

There are plenty of ways to make money through real estate. These are just some of them. Some might require more real estate knowledge than others, but it’s worth considering your own skills and how you might use these to bring in an extra income.