If you own real estate, then you will be pleased to know that it’s possible to make a business out of it. Many would argue that real estate is one of the best industries to get into because properties are finite. In addition to there only being a limited amount of available property, property prices are through the roof at the minute, making it a fantastic time to sell or lease properties.
This post will tell you how you can make a business out of your real estate:
Realty Agency
If you currently own a few properties, then you could consider opening your own realty agency and using the properties that you hold to get your business off of the ground. You will need to employ staff if you intend on starting a realty agency, however. With that said, it will only be necessary for you to employ part-time staff. You can likely manage a lot yourself. If you are employing part-time staff, then you may need software to calculate minutes for payroll, so that your staff can receive the right amount of money each month. In order to become a realtor, you will need to acquire a license. You may also want to take some classes in marketing so that you know how to advertise your business.
Leasing Property
If you hold property but aren’t interested in starting a realty agency, then you could consider leasing it out to individuals privately. All that you need to do is to post property listings online and people should get in touch with you. It is also possible for you to lease your properties through a professional realtor, although it’s worth mentioning that if you choose to do this, then you will have to pay the realtor monthly fees. The fees payable aren’t much but can add up over time. In exchange for the fees, the realtor you lease your property through will market, advertise, and manage your property for you.
Selling Up
Depending on how long you have held the property, you may want to consider selling it. If the property’s price has risen since you first bought it and you have considerable equity in it, then selling is a very good idea. As mentioned in this post’s introduction, there is a huge demand for houses at the moment and prices are soaring. If you bought your property a long time ago, then you could make a huge amount of profit from it, especially if the area in which you purchased it has become popular recently. If you hold multiple properties, then you could make a massive amount of money from selling them.
Property Development
If any of the properties that you own have land attached to them, then you could develop this land and build more houses or apartments. Property development is one of the most lucrative ways of making money with property. In order to build property, you will need to have building permits from your local government body, and you will also need a sizable investment. Building property isn’t cheap. You must ensure that anything you build is built to a very high standard so that those who live in your properties have a good quality of life and don’t have to deal with a poorly built house or apartment.
Home-renovation Flips
Another way to start a business and make money from property is to purchase houses and apartments that are dilapidated or in need of work, restore them, and then sell them on. Home-renovation flips can be very lucrative. If you intend on renovating properties and selling them, then you will need to purchase property at auction. You can get some very good deals at property auctions. The thing with property auctions is that you are expected to pay in cash, so you can’t take out a mortgage if that’s what you are planning on doing to buy property.
Vacation Rentals
Lastly, if you hold property in a desirable area like in a coastal town or in the woods, you could lease it out to people as a vacation rental. Vacation rentals can earn huge amounts of money. Sites like Airbnb make it extremely easy to lease one’s property as a vacation property, too. All you have to do is to post your property’s information on their site, pay them their commission, and you can begin making a profit. It is a good idea to install cameras in your house (but not in bathrooms or bedrooms) if you are leasing your house to people on their vacation, just in case anything is broken or goes missing.
If you own property, then you can make money from it. Property is one of the sturdiest and most reliable investments, so it’s also worth investing in even if you don’t want a business but just want a way of ensuring that your money doesn’t lose its value due to inflation.
from Queensland Property Investor https://ift.tt/YxKko3z
via IFTTT
