In the facet of different businesses real estate has being in the circle, individuals and cooperate bodies keep enjoying the returns accrued from this lucrative industry. Regardless of your knowledge about this industry, there are more to tap from and more to make a profit.
Moreover, with the evolution of social transformation, industrial development, and changes in the state of the economy, real estate stands out among the most reliable options for investment. With the correct knowledge and tools, real estate remains a reliable source to make money for anyone. Scaling through in this industry doesn’t require you to own a property.
There are many different ideas to tap into to start making a profit from the real estate. The following list reveals the ways to tap into the real estate to begin making a profit.
Enter into the business as a real estate agent
Starting up as an agent in real estate has being one of the traditional ways to make profit in the real estate industry. It requires you to have a formal education, some certification from the state, and the capacity to sustain oneself initially before a deal is concluded financially. Moreover, you take care of all the running expenses from your pocket until a transaction is completed before you receive a commission.
Buy or build to be a landlord
Owning a property for many is the start of this business model, real estate. As a landlord, you earn by collecting rent from the tenants; this creates cash flow, and as time counts, your profit margin goes up as the value of the property appreciates. It also provides you with the privilege of heirs to inherit the property. You can take this business time fulltime because it is lucrative.
Managing a property does not necessarily demand you to own one first. It entails maintaining, creating means of rent payment to the landlord. Also, you need to be active in getting new tenants if the need arises to benefit a percentage deduction in rent as a manager. Your availability is essential here, in a situation when repairs or emergency is needed.
Investors in real estate are always on the watch for a good deal. Bird dogs are professional real estate freelancers that typically fit into this scope of work. As a bird dog, you look out for good deals in the real estate for an investor in return to make either a small fraction percent of the full money or a flat fee rate.
Investors most times will not pay you as a bird dog for properties already on the listing, that’s the reason bird dogs need more work to get features before they are listed. Your being effective requires more activeness in gathering information before they come out on the open.
Photography in real estate
In recent times, Real Estate Industry in Nigeria and across the world, does not directly involve everyone in the business, It all depends on your scope of work just like the photography. You can work as a photographer; take control of the entire photo shoots for properties to be displayed on the listing. And your photography must come out top rated to be the best; you can market this photography or go into hourly payment based on how much time spent in making the photography.
Property flipping has being one of the most lucrative ideas in how to make profit in real estate, and news media have popularized it over the years. To get started, all you need is search out for a property for sale on a distressed basis, buy it, renovate or modernize it, then put it up back for sale with a better profit margin. Though flipping properties isn’t regular, it is one of the top ways to make profit in real estate.
Portfolio of business ideas in real estate
It is a great way you can use to diversify your portfolio in this business. Instead of focusing on a particular idea, it is more profitable you combine ideas to reduce cost and maximize profit. For example, if you have chosen the idea to start up as a property manager, you can as well combine it with photography and let go of hiring a freelancer for that; this will reduce cost in marketing and probably add value to your business. As a property manager, you can also combine it with being a real estate agent, with their network of contacts; it is easier to connect with potential clients for property renting. Several investors might decide to flip properties to build for rentals for more diverse income.
Dabble into repairs and renovations in real estate
As you must have known now, you do not need to own a property to start making a profit from the Real Estate in Nigeria and across the world. All you need here is the knowledge or professional skills on repairs and innovation works to start up in this lucrative business. You don’t need to go into the construction aspect; if you don’t have the funds, you can start with the redecorations and renovations of worn-out houses for cash. One or more of the following skills; interior designs, plumbing, painting, roofing, electrical works will help.
Become a real estate marketer
Becoming a marketer in this business of real estate is very lucrative, especially if you got some experience in online marketing. For starters in the Real Estate Industry in Nigeria and across the world, you can get deals by doing ads on social media, search engine optimization, advertisement, and so on. Get offers by offering your skills or reviews to clients. Furthermore, you can combine to do the marketing as well as a real estate agency or property management owner. Lastly, real estate can be done as an affiliate in blogs for real good deals.
Commercial real estate
This appears to be among the most lucrative ways of making money in the real estate business. Though it is capital intensive, surely it’s worth it. In the Real Estate Industry in Nigeria and across the world, all you need to tap into this business in a more lucrative approach is extending from flipping properties and focus more on developing renovation and reconstruction for a better quality upgrade of the property .As you grow here, you can start developing shopping malls, large scale buildings, and more of such investment, but you just have to start from somewhere.
Finally, venturing into the Real Estate Industry in Nigeria and across the world are very lucrative ways to make profit in real estate. All you need is know how to make profit in real estate, know how to diversify your portfolio in real estate in Nigeria or across the world. I believe the ideas listed above must have given you a broader scope of how to tap into the real estate industry and make profit.