Despite rising interest rates, the commercial real estate industry has experienced success in 2022. Indeed, commercial property is a great way to obtain steady cash flow while quickly building substantial equity. Moreover, commercial real estate appreciates over time, so you’re sure that your business wouldn’t become redundant. It’s also a secure investment to enter if you’re looking to diversify your investment portfolio. The commercial real estate industry comprises many businesses worth considering, including the following.
- Establish a real estate agency
It may seem far-fetched to build a great career without a college degree. However, being a successful real estate agent doesn’t require one, although it can give you an advantage over other agents. Also, you determine your rates and schedules without external interference. It’s also budget-friendly because you don’t need to rent an office space to work; your home can be your workspace. Being a real estate agent can also help you develop valuable skills like negotiation, persuasion, critical thinking, organization, time management, and planning. This business is for everyone, as long as you’re over 18 years old.
To begin your career as a real estate agent, you’ll have to take a pre-licensing course and exams to obtain your license. Getting a seasoned agent to mentor you and build a solid online presence with your social media accounts and website is also helpful. Leveraging CRM tools to manage and organize your work day is helpful, so keep this in mind.
- Become a landlord
If you have properties, you can consider renting out the spaces. As a landlord, you can make profits in two main ways. First, you benefit from a steady income stream in the form of monthly or yearly rent, based on your preferences. Moreover, your property’s equity appreciation over time can be favorable if you decide to sell it soon. It’s also a great passive income option, as you have more time to work on your regular job or start other businesses. Landlords also enjoy tax benefits, so keep this in mind. If you’re a new landlord, you’ll find it helpful to familiarize yourself with the local laws governing tenant rights, evictions, landlord and tenant obligations, and rent. Your area’s Department of Housing’s office website can offer you a copy, so keep this in mind.
You also want to ensure that your property is in great shape, making the necessary repairs and renovations to make your tenants more comfortable. Your tenants will also appreciate it if you’re concerned about their safety. Therefore, if you own an apartment complex, consider investing in an apartment key fob system to ensure that strangers can’t access the building easily. To avoid legal issues, work with your attorney when creating a tenancy agreement, and plan for taxes accordingly. Consequently, establish a good bookkeeping process to keep track of payments, expenses, and profits.
- Real estate photography
If you have a penchant for taking pictures, you can earn good money by lending your expertise to the commercial real estate industry. This is because various property owners looking to sell or lease their properties want professional photographs to appeal to their potential buyers or tenants. Moreover, you don’t have to stress getting your clients, as you can link up with real estate agents and property owners in your local area. You also determine how much you charge and your work processes. However, it’s essential to possess editing and computer skills to provide your clients with high-quality photographs. Since real estate photography is a business, you’ll also want to obtain business and time management skills.
Although you don’t require a degree to start this business, having one can boost your chances of getting clients. Moreover, you can learn from professionals the best practices to set you apart from your competitors. Consequently, invest in quality equipment like a camera, tripod, lens, softbox, and flash. You also want to research to determine the best editing software and create an online portfolio to boost your credibility. A good website and social media presence can attract clients to your business, so feel free to consider these.
- Try bird dogging
In real estate, a bird dog seeks distressed and underpriced properties on behalf of investors, receiving their pay once the properties are purchased. Unlike real estate agents, bird dogs don’t require a license. Moreover, you can enjoy a flexible work schedule while gaining enough exposure to the commercial real estate industry. Before commencing your bird dogging business, ensure that you aren’t breaking any real estate transaction rules. Likewise, leverage listing sites and real estate events to get great leads.