No matter if you are an established agent or just getting started in real estate, side hustles provide an ideal way to explore this industry without diving in full force. Furthermore, side hustles provide income diversification and protect against economic volatility.
Evaluate your skills and interests to select a business venture that fits with them. Keep scalability in mind so you can expand or add clients as your venture develops.
1. Wholesaling
Are You Looking for Real Estate Investment Without Doing the Physical Work? Wholesaler is an excellent way to diversify without the physical work. Wholesalers find property sellers willing to sell their home at a profit for a fee and connect them with buyers - no license or prior experience necessary - for maximum profitability! This side hustle can even be completed from home!
As another real estate side hustle, creating a YouTube vlog is another excellent option to showcase properties in an engaging way while also promoting your business. Though time-consuming and demanding, creating such an endeavor can be extremely rewarding; research shows that most potential buyers prefer video to read descriptions.
2. Affiliate marketing
Side Hustle Nation reports that real estate is currently the fourth-most-popular side hustle, likely due to its wide array of possibilities and lucrative returns.
Flipping houses is an effective way for real estate agents to generate additional income; however, this endeavor typically requires significant initial capital outlay and may pose greater risks than expected.
Home staging can be an immensely profitable side business in real estate. Home staging services help over 80% of real estate agents sell properties by making homes more appealing to potential buyers.
Mortgage note investing is another viable real estate-related side hustle. This involves purchasing and selling mortgage notes from lenders on platforms like Groundfloor that offer low minimum investments. To learn more, check out our post about starting with this form of investment.
3. Property management
Management of rental properties takes up much time, which may make balancing it with another career more challenging than anticipated. But doing it well can be rewarding and flexible - not to mention potentially profitable!
Estate sale liquidation is an increasingly lucrative real estate side hustle that can provide significant returns. It involves helping clients sell items such as household goods, antiques and collectibles at auction for maximum profit.
Purchase and rental of single-family homes can be an ideal side hustle in real estate, particularly if you live in an attractive area. Not only can it help generate extra income but it may be used as a gateway into full-time involvement in the industry; however, this requires considerable upfront work such as sourcing deals, negotiating with owners, and handling vacancies.
4. Photography
Real estate photographers who specialize in listing photos can make considerable profits. According to an analysis conducted by Realtor.com, homes featuring striking photographs may sell for as much as 6% more than unstaged comparable properties.
Home staging has quickly become one of the most lucrative side hustles for real estate professionals. Home staging involves staging properties to help buyers imagine themselves living there; with over 80% of agents reporting that home staging assists their listings sell.
Many individuals are turning to virtual assistant work as an extra way to generate extra income. It can be completed remotely and provides a steady source of cash flow; furthermore, this work can develop skills transferrable across industries and jobs.
5. Bird dogging
Bird Dogging may appear as an easy money making method in infomercials and real estate seminars; however, its true potential lies elsewhere. Locating deals worth passing on requires time and dedication from you as well as finding mentors who can teach you about local markets while aiding you in identifying property deals.
Focus your search efforts on properties available either for sale by owner (FSBO) or undervalued by their tax assessment, then offer these deals to investors for a finder's fee. While wholesaling can involve additional responsibilities than bird dogging, it also has greater flexibility - providing newcomers to real estate investing a great starting point; however it may not be suitable as an introduction.
