Most of us know that the real estate industry still presents the most efficient way to create sustainable wealth. Yet, when most people think of real estate, they automatically think of property flipping and/or working as a traditional real estate agent to help people to buy and sell homes. While both of these niches can yield significant income, I want to share with you a few other niches you may not know about.
1. The Leasing Industry Â
This is an ideal niche for those still working a nine-to-five, but are looking for a way to create an additional income stream and/or want to break into the industry at a slower pace. Â More and more consumers are hiring real estate brokers to list their homes for RENT. Â In my opinion, rentals are a great option to yield an extra $1k-$2k per month with minimal effort required. As long as you take the time to qualify your prospective tenant and show them properties in the areas they desire, you can collect a commission check in as little as one week.
2. The Broker Price Opinion Industry
Broker price opinions (also known as BPOs) are essentially mini appraisals. Banks and servicing companies hire real estate brokers to complete BPOs, in order to determine the value for refinancing, loan modifications, short sales, and foreclosures. Broker price opinions typically pay significantly less than a full blown appraisal. Yet, the process to complete a BPO is also significantly faster, as well. In order to get started doing broker price opinions, you will need a real estate license and insurance. Once you have that, you can start signing up with multiple companies and start receiving orders within a week.
3. The Property Preservation Industry
Property preservation is a fancy term for maintaining and repairing foreclosed properties. Typically, you will obtain a contract with a servicing company to maintain “preserveâ€ all the properties assigned to you within a specific coverage area. If you align with a national company as a primary vendor, this niche can be very lucrative. I have to warn you that it is not without its fair share of headaches! Every day seems to involve putting out a series of fires one after the other! But, as is often the case, the revenue potential is high to go along with the constant headaches.
Each of those niches described above are able to yield a smaller income stream or develop into full-time income streams. You will have to decide how much time and money you have to invest.
For more detailed information, please reach out to me through my website, join our Facebook group Women, Wealth & Real Estate, and follow me on Periscope @DaniellePierce.
This article was written by The BOSS Network Influencer, Danielle Pierce.
Danielle is a Speaker, Author, Business Coach and 10 Year Real Estate Wealth Strategist. She specializes in showing mompreneurs how to elevate their lifestyle and create generational wealth through real estate.
Learn more about Danielle Pierce by visiting her website at www.daniellepierce.com
Follow Danielle on Twitter @_DaniellePierce