No matter your profession, making money on the side is always a good idea. The economic challenges faced by nations worldwide make the need for extra money even more vital. It is no wonder about 45% of Americans have a side hustle. As a realtor, you may wonder what profitable side hustle ideas you can explore to make more money. Fortunately, there are several innovative ways for you to make money from your skills, experiences, and expertise as a realtor. Here are four side hustles you should consider.
Invest in rental property
Investing in rental property is a great form of passive income. As a realtor, you can use your experience and understanding to purchase the right rental properties guaranteed to make you handsome returns. You can consider making these properties vacation homes, short-stay homes, or even list them as Air Bnbs. When investing in rental property, be sure to devise a strategy that doesn’t cause disruptions to your budget. You can consider purchasing cheaper property and flipping it to make it more attractive to your target audience. You can also consider purchasing rental properties that are already generating income.
Be an insurance agent
There is an interesting connection between real estate and insurance agents. Realtors, or real estate agents, help people purchase homes and invest in property. Insurance agents sell policies that help individuals protect their properties. Therefore, being able to provide customers with both sides of the coin is a great idea! First, you will have to invest in classes on insurance to gain more knowledge on insurance. Next, you should attain the qualifications needed to make your services more reputable and trustworthy. And you’re set to be a real estate and insurance agent! Probably, after a while, you may want to set up an insurance agency. Then you should find out more about how to start an independent insurance agency to ensure you take the right steps.
Sell online courses
After some years in the real estate industry, you have gathered a lot of knowledge in the industry, made some good and bad decisions, and have numerous stories to share. Well, you can make money from this by selling courses. You can create courses on subject matters you are well vested in. For more credibility and to attract your customers, ensure you have a real estate license. You should also use effective marketing strategies to market your courses to the right people.
Start a real estate blog
Blogging is another side hustle idea you should consider as a real estate agent. It is a less cost-intensive option as you can launch your blog with as little as $100. Additionally, you can work on a flexible schedule, so you don’t have to worry too much about it affecting your other commitments. Your blog can feature articles on real estate, the housing market, and advice for buyers and other realtors. If you love photography, you can also create a blog to showcase your photos.
Several ways to monetize your blog include making ebooks available, affiliate marketing, and advertising. However, blogging is not a get-rich-quick scheme, as it may take a while to profit from your blog. But with some patience, you will reap great profits.