How To Turn Your Interest In Real Estate Into a Side Hustle
If you’re wondering how to turn your interest in real estate into a side hustle, there are plenty of lucrative ways to profit from your passion.
New Jersey real estate is never boring, but things have really been heating up lately. After a slowdown in the first months of 2020 largely due to the economic impacts of the COVID-19 Pandemic, as the state approached midyear it regained the growth which had long established New Jersey--the state with the highest population density--as a leading market in the value of real estate. As of September 2020, the median value of New Jersey homes listed for sale was $357,546 with a projected increase in price of some 7 percent over the next 12-month period, according to data from the national real estate site Zillow. Restless homeowners and changing lifestyles make for an unpredictable market. If you’ve been following the trends, you might be able to profit from it all. Learn how to turn your interest in real estate into a side hustle, especially if you’re looking to upgrade your career—or your bank account.
Write a Blog
If you have a real passion for real estate, you’ll find a willing internet audience. Current blogs might be looking to pay for content, or real estate businesses may want to beef up their websites. If you want to go about it on your own, it can take a little time to build up ad revenue, but homebuyers always need local expertise. Most real estate content comes from realtors or businesses that have an agenda, so an independent opinion is always valuable. If you have a lot of information and opinions in your head, share it with the world.
Buy a Rental Property
Rent in New Jersey, which averaged $2,000 monthly for a typical apartment in midyear 2020, is some 20 percent higher than the national average, and the Pandemic hasn’t stopped the momentum toward inflation in rents as limited supply pushes rents higher. If you can muster up a down payment, investing in a condo or single-family home nearby is bound to pay off sooner rather than later. If your time is limited, use a property management company so you can be hands-off. If you discover that you love being a landlord, it might be the start of a real estate empire.
Become an Agent
Once you know how to turn your interest in real estate into a side hustle, you might be tempted to transition into a new career altogether. The New Jersey Real Estate Commission sets regulations for applicants seeking licenses as a broker, salesperson, or broker-salesperson, which include fulfilling the educational requirements for licensure; passing an examination conducted under the supervision of the Commission; and meeting character and other standards. New Jersey REALTORS®, the nonprofit state affiliate of the National Association of Realtors®, is the largest membership association of real estate sales professionals, and serves as an advocate for the real estate industry and private property owners, publishes research on the state’s real estate market and resources for consumers related to the process of buying and selling a home. Training for a job in real estate isn’t a casual commitment, but you can dip your toe in the water with online classes. You can train on the weekends with an established broker or realtor, or make some extra money by helping one with marketing, appointments, and paperwork. Real estate agents have flexible hours, but it does take some time and money to get there. With a little discipline, you can make sure it’s the right move before you dive in.