Money · October 18, 2022

How To Make Money With Rental Property

How To Make Money With Rental Property – This post may contain affiliate links that allow us to earn a small commission for the products and services we use and recommend

Making money in real estate doesn’t have to be difficult. Not with so many different ways to do it!

How To Make Money With Rental Property

How To Make Money With Rental Property

In fact, we’ve come up with 55 different ways you can make money in real estate. You just have to choose your methods and commit.

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Quick note: With so many money makers to cover, we can’t go deep into each one in this post. But don’t worry. Many of these are self-explanatory, and for those that aren’t, we’ll link to other resources so you can get more information.

To add some order to this giant list, we’re going to divide our money-making methods into 5 categories:

We’ll start with some well-established ways to make money in real estate through traditional means. Many of these are “day jobs” in the real estate industry. And the rest are classic income from real estate.

When you think of making money in real estate, you think of real estate agents, right? So, of course, it took the top spot on our list.

Smart Ways To Make More Money With Your Rental Property

Do you have a seller moving out of state? Refer them to another agent! Most agents pay a referral fee somewhere between 20 and 35%. That’s a solid payout for taking a few minutes to connect people!

Some real estate firms offer residuals to agents who bring in other agents. If you bring another agent into your firm, you take a small cut of all the business the new agent brings to the firm. Again, you get paid to connect people. Even better, you get paid to help other agents succeed.

Want to cut all the sales from an entire office full of real estate agents? Love the business side of real estate more than the sales side? Maybe you should open your own brokerage.

How To Make Money With Rental Property

If you have found ways to be successful as a real estate agent, you can share your knowledge with other real estate agents by becoming a real estate coach. Think Tom Ferry or Brian Buffini.

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Do you really want the paperwork and to-do list to close the transaction? How about specializing as a transaction coordinator? Many agents want to focus on interpersonal relationships with clients rather than the careful transaction. So they will happily pay a transaction coordinator to handle it for them.

Instead of helping buyers find a new home, you can get paid to help renters find a new home. Property managers market rental properties, screen tenants, handle maintenance requests and make sure rents are collected. It only takes a little organization to stay on top of your portfolio, so make sure you invest in some inexpensive but effective property management software.

Similarly, you can get into commercial property management to do the same for commercial spaces like offices, retail storefronts, and even entire shopping centers.

If you love the sales aspect of real estate but struggle with inconsistent income and evening hours, consider condo leasing. Leasing agents typically work a standard 9-5 (although weekends are usually necessary) in large apartment communities. They focus on marketing the units, community tour prospects and tenant screening.

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The money can be good because there is usually a base salary plus leasing commissions. I could make over $70k a year renting apartments in Los Angeles.

Vacation rental management is somewhere along the same lines as property management, but is more labor intensive due to high turnover. Instead of moving into a tenant for 6 months to a year, a vacation rental can be booked for just one night.

Airbnb owners are finding that managing the short-term vacation rental process takes a lot more time than they originally expected. So they are looking for managers to handle reservations, turns and general customer service.

How To Make Money With Rental Property

If you have project management skills, you might be able to manage repairs and flips for out-of-area investors. In hot markets, you’ll often have out-of-area investors looking to get a piece of the local action, but it’s not practical for them to personally manage a flip. So you can manage the project for them. Order all materials, coordinate all vendors, and make sure everything runs on time and on budget.

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Many people are unfamiliar with the concept of executive office suites. It’s basically a shared office space. An executive suite company will rent an entire floor (or 2) of a high-rise building and divide that floor into individual offices, which are then rented out to small businesses and the self-employed. All tenants on the floor share amenities such as conference rooms, kitchen and reception.

As a manager, you will be responsible for finding and vetting office suite tenants and keeping all your tenants happy.

If you enjoy physically investigating structures and have an eye for detail, you might make a good property inspector. Certification is required, but you can make good money working normal hours.

And if you’re a numbers person who has more fun completing CMAs than showing homes, appraisals may be the best way to make money in real estate. Certified appraisers are in demand under all market conditions. In a hot market, you’ll be appraising properties for new loans, and in a recession, you’ll be appraising REOs regularly.

How To Create Passive Income With Wolfforth Rental Property

The best thing about making money with online content is that you’re probably already doing the hard work for free. It only takes a few small steps to turn your hard work into income.

As a real estate agent, you should blog, podcast and/or broadcast on your YouTube channel. The primary goals of creating online content are:

Therefore, you need to create online content, even just to increase your real estate transactions. Now, what if you could monetize that content? Has that content become its own passive income stream? Interested?

How To Make Money With Rental Property

Affiliate links are simply links on your blog, podcast or YouTube channel that help your audience reach a useful product or service. Think of them as automated recommendations.

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I love affiliate links for real estate blogs because they are so flexible. Amazon is one of the easiest affiliate programs to join, and they have almost everything your audience could need or want.

Writing a post about listing a home for sale? Include links to Amazon household items that will help. Writing a post for first-time homeowners? Include a link to a quality toolkit because you know they’ll need it!

And these relationships are win, win, win. Your audience gets easy access to a useful product, you earn a commission, and the seller makes a sale. Everyone wins!

We use ads on this site because we provide 99% of our content for free, and ads generate enough money to allow us to continue providing free content.

Will You Make Money On Your Rental Property?

But be careful using ads on your real estate content. If the primary goal of your content is to attract new leads, let your audience focus on that and don’t distract them with ads. But if you’re posting content purely to be useful (helpful tips for homeowners or information about local events, for example), an ad may be appropriate.

You can use Google Ads (the fastest and easiest way I’ve found to add ads to your site) and get paid every time someone clicks on your ads. Or you can sell ad space to local businesses for a flat fee.

You see this a lot on food blogs. In the recipe, the blogger will recommend a specific brand of BBQ sauce, orange juice, refrigerated batter, or whatever. They will explain why that brand works better in the recipe than other brands and tell you where to buy that brand. Most likely, that brand is paying for that post (although smart bloggers will only accept sponsored content they truly believe in because doing otherwise will bite you!).

How To Make Money With Rental Property

If you’re creating a video for homeowners on how to change a light fixture, maybe your favorite electrician would like to sponsor the post. They would pay you to say something like “So-and-so Electrician is just a phone call away if you have any problems.”

Five Ways To Increase Your Rental Property’s Attractiveness

Pricing for sponsored posts depends largely on how many viewers your posts typically get. If you’re fairly new, $20 is a good starting point. Once you have a large following, you can easily command hundreds for a sponsored post. And all for a post you should have made anyway, just to help your viewers and grow your online presence!

With the membership content model, your members pay a monthly, quarterly, or annual subscription to gain access to a library of information. This model is really popular in the health and fitness sector where readers will pay a monthly fee for fresh meal plans and workouts. A perfect fit for that industry.

DRIP by Key Real Estate Resources is an example of membership content. With DRIP, you get access to new social media posts and newsletters, ready to share with your social media followers and customer base. It’s an easy, affordable way to stay top of mind

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