Property investors are always looking out for good deals on residential and commercial properties. Good deals aren’t hard to find, but when you’re tied up with landlord duties, it’s hard to pursue more investments.
Are you a property investor tied down by your landlord duties? Here’s a list of several ways to decrease your burden and increase your revenue.
1. Work with a property management company
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Property managers are life savers for busy investors. When you have a property manager, you can hand over as little or as many landlord duties as you’d like. To optimize your time, hire a full-service property management company.
You can find property management companies all over the United States. Search online for a company near you to get a free estimate for services. For example, Green Residential will give you a free property management rental analysis if you own property in the greater Houston area.
When your goal is to grow your revenue, you need to leverage your time. You’ll never grow your business if you’re spending all your time collecting rent, screening tenants, and marketing vacancies.
With a property manager, you’ll have time to acquire and manage additional investments to grow your revenue.
2. Acquire commercial property
Are you playing it safe by sticking to residential property? If you’re only investing in what’s familiar, that’s understandable. However, there are big profits involved in commercial real estate.
Investing in commercial real estate is one of the best ways to make money. The rents are higher than residential, and you can buy properties with multiple units like business parks and complexes.
3. Get your real estate license
You don’t need a real estate license to buy or sell property for profit, but it certainly helps. For example, taking your state’s real estate licensing exam will require learning information that will benefit your investments.
However, it’s hard to become a millionaire as an investor. The real money is in being a commercial real estate broker. Within the first two years, you have the potential to earn $250,000 as a broker. That’s not easily achieved as an investor.
Other benefits of having your real estate license include:
· You can act as an agent and get real-world experience that will help you buy more properties.
· You’ll have easy access to the Multiple Listing Service (MLS) to list properties and find new properties for sale.
· You can act as your own agent and “earn” your own commission. Technically, you’ll just be saving the commission fee.
· Networking opportunities will be available once you start working with a brokerage.
· More control over your deals. There won’t be a middleman between you and the seller.
· Access to training through programs offered only to licensed agents.
You’ll spend more time than money to get your real estate license, but in the end it’s a worthwhile pursuit when your goal is to grow your business.
4. Buy more properties
This might sound obvious, but it needs to be said: buy more properties. The more properties you own, the more money you’ll make. If you’re hesitant to buy new investment properties, consider that property values are always rising and you’ll only pay more in the future.
Investing is a long-term strategy and requires continual commitment to the process. Try looking for new types of properties like duplexes, condos, or apartment buildings. Vary your portfolio and learn some new investment skills along the way.
5. Build an educational YouTube channel
There’s big money to be made on YouTube through monetization. For example, Graham Stephan reportedly makes $6 million per year from his real estate YouTube channel.
Think about what you have to offer an audience and what you enjoy talking about. Create content that satisfies both of these factors. For instance, you can share tips for new residential investors or speak to a seasoned investment audience. Create content that represents your brand.
The key to creating a successful YouTube channel is to create unique and interesting content and also be interesting. Nobody wants to hear someone read a list of dos and don’ts.
Real estate investors are some of the only people who don’t get demonetized by YouTube. There’s almost no way to create controversial content that advertisers won’t like when you’re talking about real estate.
Pursue new opportunities
Last but not least, pursue new opportunities when they arise. Commit to taking more calculated risks than usual. Playing it safe can only take you so far in terms of revenue. If you want big profits, you have to pursue big possibilities.