There are many ways to get into real estate, but in most cases, it requires a serious amount of cash to get started. Whether you’re a private investor or someone that wants to start their own real estate agent, there are plenty of ways to get your business off the ground and you could potentially start making money during the first few months of your new business venture.
However, something that bothers many real estate developers and investors is picking the right market. Do you go for properties that are targeted towards the common public, or do you try to aim for a niche that has yet to be saturated? There are plenty of different paths that a realtor can take, and picking the right one is the difficult part.
As a result, most real estate agents and property developers pick the simple tried-and-tested routes that have been statistically proven to work. This usually involves basic properties and appealing to new homeowners. Sadly, this is now a saturated market and not a viable choice for newcomers to the property investment market. Because of this, we now need to make changes to the way we approach real estate–we need to think outside the box.
In this article, we’re going to talk about a couple of different ways that you can approach real estate by thinking outside of what is considered the norm.
Rural Properties
Real estate doesn’t have to be confined to the city, It’s entirely possible to focus on real estate that is out in the country. There are countless unexplored niches just waiting to be utilized out in the country. For instance, companies such as Sports Afield specialize in ranch properties. These aren’t the typical ranches you’ll see in movies with barns, fields, and cattle. Instead, they’re like countryside mansions that are more reminiscent of castles than ranches.
The locations of these properties help to boost their value. They can serve a variety of purposes, such as serving as hunting lodges, fishing properties or even being rented out as holiday homes. The vast land you get with each rural property investment can also be rented out as camping space, or it can be used to farm, rear animals or even be used for recreational purposes.
Rural properties aren’t explored very often by real estate investors because they’re too far from the city. They’re usually not seen as smart investments because they’re harder to manage, but if you can specialize in these rural properties then you’ll find that they can become your next biggest source of income. Just keep in mind that managing a rural property can take more effort, especially if you need to constantly travel between the property and your office. While there is far less competition, it can be difficult to cope with.
Modular Housing
Modern housing is all about customization and speed. People want houses and they want them now, which is why modular housing has become a popular choice for the modern fast-paced world. It’s all about being able to choose what features and rooms you want, click “order” on a website and have your home shipped to you in a few days.
This isn’t traditional real estate. However, it does still fall under the same tree. Prefab homes have the potential to be both simple and complicated, depending on the type of niche you want to target. Do you want to aim to please the budget-oriented homeowner that wants a customized home for their family, or do you want to add architectural flavour to your prefab homes to make them feel like extravagant designer homes?
There are countless options when it comes to modular housing, and it’s a niche that has been explored briefly but still needs more investment and research. There are many possibilities to create something exciting with on-demand prefab housing, and it’s a niche that you’ll want to invest in and become a part of before more realtors catch on to the potential it has and overtake your position.
Micro Properties
Micro homes have been on the radar of property developers for a while now, but few have taken the plunge required to make this a viable market. Space-saving designs in big bustling cities will be the next frontier of inner-city real estate, and it’s important that you jump on this idea as soon as possible so that you can establish yourself as one of the developers at the forefront of this innovation.
Micro properties are all about fitting as much as possible into a small space. However, people often mistake it for cramped and small properties. This is far from the truth, and the reality is that micro properties are all about space-saving designs. Whether it’s a small cottage or a multi-functional apartment that has sliding walls, it requires some serious planning and innovation to truly come out with a fresh idea in this niche.
Your target audience is also an important concern. Micro properties should be designed as budget properties, but they also need to contain all the functionality that your audience (mainly single professionals) require. This means close proximity to transportation, good internet connectivity and a tranquil workspace for their career. Micro properties are a great place to start if you’re interested in growing your real estate company as a specialist in inner-city properties, and it can give you the capital you need to invest in larger homes or potentially carve your own niche into the industry.
Conclusion
These are just three ideas that have yet to be utilized correctly in the real estate market. If you’re willing to take the plunge and invest into these ideas, then you’ll find that there is a very healthy niche market for micro properties, rural properties and also modular housing. While it admittedly takes a lot of money to get your start in the real estate market, it becomes a lot easier to make your big breakthrough when you align yourself with a suitable niche.
