The concept of property development comes under the huge umbrella term, ‘real estate development’. In the property development business, the owner buys undervalued properties and transforms them into attractive ones. Then, they sell them for a higher price and make a profit. Many businesses thrive in the property development sector. It’s the combined effort that makes a property worth buying.
Real estate development refers to the recurrent reconfiguration of a built environment to meet society’s needs. It’s a tough business but it’s very profitable. That’s why many owners sell their businesses after bagging great profits.
Due to high-value assets, they manage to get a good appraisal for the business and sell it at a good price. Technology, innovation, and sustainability have opened a lot of doors for someone looking to start a small venture in the property industry in the USA. With a good ROT, a business in real estate or property development seems like a promising idea.
List of Top 5 Trending Business Ideas under the Real Estate Development Sector
1. Architecture Firm
This is a wonderful opportunity for creative entrepreneurs with degrees in Architecture. You can create your own team of professionals or start working solo. Architecture requires a lot of printing which would mean printing equipment but since the technology has progressed a long way, there’s a high chance you wouldn’t need that.
You’ll have to invest in software to handle aesthetics and engineering. For marketing, you can build a website and invest in ads to get good clients. In real estate, word of mouth goes a long way. Focus on providing a good client experience and you’ll get many projects through referrals.
2. Commercial Space Renting
This is a profitable renting business as sharing an office nowadays is a trending concept. It’s especially popular among startups. You can purchase a floor and accommodate small companies there on rent. The only prerequisite is that you must provide basic infrastructure and facilities like electricity, Wi-Fi, drinking water, etc.
This business is very profitable due to the number of emerging startups. If you manage to purchase a decent floor depending on the location and size, you can actually earn while sitting at home.
As an interior designer, a website is of great significance as it’s the home to all the samples. Spend a good amount of time to perfect it to the core and keep adding new elements to keep it fresh.
3. Interior Designing
Interior designing is a billion-dollar industry. This business demands you to unlock your creative spirit, and excel at communication skills. It will take some time for your businesses to pick up the pace but it’s all worth it.
Begin by planning the services you offer. Interior design is an umbrella term that constitutes many smaller services. It’s a good idea to gather a team so you can be a go-to person for all your clients’ needs.
4. Real Estate Photography
A truckload of photos is clicked for a property listing that a real estate agent is going to sell. This is the most lucrative business on the list as it’s high in demand. One can opt to work solo or set up a photography agency, dedicated to the property business.
Post-processing software plays a major role in retouching the photos for a better outlook. A photographer who can provide end-to-end solutions is highly valued among clients. Videos of houses put realtors ahead of the competition so partnering with a video creator will only upscale the business. Investment in good quality equipment goes a long way in this business.
5. Roof Maintenance & Restoration
Roof Maintenance and restoration are a necessity among residential areas. Roofs get damaged due to storms or snow and need maintenance. You have to be good at your skill to build a reputation in the market.
Knowledge of basic woodwork and construction ability is a prerequisite is roof restoration. If you have these, you can learn the technical work easily. Quality equipment goes a long way for safe and potent repairs.
You can begin by doing the work yourself, then gradually build a team and take on more projects at a time. Joining referral assistance for home repairs is also a good idea to market yourself. Though nothing can top the good old word of mouth. People usually ask for referrals, so they don’t have to search hard for the right person. If you satisfy one customer, the other ones will gradually come around. This business is great for someone who’s starting out.
All these options are small parts of the property development sector. There are companies that include these services as a part of their package. If you manage to team up with such big players, you can bag sustainable income. The only prerequisite is a good reputation in the market and skills like marketing and communication. These will help you grow your business substantially in the long run.