5 Innovative Real Estate Development Ideas to Follow in 2024 (2024)

The real estate industry is one of the most promising business sectors. We can even say that real estate contributes the maximum in the world’s economy.

In today’s vicious competitive world, there is no shortage of potential real estate business ideas. Real estate comes with lots of business opportunities especially after the advancement in technology.

Eye-Catching Stats of Real Estate Sector

• To the fact, only 7% of the buyers will purchase the property directly from the owner.
• Approximately, 93% of the buyers will first go through the online listing of the website.
• In the market, the biggest home buyers are millennial at 37%.
• Realtors state that using drone technology in showcasing property results in a 68% faster deal.
• More than 45% of real estate brokers agree that technology helps them attract more buyers.
• It is analysed that out of five drone shoots, one will always be for the real estate purpose.

The stats show, you can get plenty of innovative real estate development ideas in real estate while the success of the business will depend on the strategies and the real estate business model you choose. With that, it has become quite difficult these days for realtors to showcase the property amid COVID 19 pandemic. There is always a fear of getting infected with COVID; therefore, buyers are opting for real estate businesses that use technologies for property showcasing.

For all those who want to try their hands in this industry, here are some of the best real estate ideas to follow in 2024. The article even explores the future of real estate business model and how to start your own real estate business in 2024. Take note all the profitable real estate business plans mentioned in the article can easily be integrated with technologies.

So, without wasting time, let’s dig deep into the property business ideas.

Top 8 Real Estate Business Ideas

1. Online Auction

This is on of the lucrative real estate businesses to opt for. Online auctions have always been an effective way to make a good deal for the properties. A few websites you can visit for a better idea of an online auction are Foreclosure.com, Auction.com, AuctionFox, RealtyBid.com, etc.

How Online Auction Works?

The working of an online auction goes like users will register on your platform to buy or sell properties. The process is quite different than that of ordinary buy & sell of properties. Here are three important parts of an online auction,

• The sellers in an online auction can be the property manager, owners, real estate agents, investors, asset managers charged with selling REO, and more. Most of the online auctions allow the ones who have licensed real estate specialists.
• Buyers for such online auctions can be the ones who are looking for cheap homes for themselves, brokers on behalf of buyers, or real estate investors who are interested in buying such properties.
• Owner of the online auction platform, who will handle a complete auction process regardless of it being residential or commercial real estate.

Types on Online Auction for Real Estate

SEE ALSO: How to Build a Penny Auction Website

Below given are a few types of a real estate auction that take place online.

Foreclosed Property: These are the properties which are forced to be sold for recovering the loan balance. To avoid any legal procedures, such properties are sold as an alternative to the loan.

Short-Sale Property: The properties are sold by the homeowner, most probably to pay the debt to the lender. This type of auction benefits both the lender as well as a borrower as they can avoid the situation of foreclosure.

Flipped Property: A real estate investor owns such properties and later prepares them for online sale. Flipped properties are famous among the ones who are first time home buyers.

Retail Property: The properties covered here are for shopping centres, stores, service businesses, and more. This type of property is mostly for business owners or investors looking forward to expanding their business or portfolio.

People are getting more into the online auction due to the COVID 19 crisis. It is one of the best of real estate business ideas that come with fewer efforts.

2. Online Property Listing

The property listing is one of the evergreen and profitable real estate business opportunities that never observes failures if strategized in the right way. More than 90% of buyers first go through the online listing of the properties. One of the reasons for the increase in an online search of properties is due to the COVID 19 effect. The virus has made people use online services to stay uninfected. It clearly shows the popularity of the online property listing. A few popular websites for property listing are Zillow, Trulia, Redfin, and many more. You can go through these websites and apps to come up with innovative real estate business ideas for your future business scope into this field.

How Online Property Listing Works?

The real estate business model for online property listing works based on the below-given points.

• Listing properties that are only for sale
• Listing properties for sale as well as rent
• Properties that are only for rents.

A real estate developer can help you develop a property listing platform, wherein the property owners will register and list out the properties with the needed details. Buyers or renters will go through the properties based on their requirements. Further, they carry out real estate inspections followed by signing property deals.

On every deal made, the platform owners take fixed commission fees from the property owners. That’s how online property listing platforms work.

3. Online Rental Business

The rental business is an ever-growing business. People keep shifting from one place to another, which, in turn, generates a need to rent stays. Without giving more efforts, you can start with this real estate business idea.

You can build a brokerage business model for your online rental business. Here you have two options, either you can start renting your own properties or can build an online marketplace wherein the property owners can register for renting their properties.

Online rental business for real estate comes with a huge benefit. It can ease a lot of processes that become a tedious task in traditional renting. The renters can pay the rents online, if they are facing any queries, it can be shared online, and much more. You can connect to a huge number of property owners who wish to rent the properties. With the help of a marketplace platform, property owners can list spaces and on every booking, you can charge a flat commission from them.

It is one of the lucrative real estate business ideas that can help you to earn huge amount of money. If you’re looking for a real estate business model that comes with lesser efforts, then an online rental business can be an ideal choice.

Bonus Point – Get Free Consultation on building an online real estate business. Let’s Connect

4. Property Management

Property management in real estate means maintaining a professional relationship with landlords, tenants, contractors and more. This real estate business idea is for all those who know how to manage properties and people together.

Property management real estate business comes with its own risks and challenges. But, with risks, there are benefits too if the process goes in the right way.

How Property Management business ideas in Real Estate Works?

The first and foremost thing that all property management companies need to follow is developing a legal structure for the business. We all are aware that the real estate business comes with more legal procedures. It works with the help of three important factors mentioned below.

A Real Estate Lawyer: A lawyer in property management will verify all the documents to avoid any issues in the present as well as future. The paperwork by the real estate lawyer makes sure that the property managing company is free from the risks of frauds.

Contractors: A property management company needs some contractors for immediate maintenance and repairs. For instance, there can be an emergency need of plumbers, electricians, home inspectors, pool and roof services, landscapers, painters, and many more.

Accountant: Property Management company needs to deal with lots of transactions in a single day. Therefore, an accountant who can handle calculations in real estate business is important. The accountant handles the review of the company, keeps records, offers business advice, etc.

To ease the work, build an online property management platform through which you can handle all needed tasks. The platform even keeps the data of your business more secure in comparison to traditional things. There are so many real estate software development companies, who can easily build a property management platform as per your requirements.

5. AR/VR Technology

Showcasing the properties with the help of AR/VR technology is one of the best real estate business ideas booming in the market amid COVID 19.

“As per the reports it is even predicted that AR/VR technology in real estate will reach $2.06 billion by 2025.”

These technologies help in saving the time and money that one spends for visiting various properties. AR/VR let users to virtually visit properties from anywhere and anytime. Real estate agencies who are using these technologies stated that they are able to close a deal sooner in comparison to traditional property showcasing.

The best part of AR/VR technology is no need to do a property staging (interiors of property) for showcasing the property. AR/VR even have an ability to virtually show the interior elements of a property. In short, buyers can visualize the property with all needed interior designs. With the help of virtual commerce, customers can even buy the interiors they saw during the virtual tours of a property.

Real estate investment is a one-time investment to build a real estate mobile app by integrating these technologies. To build an application is no more a tedious task, give your requirements to a real estate mobile app development company and rest will be taken care of by them.

6. Real Estate Inspections

When a property is ‘on sale’, a real estate expert inspector’s role comes into the picture. He or she observes and assesses the house’s condition and determines whether it is worth the quoted price.

This inspector is a qualified, certified, and trained professional authorized to visit a residential or commercial property on sale and judge its condition. In fact, in technical terms, a house inspector performs due diligence on the property for his clients.

A few of the many intricate detailing that the real estate inspector looks into are:

• Electrical wiring work
• Fire & safety issues
• Flooring & foundation
• Garage
• (HVAC) Heating, Ventilation & Air conditioning
• Plumbing
• Roof
• Sewage system
• Water lines

Many also call him a ‘Home Inspector’. His primary roles are to examine, test, and gauge everything about the property. His report on the property’s condition and structure will decide whether the buyer or tenant is interested in the house. The decision about whether the home is overpriced or underpriced, or worth the price depends on this report.

If you start such a service-based business, these are some of the traits or qualities you must cultivate in yourself:

• Punctuality
• Loyalty and integrity
• Work ethics
• Attention to detail
• Network of connections
• Knowledge of the procedure.

7. Real Estate Photography Business

Photography is not only an art but has now become a definite trend. Property photoshoots have gained immense popularity in the market today.

Now, let’s address the question – “What is the purpose of such a business?”

You’ll have to prepare two strong bases:

• Portfolio – Ensure to add the best image projects to your portfolio.
• Proper Gear – This includes a sturdy tripod, camera, ultra-wide lens, and wireless flash. Drones can be an added advantage for aerial photography.

Whether you do an independent shoot or cover the location with your team, you must settle on just one condition. The condition is to do justice to the site, property’s appearance, and view.

So, you must be wondering, “What will you earn?” You can earn anywhere between $50k to $150k.

8. Real Estate Appraisal

Appraisals in the real estate industry mean something different than what they mean in your daily work.

A home appraisal is a simplified market estimate value of a property. You must note that an assessment is not the actual value that a seller asks for. It is, in fact, the rough value estimated to get a mere idea about the property value.

Stress in this profession never takes a holiday. So, probably you’ll be in tension most of the time. The bar of excellence is constantly rising. You would have to cross your benchmark time and again.

Tip! 💡 – To multiply the profits in your real estate business, you can follow this rule:

• Focus on properties that can help you generate positive cash flow.
• Find properties with high rental rates f you’re planning to rent properties out to tenants.
• Build properties that can help you in building properties at a premium price.

How to Start a Real Estate Business?

One of the best ways to start your real estate business is to go through as many business models as you can. You can initiate with small real estate business ideas and then consider exploring the larger one. Once you go through these business ideas, the most common question that arises is how to start a real estate business online. Let’s get an answer to this question.

There are lots of things to consider when you’re planning to start a real estate business. Here are a few steps that can help you to build a perfect real estate business.

• Real estate is an enormous field, therefore you need to refine your real estate business idea.
• Write down your property business ideas.
• Decide the technologies you want to integrate into your online real estate business.
• Choose the legal business structure and get a licence.
• Hire a real estate mobile app development company to build an online platform.
• Decide the features of your online platform.
• Develop a real estate marketing strategy.

The real estate business model plays a major role in the success or failure of your business. Therefore, build the business model wisely. Here is a common real estate business model that most of the online platforms follow.

The Parting Thoughts

In this tech-driven world, people want everything on their fingertips. People have no time to visit every single property, therefore they prefer online platforms. They can shortlist the property and visit only a few in person. Buyers are more comfortable with online real estate platforms, therefore it is the right time to build an online platform. You just need to decide the real estate business ideas, and rest will be taken care of by the software development company you hire.

If you still have doubts, get in touch with our experts real estate app developers. They will help you to get the best solution for your online real estate business.