The key advantage of running a real estate photography business is you have complete control over how much money you earn.
The approach to determining your income goal is simple. Let’s say that as a part-time real estate photographer, you want to earn $25,000 per year on top of your regular income. Or let’s say you want to earn $75,000 per year as a full-time professional photographer. Whatever your income goal, it’s important that you come up with a number that justifies pursuing this profession.
The next step is elementary. Add your operating expenses to your income goal. Operating expenses include money spent on office rent, equipment, photo editing, travel, etc. That is, $25,000 + $75,000 = $100,000 (where $25,000 is your operating expenses and $75,000 is your income goal).
Note: The amount $25,000 is just an assumption. Your operating expenses could be higher or lower depending on several factors.
So your business turnover, a.k.a. gross revenue needs to be $100,000.
You can fix your real estate photography pricing based on this amount.
Let’s say you charge a highly competitive rate of $250 per photo shoot. Then you’ll need 100,000 / 250 = 400 gigs per year to meet your income goal. But if you charge a slightly higher price of $400 per photo shoot and offer some add-on features (discussed in detail below), you’ll need only 250 gigs per year to meet your income goal.