Nowadays, real estate happens to be among the most lucrative and thriving businesses in Nigeria. There’s so much money you can make from the real estate business, either as an investor or as a real estate agent.
Setting up your own real estate business is an excellent career choice. Although the business has its ups and down, owing to tough competition from numerous agents and investors, however, do not feel frightened by the competition. Just focus on creating a brand that is one of a kind.
Now, what is Real Estate Business?
Real estates are properties that consist of land or buildings. So, the real estate business involves buying, selling, or renting these properties, buildings, and land. Real estate agents help homeowners, businesses and investors buy and sell all four types of real estate.
Also Read: How Real Estate investment Works
The real estate business is also involved in other parts like loan servicing, residential properties, commercial properties, and so on.. Examples of residential real estate are condos, houses, undeveloped land, and townhouses; That commercial real estate includes office buildings, retail store buildings, and warehouses; while examples of industrial real estate are factories, farms, and mines.
The Real Estate Business in Nigeria
The real estate business in Nigeria is the real deal! In fact, it is among the long-lasting businesses in Nigeria. The industry has become a hot cake over so many years, making resourceful entrepreneurs who have gone into it reap the blooming rewards.
Since Nigerians will always need to buy, sell and rent houses, shops, land, and office buildings, the need to consult a real estate agent or expert is unavoidable. This is the reason the real estate industry has abundant business opportunities as well as topping the charts as the 5th largest contributor to the GDP of Africa’s largest economy.
How to Start your Real Estate Business?
For you to be accomplished in this business, having the basic knowledge and information regarding this field is necessary. This basic knowledge will equip you with the steps to take in order to establish your own booming real estate business in Nigeria.
1. Have a specific and detailed business plan
You need to plan your way in order to push this business forward. Real estate just like any other industry can’t make progress unless you have a specific business plan in mind.
A business plan is essential for all real estate investors, and one good about the market is to start small and plan, and keep planning for a greater business. This step is especially important if you’re planning on growing your real estate investment portfolio gradually.
2. Create a brand that stands out
A unique brand is necessary for having any successful business in Nigeria and real estate is not n exception. If the business will invest lots of money, a unique brand will create long-lasting effects in the minds of the customers.
In order to make your real estate business become a credible brand, creating value and customer service is essential. Your customers should receive value for their money, this will make them loyal to your services. Moreover, make your brand stay above the competition by making use of top branding identities such as logos, advertisements, and website.
3. Register your business
To make your real estate business reach its highest level, register the business with the Corporate Affairs Commission (CAC). Legally registering a business name under CAC is acceptable if you can’t afford to register it as a Limited Liability Company (LLC).
Also, make sure you obey all the rules and regulations of professional real estate bodies in Nigeria. Examples of these professional real estate bodies include; Nigerian Institution of Estate Surveyors and Valuers (NIESV) , Association of Estate Agents in Nigeria (AEAN) and Real Estate Developers Association of Nigeria (REDAN).
4. You need capital to begin the business
While researching about the real estate business you must have come across the amount of money it will take to get started, depending on a small or large scale. It’s okay to source for alternative funding if your financial capabilities won’t be enough.
Real estate business involves a huge amount of capital and investment. If you do not have enough, it is important that you find investors will help you start and speed up the growth of your business.
5. Congratulations, now you can start working!
Now is the time for action. This is the time to execute all your business plans. A lot of Nigerian businesses fail owing to lack of action. Action has to do with those things that make up your daily activities in your business. This includes marketing and networking, client orientation and human resources, closing deals, and so on.
Owning a business is never for those who are scared. So, in order to thrive in your real estate business, be prepared to face the challenges. Personally, set realistic goals and work towards them, be organized, and work on your ambitions. Always remember that the real estate industry didn’t become a real deal overnight. Your business will eventually thrive, but it requires a lot of patience.