Real estate business is one of the best businesses anywhere in the world. I can say that it’s still untapped in Nigeria, due to the housing needs of the populace.
If you study the industry very well, you can start a real estate business that can thrive in Nigeria; either as an Agent or a Developer, or both.
If you want to become an Agent, you will be acting as an intermediary between sellers and buyers of real estate property. When you find a seller who wants to sell and buyer who wants to buy, you have done your job. You will receive payment called a commission for successfully matching the seller’s real estate with the buyer such that a sale is made.
This commission is usually shared with other participating real estate brokers or agents when applicable. The average rate in Nigeria is 10% commission on a deal.
If you want to become a Real Estate Developer, that means you have to be coordinating all the activities of converting ideas from paper to real property. As a Developer you will take the greatest risk in the creation or renovation of property and receive the greatest rewards as well.
Find below how you can go about starting your real estate business in Nigeria.
Have a simple plan
Like all other businesses, real estate business also is a vast field with numerous aspects. So, find out your business plan before proceeding further into the business. Write a business plan to have a clear map of the proceedings.
Research the market
Market research is essential to know if your business idea will work, and which niche in the real estate market will be good for you. The research will also give you some idea of the ways to position yourself within the niche.
Build a brand
Branding is essential to build credibility and your business will look bigger than its size to the target consumers. Branding is all about creating a perception about your business in the minds of people.
Ensure you have a good online and offline presence
Make sure that your real estate business has a good presence on the internet. Your potential clients make online search to find out real estate products and services on offer.
Develop a website or use a third-party website for your business if you can’t afford a website at the beginning of your business. Your social media presence of business is also part of overall online marketing strategy. Use various social channels to form customer relationships.
You have to also build relationships using traditional outreach strategy to ensure you are reaching out as wide as you can.
Get the finance you required ready
Depending on your plan, you should be able to raise the required finance for your business. When starting a real estate company, only a small amount of money is usually enough, even though the business is capital intensive. When you have a good plan and you have wisdom, you will be able to the required finance for your business.
Set up your office
Look around for a location where you can set up your office. You can start from your home if you can’t afford an office at the beginning. At the initial stage, focus on choosing a target market than to find out a location for your business.
In fact, if your budget does not allow, find out the ways to work without having a proper office and work without hiring employees. Do not be choosy and rigid in getting a physical location for your business. A flexible approach that allows you to adjust your plan is a nice one.