Nowadays, real estate is considered to be one of the most profitable and growing businesses in the world. In the Nigeria of today, you can make a lot of money by starting a real estate business, whether as a real estate agent or as an investor. Actually, this is among the most lucrative and profitable business ideas in Nigeria.
Although there are a lot of difficulties and challenges in starting and running your own real estate businessbut it is quite a good career option. There is a huge competition in the real estate market because it is well established and has plenty of new and established players.
However, never look at the competition that is attached with this business rather transfer your energy and focus in creating a unique brand that will stand out in the midst of others. So endeavor to read this post to the very end to fully understand the details on starting your own real estate business in Nigeria.
What is Real Estate?
Real estate simply means the collection of properties which can either be lands or buildings. On the other hand, real estate business is the process or act of buying, selling or renting out a property such as building, home or land for commercial or personal use. Real estate agents help the house owners, businesses and investors with the act of buying and selling properties.
The real estate business can also be divided into other parts like loan servicing, residential and commercial properties etc. Examples of residential real estate include undeveloped land, houses, condominiums, and townhouses; examples of commercial real estate are office buildings, warehouses, and retail store buildings; and examples of industrial real estate include factories, mines, and farms.
Real Estate in Nigeria
Real estate in Nigeria is a very serious business most especially in Abuja and Lagos. As a matter of fact, real estate industry is one of the longest outstanding industry in Nigeria. As the years go by, the real estate industry is now a gold mine where many entrepreneurs go into and make a lot of profit.
Nigerian residents are always in constant need of residential apartments, office building, and commercial outlets. They mostly need to consult real estate agent to help them look for properties, buildings and structures of their choice to buy or rent before making final choices.
How to start a Real Estate Business?
However, for you to be successful in the real estate business industry, one should have quality knowledge and information in regards to this field. Here is a complete guide that will equip you with the ultimate knowledge and information you’ll need in other to start your own very successful real estate business in Nigeria.
1. Have a strategic business plan
First and foremost, you should have a strategic plan for your business so as to be able to thrive in this market. Real estate business is simply just like starting out any other career where having a specific business plan in mind is mandatory.
Having a business plan is very vital for any real estate investor, and one of the best advice you’ll ever get in this business is to start small with a plan. If you’re planning on becoming a real estate investor for the long term, then this is a very solid step to follow. In that case, you’ll have to strategically grow your real estate investment portfolio.
2. Build a unique brand
For you to build a successful business in Nigeria, most especially when it has to do with the investment of millions of Naira then brand credibility is needed. Branding simply means creating a good and quality perception in the people’s mind about your business.
So in other to make your real estate business brand trustworthy, you have to provide your customers with more than enough value for their money. And as well build quality relationship by engaging with them on a personal level. Also, make your real estate business unique from all other competitors by investing in premium branding identities such as logo, website, adverts and so on. Learn how to create a website for your real estate Business.
3. Legally register the business
You have to legalize the existence of your business by registering the business with the Corporate Affairs Commission (CAC). This will help your business attain the highest possible level or position. If you can’t afford to register it as a Limited Liability Company (LLC) then just acquire business name from CAC.
Make sure you aren’t operating against the law of real estate bodies. So, always watch out for the rules and regulations guiding professional real estate bodies in Nigeria. Here are some of the popular real estate professional institutions to watch out for.
Read Also: Business Skills For Nigerian Entrepreneurs.
4. Raise the required capital to start
So long as you have done your business plan research well, you’ll know the minimum amount of money to start up your business. This solely depends at what scale you want to start the business. You can source for funding if your initial savings and financial capacity are not enough to start.
Real estate business requires huge capital to carry out with the investment. If you don’t have enough capital, it is best for you to seek investors. You can look for equity investors, they can grant you enough leverage to start up your business and also assist in accelerating your business growth.
5. Get Started & Get Working
The final step to starting a real estate business company is execution. Execute on everything you have written in your business plan. A good number of Nigerian businesses fail due to lack of execution. Execution involves your day to day grind and activities towards your business. This may include marketing, client orientation, closing of deals, networking etc.
Starting a real estate business ain’t for the non risk takers. So, to be successful in the real estate business, you have to be prepared for challenges and contingencies. At a personal level and as a business owner, you have to nurture your dreams, set goals and be organized.
Have it in mind that the real estate business sector is not just about achieving an instant success. Instead, it is a long term game, which requires a lot of hard work and patience.
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