How to start real estate business in Nigeria
The real estate business is one of the most lucrative businesses anyone can start in Nigeria right now.
A real estate business may require large capital depending on the real estate branch you want to venture into.
Nevertheless, regardless of the part of real estate you want to venture into, you can be confident of getting a good return on investment if you do it the right way.
The real Estate Business is so broad, and if you are not fully acquainted with the dos and doings of the business, you will run at a loss.
In this article, you will learn the stepwise process to start a real estate business in Nigeria.
What’s Real Estate Business
Real Estate Business involves acquiring landed properties, such as lands, uncompleted buildings, built buildings, or property selling.
Those with enough capital to invest in the real estate business will build houses, companies, structural buildings and resell later with reasonable profit to those in need who don’t have time to build one from scratch.
You can also be an agent in the real estate business, your role as an agent is to connect those that have properties to those that need a profit; you will get your percentage based on the worth of property.
Nigerian agents do take 30% of the total worth of a property.
Real Estate Business In Nigeria
Among the fast-rising businesses in Nigeria is the real estate business.
Thanks to the invention of the internet and technology, you can now start a real estate business without leaving your house.
It should be noted that the real estate business has different branches; some are developers, some are agents, and some are retailers.
Whichever part you wish you to focus on based on the capital you have to start, your interest is assured that you have selected the right type of business.
In this article, we will take a broad look at how you can start a real estate business in Nigeria.
Developers
These are the set of real estate business owners who construct buildings.
Developers do not construct buildings for their purpose, instead of to sell with a good profit.
In many instances, developers would contact those who are agents to help them market their properties. This is to say real estate business is interwoven.
Retailers.
These are the type of real estate business owners that buy properties and letter sales when the market is favorable.
For example, if an area is still undeveloped, retailers buy lands and buildings in such areas; when the area is developed, they will sell it. By this time, the market would have appreciated, and they would see a good gain on it.
Investors
Investors are those that have enough capital to invest in real estate.
Investors invest a large sum of money into real estate and get its return with a good ROI at the end of the month or year.
There are a lot of real estate organizations that need one, and you can locate one and start your real estate business investment.
Nevertheless, you need to have good capital if you want a good return on your investment.
Agents
These are the set of real estate business owners that connect properties with those that need such property.
Agents mostly take advantage of the internet to achieve a faster result and build recognition.
As an agent, it may take a while and consistency to build trust, credibility, and accountability.
You have to stay consistent during this period.
How Can I Start A Real Estate Business In Nigeria?
Regardless of whatever business you want to start in any part of the world, you need to be acquainted with the proper knowledge to start it.
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If not, you may not find it profitable, and it will seem nothing is going to work.
Every business industry has its own basic rules, and you are expected to follow these basic rules if you want a smooth business.
If you are thinking of starting a real estate business in Nigeria, we’ve curated this guide to help you achieve the best in the business.
Endeavor to follow everything listed.
1. Curate a Strategic Business Plan
The competition in the real estate business in Nigeria is very high; hence you need to have a strategy to achieve success in the real estate business in Nigeria.
Before you venture into the real estate business in Nigeria, you need to plan each business.
It’s also essential for you to reflect on each of the following questions.
- What aspect of real estate do you want to venture in? Think about this, do you want to be a developer, investor, agent, or retailer? This will assist in the right step to take.
- How do you plan to get clients: now that you’ve settled on the type of real estate business you want to venture into, how do you intend to get clients and gain recognition? As you are starting real estate, your client is what converts to money. To better do this, you can start by running advertisements on social media; with this, you will create awareness for your potential audience.
It’s germane that you have a reasonable budget for advertisement, so you will be able to create constant awareness, which will make you attract more clients as well.
- Have a Good ads budget: Starting a real estate business requires that you have a specific amount for advertisement. This is how you can build visibility, and attract more clients. The best place to run advertisements is on social media platforms. You can make use of Facebook, as it’s the giant social media platform.
2. Make Your Business Unique
A real estate business is a type of investment worth millions of Naira, and there are already thousands of people in the real estate business in Nigeria.
For you to stand out, you need to ensure that your business is unique and can solve people’s problems.
An excellent way to start this is to first look at the problem many people are facing, then devise a means to solve it.
You can also spy on your competitor, check out how they are offering their service, then offer a service more outstanding than theirs.
3. Get A Legal Registration For Your Business
If you would like to build more trust and take your business seriously, you need to get a legal registration for your business.
Having a legal backup would clear any doubt your potential client has whether your business Is credible or not.
You can apply for CAC registration to get a Legal backup for your business.
The cost for CAC registration is minimal, and the process isn’t time-consuming. If you do not know how to go round the registration, you can hire an expert to get the registration done for you.
4. Learn from Expert
If you want to be successful in any business, you need to be humble and learn from experts ready to show you the way.
Experts are those who have known the right way in the real estate business. If you don’t want to pass the stress of trial and error, pay an expert to teach you, and show you the right place to channel your energy in the real estate business.
5. Have Enough Capital To Start
To succeed in the real estate business in Nigeria, you need to have enough capital to start; if not, you may run into debt.
It would be best to start by making inquiries from people who are already experts and rooted in this business on how much you need to start a real estate business.
Furthermore, the amount of money you will need to start a real estate in Nigeria depends on several factors such as the type of real estate business you want to focus on, the location you want to focus on, your budget for advertisement, etc
You have to concentrate on these things one after the other and know the right one which you should focus on, and have a reasonable budget for it.
6. Take Advantage Of The Internet
The Internet has contributed a lot to humankind, and the importance of the internet can’t be underestimated.
If you want to get fast recognition in the real estate business, you need to use the internet.
You can start by creating awareness from social media platforms such as Facebook, Instagram, Twitter, etc
You will have to create a page and constantly upload what you do on these social media pages.
Perhaps you don’t know, over 200 million Nigerians are on social media platforms day and night, which means social media platforms are one of the best places to get audience attention.
For prompt attention, you may need to run ads, so you will be able to reach a larger audience and be able to let them know about what you do.
While running ads, you will be able to target a specific audience who has shown interest in the real estate business; with this, you will boost your sales and recognition.
If you find running ads on social media platforms quite tricky, you can hire an expert to do this for you, or you can contact ‘Adex Strategy‘ to get this done.
Adex Strategy is one of the best digital marketing platforms in Nigeria today.
Furthermore, taking advantage of social media to skyrocket your online presence does not end with social media alone.
You can as well take advantage of website/blogging to build your visibility.
7. Website/Blogging
Having a website or blog makes it easier for people to know about your real estate business.
When you have a website/blog, it will stand as your virtual office, where people would be able to contact you at any time they need your service.
Now you may ask, what is a blog? A blog is a set of online pages, in which people use to tell a large audience about the type of service or product they offer or to teach people something.
To own a website or blog doesn’t cost much.
With as low as 50k, you will be able to have a professional blog active.
To have a blog, you will need to buy a host and a domain.
The host is where your blog will sit upon, and the domain name will be the name of your website.
If you are entirely naive about setting up a blog/website, you might find this very difficult to do.
In such instances, you might have to contact a web developer/designer to create one for you.
Nevertheless, if this isn’t new to you, all you have to do is to buy a host from a famous hosting company such as Domainking.ng and buy a domain name as well.
Use Astra starter theme to choose the type of theme you want, which best suits your real estate business.
With several tutorials on YouTube, you will be able to set up a professional blog.
In all you do while creating your blog, make sure that the loading time of your blog is perfect.
For this purpose, avoid using heavy themes and too many images.
8. Execute The Business
Once you have ensured all of the above has been a well-taken note of, it’s time to execute the business.
Now let me ask you, what aspect of the real estate business do you want to venture in? Is it a developer, an agent, or a retailer? It would help if you settled on the aspect you want to focus on before executing the business.
Also, it won’t be good if you are jumping from one stage to another, do not decide on a retailer today and an agent tomorrow; focus on the exact one you want to focus on.
In addition, have it at the back of your mind that former education isn’t enough. You have to keep acquiring more knowledge to be successful in the real estate business in Nigeria. I
Nevertheless, before you execute the business, make sure you are well acquainted with all you need to know about the real estate business in Nigeria.
9. Blogging About Real Estate
If you do not have much money to invest in the real estate business, you can start by blogging about the real estate business and get money from Google Adsense.
Nevertheless, this can only be possible if you derive pleasure from writing.
All you have to do is research how people can venture into the real estate business.
You can start by researching the available real estate properties.
You can earn commission from real estate business owners when you advertise their properties on your blog.
Conclusion
The real Estate Business is no doubt one of the most lucrative businesses to start in Nigeria now.
Nevertheless, if you don’t learn the right way to start, you might get frustrated and run at a loss.
I have pulled up this article for those interested in the real estate business and are clueless about how they can start.
I hope this article has inspired you to start your real estate business, the niche you should venture in. I will be glad if you can share this article with others.
