Real estate business is one of the lucrative business in Nigeria. In fact, you don’t need to write an exam or get any certificate before you can start the business in Nigeria. Being a real estate businessman, there are chances of making more than 400k in a month if you properly publicize your business.The questions are becoming more alarming “How can I succeed in real estate business in Nigeria?
How can I start my own real estate business with no money?
How do I start a real estate business?
Is real estate business profitable?”. In this post, I will provide answers to all the questions in which I believe will help you be a successful real estate businessman.
How Can I Succeed In Real Estate Business In Nigeria?
Truth be told, it is not easy to be successful in the real estate business in this very country, Nigeria. Beyond any reasonable doubt, there are lots of sets back to the business as a beginner. Some of these include lack of trust, high competition, e.t.c,
So, for you to succeed in the Real estate business in Nigeria you need a proper marketing strategy and also do all necessary things to build integrity and trust with people.
How Can I Start My Own Real Estate Business With No Money?
As a Nigerian, the majority are interested in buying something with no dime…I mean getting something for free! So, it is not surprising if you want to start your real estate business with no money. Obviously, you can start a real estate business with no money. However, there are many business opportunities in real estate. But, one of which doesn’t require money for a start is to become a real estate agent. You don’t need any money to start as an agent. Below are the steps you need to become a real estate agent:
Step one: Source For A Developer
At your own comfort, you can source for those that are willing to rent out or sell their land or houses. Well, you don’t need to start traveling from one place to another searching for one. Right in your room, you can get hundreds of developers online with their phone number. In fact, there are many websites that allow you to meet with those that want to sell their houses or rent them out. Sign a deal with the developer and discuss the commission per sale or rent. Make sure both of you agreed on a particular rate(5%) before moving to the next step.
Step Two: Kick-off Your Advertisement
Immediately you have reached an agreement with the developer. The next thing is to get all the necessary details about the project and start advertising. Details may include the price, the description, address, pictures, and so on… You can share this on your Facebook, Twitter, and Instagram. You will definitely get someone that will be interested to buy. In fact, there are many websites that allow you to register as an agent and start advertising your projects on their portal for free. Follow up with anyone interested in your project and finally get your commission after a successful transaction.
Is real estate business still profitable?
Yes, it is profitable. In fact, you can be doing it at one corner of your room.
How To Start Real Estate Business In Nigeria
You should have a strategic business plan
Obviously, you need strategic planning for your business to overcome this market. Investing in real estate is like embarking on a career that you do not want to create without a specific business plan.
A business plan is crucial for any real estate investor. One of the best tips you’ll get on the real estate market is to start with a small plan, This step is especially important if you want to become a long-term real estate investor. In this case, you want to expand your portfolio strategically.
Have a brand
Most importantly, your own brand really matters when it comes to real estate management. Although, it is not necessary if you want to be just an agent. But, if you really want to invest in real estate business in Nigeria there is a need for branding. Not just a brand but a credible brand. You need to start building up trust and integrity between you and your customers including your agents.
Register Your Business legally
It is important to register your business under CAC, if you really want to start the business here in Nigeria. You don’t need to wait for huge money to register your real estate business as a Limited Liability Company (LLC) or INC. You can simply register your business name as a venture for a start which won’t cost you much.
There are several laws guiding real estate management in Nigeria. As a professional real estate businessman you must observe all the rules. Moreover, there are bodies regulating the rules and regulation in Nigeria ensuring that the rules and regulation guiding the real estate in Nigeria are not violated. Some of these bodies are: Real Estate Developers Association of Nigeria (REDAN) Association of Estate Agents in Nigeria (AEAN), and Nigerian Institution of Estate Surveyors and Valuers (NIESV).
Start Your Real Estate Investment
When we are talking about the investment it requires your capital. I have discussed how you can start this business with no money. But, this time around you are venturing into the business with huge capital. The following are ways to invest in the real estate business:
Property development Or Reselling
This is where you need a huge capital to start. You can develop a house with #150million and sell it for #250million. That is a whopping profit of 100million naira! If you can’t develop from scratch, you can also be buying properties and resell them for profit.
Land flipping means buying land and selling it quickly to make your own profit. This is one of the smartest investments in real estate business and requires no effort. Just your money and your knowledge and you are ready to go. You will need a big amount if you want to earn hundreds of millions, but you can only buy one piece by buying and starting to grow slowly to buy land and dozens of acres and continue selling everything at throughout the year.