Do you want to join the real estate business in Nigeria? What opportunities can you tap into the real estate industry? This article will present the 10 startup tips for entrepreneurs in the industry.
All over the world, the real estate business is one that contributes to the growth of the economy due to the demand for housing, either for rent or to buy.
the real estate business is one of the sectors that always bounce back even when it crashes.
The story is the same in Nigeria, the industry has seen it’s boom and have created more opportunities for those who joined it.
There is misconception about the real estate industry. Many think the business is for people who have huge capital to join.
However, there is room for both the small players and big players. All you’ll need to do is to find the best sector that’ll suit you. The demand for people and your financial capacity should all come into play.
Whichever sector you decide to join, when done the right way, you’ll be successful.
So if you’re ready, let’s dive in and see the tips of real estate business in Nigeria.
10 Start-up Tips For Real Estate Business In Nigeria
This real estate startup tip works irrespective of the real estate business. Below are the tips that will make your real estate business in Nigeria start out.
1. Do some research on the terrain of real estate in Nigeria
Before joining the real estate business in Nigeria, you’ll need to do a background check to know the nitty-gritty of the business and how it works.
You should be able to know who run the shorts, how they do it, who their main clients are and the way they serve them.
What are the laws that guide the operation? Although this law will vary depending on the state of operation.
Don’t just limit your findings to your location. You can research online, read books and find resources on successful real estate business. This information will better equip you to get to know the real thing you’ll need before starting the business.
The information also helps you in your planning process and with proper planning, success is guaranteed.
2. Save up Some Money
after the research/acquiring the required knowledge, you most have selected a sector to work with. Then begin to save money or raise the capital you’ll need for the business.
It could be a loan, personal savings or ask from family and friends. This will put you and the business in a position that will not surprise you.
3. Write your business plan
having the knowledge and the required capital is not enough without properly planning how the business will be set up and run. The business plan shows you where you start and to ensure you reach your business plan.
The business plan should include the executive summary, what the business will provide, marketing analysis, proposed money budgeted for capital expenditure and operating expenditure, future financial analysis and how the business will look in the future.
A good business plan will attract investors who’ll invest in the business.
There is a definitive guide to writing a business plan. You can see how simple it’s to write a business plan.
4. Register the business and acquire the required licenses
Business registration is one of the basic rules that gives you an edge in any business sector. In Nigeria, business registration is done by the corporate affairs commission (CAC).
Then you can acquire the required license from a professional awarding body. This is to ensure you operate according to the rules and regulations of the sector.
An example of the association is the Real Estate Developers Association of Nigeria (REDAN).
5. Get a location and equip the office with the facility
where you locate your business will go a long way in attracting customers. A great location will be accessible to both cars and motorcycle, convenient for both young and old.
The business location will be complete when you equip it with facilities that will enhance the business operations.
The type of equipment you’ll use will be how your clients will see the business and thus entrust their investment to you.
However, I am not saying you should get a location and put facilities that can eat your business capital, but rather find a location and furnish it with facilities your clients can trust from day one.
6. Hire professionals
qualifying for certain licenses in the real estate industry will require at least a professional. Not only that, in a business, you cannot run it alone if you want it to flow effectively.
You will have to hire both office and field staffs to the business. the office staffs do the paperwork and the field staff put it into action. You can hire some as permanent staffs or on a contract basis.
Some personals to hire are marketers, engineers, surveyors, architects, electricians.
7. Seek investment
some of the real estate investment are capital intensive. If you don’t have enough money, you can seek investors who will be willing to partner with you.
This is where your business plan will bail you out. When investors like it, they’ll partner with you.
You can use other sources to raised money to expand your real estate business. using commercial or mortgage bank to get the required loan that will help the business.
With more funding, there is a high chance of accelerated growth as you can serve more customers.
8. Get landed properties
there are different ways you can join the real estate sector. You can become a developer, blogger, researcher and so on. But when you intend to dwell in development, you’ll need a land and begin developing it.
How you intend to do will definitely depend on you. Some will develop the land and sell it, rent it out or rent the land to people who intent will develop it.
9. Open a real estate website
having a business website opens more opportunity for the business. you can serve more people you can think of. Many people begin their search for either product or service online.
Some maybe online trying to search for real estate businesses they can do business with. With a website, such people will be captured and such will become life customers as long as they’re satisfied with the business.
With your business, your business operation, what you do, your contact details and your can promise to clients if they use your service.
You can hire the services of a web designer and an SEO consultant that will help design a professional website and makes sure they optimize the site to appear always at the top of the search engine.
With a website, receiving and responding to inquiries will be done easily.
10. Create Some branded stuff
Branding is important to any business. creating some branded stuff will further advertise and create the required trust within your clients.
Branded stuff can be used when you’re on field work or during marketing. You can equally brand your cups cars with the name and logo of your company.
Create branded souvenir, you can give to clients and this will definitely promote your business and build your brand.
Real estate business in Nigeria will continue to evolve as technology grows. However, it’s the opportunities that the industry will create that will make those who join that will benefit.
What do you think about the real estate industry? Feel free to share your thought.