In Nigeria today, real estate business is one of the most lucrative ventures one can start. You can be an agent or an investor. Whichever path you choose, you’re sure to make some cool cash. This is because of the constant demand for residential buildings, office spaces, stores or shops, etc.
The real estate space is highly competitive just like the makeup and cosmetics industry. However, to succeed and stay ahead of competitors, you must deliver what you promise. Erase doubt from the minds of potential clients because real estate involves deals that cost a lot of money. People should be able to trust you with their money.
A real estate business entails buying, selling, or renting of properties which could be buildings or land. Real estate agents come in to help Individuals who either want to buy or rent buildings and structures. They serve as the middlemen between property owners and buyers.
To start, first, you need to design your business plan to enable you dominate the market. Real estate like any other business requires a detailed and strategic plan. This could include the type of properties you want to deal in and location.
This plan should also include branding. Real Estate business is a serious type of venture that involves client trust and huge investments.
Giving your brand credibility is important in setting up a prosperous business in Nigeria particularly when it involves millions of Naira. Branding is about building an understanding of the business you do in the minds of people, how you operate and what potential clients would benefit from doing business with you instead of your competitors.
Do not forget to do your research as you venture into the real estate business. This will let you know the least amount of money that is required to begin with, which is dependent on the scale you decide to start with.
Registering your business comes next. This cannot be overemphasised. It is crucial that you legalize your business. Unfortunately, there are a lot of fraudsters out there disguising themselves as entrepreneurs in the real estate sector in Nigeria. Therefore, registering your business with the Corporate Affairs Commission (CAC) will go a step further in proving to your clients that you’re legit.
The final step will be to begin your real estate company! Visit your business plan and execute. The lifestyle of a person working in the real estate space typically entails deals, trading, networking to meet clients, and to build relationships with fellow real estate entrepreneurs.