Real Estate business is the process of buying, selling or renting a property, building, home or land. All over the world, real estate business is considered one of the most lucrative businesses that anyone can engage in. Its Returns On Investment (ROI) is huge because shelter sits at the top of the primary needs of man. As such, every individual needs a house to stay, either as the house owner or as a tenant. Starting a real estate business in Nigeria is indeed a good career option. Although it has its own challenges, like other businesses. However, do not be intimidated by the competition rather focus on building a unique brand that stands out amongst the rest.
How to start a Real Estate Business in Nigeria
In Nigeria, real estate is the longest-standing industry in the country today. To be successful in it, you need to have the right knowledge which will guide you on the right path.
The following are what you need to have to become a success in the real estate industry:
1. Have a strategic business plan
To be strategic means to have a good business plan as an individual who wants to be an investor in real estate. Your best strategy should be to start small, then plan again, and again. If you want to stay in the business for a long term, planning can never be overemphasized.
2. Build a unique brand
Having good credibility is golden in Nigeria, especially for a real estate player who has to deal with individuals who will be committing huge amounts of money into projects. Branding, here, means to create a perception about your business in the minds of people. That perception is what people will patronize you for, or run away from you. You can turn your real estate business into a big brand by surpassing the expectations of your customers.
3. Legally register the business
To get the best of your real estate business, you must legalize it. Legalizing your real estate business means to register it with the Corporate Affairs Commission (CAC). Registering as a Business Name with CAC is enough at this stage if you can’t afford to register it as a Limited Liability Company (LLC).
Also, ensure that your watch out for and follow the industry’s rules and regulations to avoid falling short of the any legal procedure.
4. Raise start up capital
Before deciding to go into any business, it is expected that you must have carried out extensive research on the area. Done well, you will know the minimum amount that you require to stage a successful start, depending on the scale at which you want to start. If your savings and financial capacity are not enough to start, you can source for alternative funding.
5. Get started & get working
The final stage is the execution of your real estate business plan. Execution includes your day to day activities in the business. This includes the closing of deals, marketing, networking, client orientation, human resources, etc.
Note that real estate business is not for the weak in heart. You need courage, patience and perseverance to be able to make success. Also check tips to make money from real estate investment.