In this day and age, real estate is deemed to be one of the great productive and prospering industries.
If you are in Nigeria today, you can make whole a lot of money if you venture into the real estate business. You could be a real estate agent or an investor.
Starting your own real estate business isn’t easy, there are a lot of complications and challenges. Even though the market is well established, it has a highly competitive environment. It could be from young or old players in the business. This doesn’t mean you should feel frightened by the probable competitors, you should rather concentrate on creating an unusual brand that stands out amongst the rest.
What is real estate?
Real estate is equity (that consists of land or buildings) or a large variety of properties. A real estate business, therefore, is the system of buying, selling, or renting a property, building, home, or land. The position real estate agents occupy is assisting homeowners, businesses and investors buy and selling all the four types of properties there are.
The real estate business can further be divided into loan servicing, residential and even commercial properties, etc.
In Nigeria, real estate is a serious business. It is one of those industries that have a long-standing history in Nigeria. The enterprise has evolved into a gold crater over the years, many smart businessmen have dabbed into it, and they are making a lot of profit from it.
In Nigeria, there is a constant demand for residential lodgings, office facilities, and commercial outlets. The search to either buy or rent buildings and structures of your preference could prove to be a Herculean task, and so sometimes, you would need the services of a real estate agent or expert.
Steps to start your real estate business
1. Have a detailed, strategic business plan
First and foremost, you need to strategically design your business plan uniquely, before you can dominate the market. Investing in real estate isn’t different from beginning any other business, you can’t just start without having a specific business plan in mind that is well planned out.
2. Design a distinctive brand
The idea of designing is bringing out distinctiveness.
Giving your brand credibility and the differing factor from others is significant in setting up a prosperous business for yourself in Nigeria particularly when it deals with the involvement of millions of Naira. Branding is about building an understanding of the business you do in the minds of people.
3. Raise the required capital to start
Investigating enough for your business plan will let you know the least amount of money that is required to begin with, it depends on the order or level at which you decide to start. Perhaps your savings and financial capacity are not sufficient to start, you can rightly source for other ways to find it.
4. Register your business in the appropriate quarters.
It is paramount that you legalize your business’ existence if you want it to grow. You can do this by enrolling it with the Corporate Affairs Commission (CAC). If you can’t pay for the fees to use in registering it as a Limited Liability Company (LLC), doing that with the CAC is enough.
5. Get started right away!
The final point to note in beginning your real estate company is implementation. Start aggressive execution on all the plans that you have researched and developed in your laid business plan. You might know by now that a lot of Nigerian enterprises fail these days due to the bad execution of plans. Execution isn’t just starting, it includes your day-to-day actions in the enterprise. This entails deals, trading, networking, client exposure, human aids, etc.
At this point, you’ll agree with me that commencing a real estate business isn’t for the faint of heart.
To be successful, you must be ready to face the inevitable challenges, but if you follow these five easy-to-do steps, we can guarantee you success.