This article is about how to start real estate business in Nigeria this 2023. Real estate is now regarded as one of the most profitable and rapidly expanding industries in Nigeria today. You can make serious money in the country today by simply starting a real estate business, whether as a real estate agent or an investor.
If you want to learn how to start your own real estate business in Nigeria, you have made an excellent career choice, but it is fraught with obstacles and hurdles. The market is well-established, with various new and old competitors vying for market prominence. Do not, however, be scared by the competition; instead, concentrate on creating a distinct brand that stands out from the crowd.
WHAT EXACTLY IS REAL ESTATE?
A property in the form of land or buildings, or a large group of properties is known as real estate. The process of purchasing, selling, or renting a property, building, home, or land, on the other hand, is referred to as real estate business. All four categories of properties that we have listed are bought and sold with the help of real estate agents.
The real estate industry can be further separated into areas such as loan servicing, residential and commercial properties, and so on. Undeveloped land, houses, condominiums, and townhouses are examples of residential real estate while commercial real estate includes office buildings, warehouses, and retail store buildings; and industrial real estate includes factories, mines, and farms. Feel free to look up our list of the top 10 best real estate companies in Lagos.
The Nigerian real estate sector is a serious industry. The real estate sector is, in reality, one of Nigeria’s oldest industries. Over the years, the sector has turned into an Eldorado, and many astute entrepreneurs have profited handsomely from it.
Residential flats, office buildings, and commercial outlets are always in demand in Nigeria, for this reason, many Nigerians look to either buy or rent the buildings and or office spaces of their choice, but before proceeding to purchase or rent any real estate property, they may need to consult a real estate agent or an expert to prevent anything from going wrong.
This high demand for properties in Nigeria is the reason why the real estate industry has a plethora of business options and is the fifth largest contributor to the GDP of the country. Now that you have gotten an idea of what real estate means, let us proceed to discuss the processes involved in starting your own real estate business in Nigeria today.
HOW TO START REAL ESTATE BUSINESS IN NIGERIA 2023
To be successful in the real estate business in Nigeria, one must have thorough knowledge and understanding of it. These step by step guide will provide you with the knowledge and information you will need to launch your own highly profitable real estate business in Nigeria this 2023:
HAVE A WELL THOUGH OUT REAL ESTATE BUSINESS STRATEGY
To be able to win the real estate industry in Nigeria, you must properly plan your business. Real estate business is similar to establishing any other business in that you cannot get started on the spur of the moment without having a solid business strategy in place. Any potential real estate investor in Nigeria needs a business plan. This phase is especially vital if you intend to become a long term real estate investor.
CREATE A DISTINCT BRAND
In Nigeria, brand credibility is critical for establishing a successful business, especially when millions of Naira are at stake. Branding is all about instilling a positive image of your company in people’s thoughts.
To turn your real estate business into a trustworthy brand, you need to give your customers more than enough value for their money and build a relationship by engaging with them on a personal level. Also, set your real estate business apart from the competition by investing in premium branding identities such as logo, website, adverts and more.
REGISTER YOUR REAL ESTATE COMPANY IN NIGERIA LEGALLY
For the credibility of your real estate company in Nigeria, you must first legalize it by registering with the Corporate Affairs Commission (CAC). If you cannot afford to register it as a Limited Liability Company, registering it as a Business Name with CAC would suffice. Look up our detailed guide on how to register your business name in Nigeria for more information on that subject
Also, keep an eye on the rules and regulations that govern professional real estate groups in Nigeria to make sure you are not breaking any laws. Association of Estate Agents in Nigeria (AEAN), Real Estate Developers Association of Nigeria (REDAN), and Nigerian Institution of Estate Surveyors and Valuers (NIESV) are some of the popular real estate professional institutions in the country to keep an eye on.
MAKE AVAILABLE THE CAPITAL FOR YOUR BUSINESS
If you performed your homework on your business plan, you should have figured out how much money you will need to get your real estate business in Nigeriastarted, based on the scale at which you want to begin. You might look for alternative finance if your savings and financial capacity are insufficient to get started.
Real estate is a capital intensive enterprise that necessitates a significant amount of investment. If you do not have enough, it is critical to seek out investors. You might look for equity investors who can provide you with enough leverage to get your business off the ground and help you develop quickly.
START YOUR REAL ESTATE BUSINESS
Execution is the final stage in forming a real estate company. Follow through on all that you hsve outlined in your business plan. Due to poor execution, a large majority of Nigerian enterprises fail. Execution refers to the day-to-day operations of your company. This encompasses things like deal closing, marketing, networking, client orientation, and human resources, among other things.
It is not for the faint of heart to start a real estate firm. So, if you want to be successful in the real estate business in Nigeria, you must be willing to take on many challenging situations. Develop your aspirations and become a goal-oriented and organized person on a personal level and as a business owner. Keep in mind that success in the real estate industry does not happen overnight. Instead, it is a process that that necessitates consistency and a great deal of patience.
ADVERTISE YOUR BUSINESS
This is pretty straightforward. Advertising means getting people to know what you do by either telling them through word of mouth, or designing flyers, posters, and so on to create awareness for your real estate business. You can also do advertisement on social media, this will give your real estate business a major boost especially when people begin to know and trust you.