Real estate business in Nigeria is one of the most lucrative and profitable businesses especially in recent times.
It is one business that incurs huge returns however on the flip side, it has its own challenges and difficulties as it is a high risk business.
You will encounter stiff competition from both established and new players but don’t let this deter you as your brand can become the most sought after if you do the right things.
Here are some tips to help start a real estate business.
1.Do a thorough research
Starting a business especially like the real estate business is no walk in the path, you have to know your facts before venturing into it. Doing research will help you know the laws guiding real estate, the risks involved, the cost and capital involved, and so on.
2. Have a business plan
A business plan which is a statement of the goals you want to attain is very important in a real estate business. Writing a plan is very instrumental to the success of your business and is also key to getting investors for your business.
3. Register your business
Another step is registering your business legally. This is very vital especially as the real estate business is backed by lots of laws and regulations. You can register with the Corporate Affairs Commission (CAC) to get started.
You also need to register with the necessary bodies that see to the operations of real estate in Nigeria e.g Association of Estate Agents in Nigeria (AEAN), Real Estate Developers Association of Nigeria (REDAN) to ensure you are not operating against the law.
4. Raise Capital
Real estate can be capital intensive so therefore if you don’t have enough money or savings to start, you can source funds from external sources.
Seek long term partnerships with willing investors, you can also contact banks who offer loans in this regard.
5. Create an online presence
Because of scams and quacks in the real estate business, it can be difficult at first to get customers. People are sceptical especially those who have had bad experiences in the past.
A good way to get credibility is to create an online presence.An online presence is as important as the business itself especially in this age of social media.
Get an I.T professional to set up a website for you which contains important information about your business. Also create social media handles to get new customers.
Branding is all about perception especially in the real estate business.You have to create a unique and trustworthy brand in the eye of people if you want to be successful.How do you achieve this?
Start by giving your customers more than enough value for their money and also building a relationship with them on a personal level.Because it is a high risk business which involves millions of investments, you need to be equipped with facts and information so when they (customers) engage, you have the right answers for them.
Also, set your real estate business apart from the competition by investing in premium branding identities such as logo, website, adverts and more.