Nigeria has so many business opportunities available. By far, real estate has proven over time to be one of the most profitable businesses which one can venture into. You can venture into real estate business as an investor or as an agent. The question which has been asked by many is “how do I start real estate business in Nigeria?”For success to be guaranteed in this industry, ample understanding of the information available in this field is essential.
Below is a basic guide which could set you in the right path to starting a successful real estate business.
1. Have a strategic business plan: Just like any other business; you would need a business plan. The real estate market can be challenging and saturated. Having a strategic well thought out plan can assist you to sail smoothly through the market. You can’t go into the business of real estate blindly and not have an actual business plan in mind. As a real estate investor, putting together a strategic business plan is vital. One advice you are most likely to get in the housing market is to begin your journey small and plan plan plan! This step cannot be overemphasised especially if you have a plan to grow your real estate investment portfolio strategically.
2. Decide on what sector you want to get into: The real estate industry has so many opportunities. The choice of where and what side of the industry you decide to go into determines your success. You can choose to specialise in land investments, commercial properties, residential or flipping of homes the list is endless.
3. Build a unique brand: The credibility of a brand in Nigeria is very pivotal, especially when it involves investments. People would love to be associated with a brand which they are sure of; it’s all about how people perceive your brand. Value is significant in any business. For your real estate business to be recognised as a trustworthy brand, there is a need to ensure your clients are provided with value for their money. To set your real estate brand apart from the host, invest in quality branding identities such as websites, logos, adverts, and so on.
4. Generate the required capital to start: Your business plan research if carried out properly, should point you towards the minimum amount of money that would be needed to start. If your savings and financial situation are not adequate, you can seek an alternative funding source. You can look for equity investors that can give you enough leverage at the start and accelerate growth.
5. Get Started & Get Working: The final lap to beginning your real estate business is the execution stage. Every idea developed in your business plan should be executed. In Nigeria today, the primary cause of business failure is poor execution. This comprises of your routine activate in the business. This includes the closing of deals, marketing, networking, client orientation, human resources etc.
Starting a real estate business can be a bit challenging. For successes to be guaranteed, you have to be equipped to face these challenges. Focus primarily on your goal and the nature of your ambitions. The real estate sector is not about achieving instant success. Instead, it is a long game, which requires a lot of patience.
Leave a Reply