Real estate is a serious business in Nigeria. You will agree with me that Nigerians are constantly in need of residential apartments and office buildings, so they look to buy or rent structures of their choice. This is where the real estate industry comes in.
Real estate consists of land or buildings or a large collection of properties, whereas real estate business is a profession that involves buying, renting out, or selling properties such as homes, buildings, lands, and apartments for commercial or personal use.
A real estate company is a company that deals with the purchase, sale, brokerage, management, or investment of real estate properties. Over the years, this industry has evolved into a gold mine and has made lots of people millionaires.
If you live in Nigeria today, you can make a lot of money in the real estate business. You might work as a real estate agent or as an investor. Real estate agents assist homeowners, businesses, and investors in the purchase and sale of all of these types of properties.
STEPS TO START A REAL ESTATE COMPANY IN NIGERIA (2023)
It is not easy to start your own real estate business; there are numerous complications and challenges. Despite the fact that the market is well established, it is highly competitive.
Keep in mind that success in the real estate business does not happen overnight. Instead, it is a long-term game that necessitates a great deal of patience and hard work. This is not to say that you should be concerned about potential competitors; rather, you should focus on developing a unique brand that stands out from the crowd.
The steps to starting a real estate business are listed as follows:
PERFORM EXTENSIVE MARKET RESEARCH
This is the first step you must take. In-depth industry research, which should identify a specific function, market area, and potential competitors, is always required before developing a successful business plan.
Your research should center on determining which market area is best suited to your investing niche. Online research, networking events, and even hiring a mentor can all be beneficial during this stage of the process.
You can also learn from those whose real estate businesses are thriving as part of your research. Remember that the more research you conduct now, the better prepared you will be to begin developing your business plan.
HAVE A STRATEGIC BUSINESS PLAN IN PLACE
A business plan is a written document about your company that forecasts where it is going and how you intend to get there. It must include information about your products and/or services, as well as who your target market is and how you intend to reach them. It also contains a budget, as well as detailed financial projections and analysis.
Before you can dominate the market, you must first strategically design your business plan. Investing in real estate is no different than starting any other business; you can’t just start without a well-thought-out business plan.
RAISE THE NECESSARY CAPITAL TO GET STARTED
Investigating thoroughly for your business plan will reveal the amount of money required to begin with, depending on the order or level at which you decide to begin. If your savings and financial capacity are insufficient to get started, you can look for other ways to get it.
My best piece of advice to anyone starting out in real estate is to “start with what you have.” As your business grows, you can diversify your portfolio. If you have access to capital, you can also start large right away.
Begin aggressive execution on all of the plans you researched and developed in your business plan. You may have heard that many Nigerian businesses fail these days due to poor plan execution. Execution isn’t just the beginning; it also includes your day-to-day activities in the business. This includes transactions, trading, networking, client exposure, human aids, and so on.
REGISTER YOUR COMPANY
The registration of a business is very important if you’re bent on taking your business to the next level. Register your company with the Corporate Affairs Commission (CAC). This gives you a competitive advantage over unlicensed real estate agents.
There are also associations and agencies that regulate real estate operations in Nigeria; therefore, familiarize yourself with the rules and regulations that guide professional real estate bodies in Nigeria to ensure that you are not breaking the law.
HAVE A MARKETING PLAN
A good real estate company, like any other successful business, must have a strong marketing strategy. This marketing strategy must concentrate on every aspect of the business that will bring in customers.
In general, you can choose between two types of marketing strategies: online marketing strategy and offline marketing strategy. With the online marketing strategy, you will commit to utilizing all of the available online marketing options. This includes employing a social media marketing strategy, developing a website, or implementing a search engine optimization (SEO) strategy.
As an estate agent in Nigeria, you may want to use offline marketing strategies such as word of mouth, placing advertisements in magazines, billboards, and newspapers, or hiring sales agents.
CREATE A DISTINCT BRAND
The goal of branding is to emphasize uniqueness. Giving your brand credibility and distinguishing it from others is very important in establishing a prosperous business for yourself in Nigeria, especially when millions of Naira are involved.
Branding is all about stamping a positive image of your company in the minds of people.
You have to build a relationship with your customers and turn your real estate business into a trustworthy entity but first, you must provide them with more than enough value for their money and engage with them on a personal level.
Also, differentiate your company from the competition by investing in premium branding identities such as a logo, website, advertisements, and more.
You’ll agree with me at this point that starting a real estate business isn’t for the faint-hearted. To be successful, you must be prepared to face the inevitable challenges, but we can guarantee your success if you follow the seven simple steps explained in this article.