Real estate business is unarguably one of the most lucrative businesses in Nigeria. More and more Nigerians are now exploring real estate investment opportunities because shelter is one of the basic human survival needs. More so, 90% of millionaires become so through real estates. An average real estate agent earns up to 6/7 figures in a month while real estate investors earn a whole lot more! One good thing about real estate business is its hedge against inflation, it gives you a good return on your investment.
Real estate business in Nigeria is so diverse that there’s enough space for every investor. Anyone who wishes to invest can invest whether he has thousands or billions of naira, you can even invest without a dime in your pocket.
If you’re ready to kick see the steps below on how to start your own real estate business in Nigeria.
Write a good business plan
Planning is key to a successful venture. Like every other business, you can’t start a real estate business on a whim, gather information, identify challenges in real estate business and possible ways to mitigate them.
A good business plan should contain long term and short term goals, and should be updated as the business grows.
Get your business registered
Having proper license will give you an advantage over unregistered business in the real estate industry, investors are likely to invest in registered business rather than investing in an unregistered business that lacks formal organizational structure.
You can register as a limited liability company or register your business name with CAC and also watch out for the rules and regulations guiding professional real estate bodies in Nigeria to ensure you are in conformity with their rules.
Create an online presence for your brand
The best way to increase your brand visibility in this digital age is creating an online presence in the form of a social media page, website, e-commerce platform or even a blog. This is by far the best way to reach out to potential clients.
The importance of having an online presence can not be overstated, with a simple click your potential clients can check the list of available products and their prices.
Build a network of loyal customers
How your brand is perceived in the market, whether through promotions, or reputation determines the number of loyal customers you get. Just one positive encounter can make a client loyal to your brand, this has little to do with the price of your products or services.
According to statistics, “ 71% of customers recommend their brand when they are satisfied with its services”. Engage your clients/customers on a personal level, communicate with them from booking to handing over
Ideas are worth nothing unless executed, a good number of businesses fail due to poor execution, execute on everything you’ve developed in your business plan, from start to finish. This may consist of your day to day activities in the business from the closing of deals to the marketing and human resources etc.
It is important to note that as much as real estate business is lucrative in Nigeria, there are a lot of competition. Therefore, after you have put all of the measures discussed in place, you need continuous market research and development to keep your business going in the right direction.