Starting your own real estate business is not easy, there are a lot of complications and challenges. Even though the market is well established, it has a very competitive environment. They can be young people or former actors of the company. This doesn’t mean that you have to feel scared of likely competitors, instead you should focus on building an unusual brand that stands out from the crowd.
What is real estate?
Real estate is equity (which is made up of land or buildings) or a wide variety of properties. A real estate business is therefore the system of buying, selling or renting a property, building, house or land. The role of real estate agents is to help owners, businesses and investors buy and sell the four types of properties that exist.
The real estate business can further be divided into loan services, residential and even commercial properties, etc.
In Nigeria real estate is serious business. It is one of those industries that has a long history in Nigeria. The company has become a crater of gold over the years, many smart businessmen have taken to it, and they are making a lot of profit from it.
In Nigeria, there is a constant demand for residential housing, offices and outlets. Finding to buy or rent buildings and structures of your choice could prove to be a Herculean task, and therefore sometimes you would need the services of a real estate agent or expert.
Steps to start your real estate business
1. Have a detailed and strategic business plan
First of all, you need to strategically design your business plan before you can dominate the market. Investing in real estate is no different from starting another business, you cannot start without having a specific, well-planned business plan in mind.
2. Design a distinctive brand
The idea of designing brings out the distinctive character.
Giving credibility to your brand and differentiating factor from others is important in building a successful business for yourself in Nigeria, especially when it comes to the involvement of millions of naira. Branding is all about creating an understanding of the business you are doing in the minds of people.
3. Raise the capital required to start
Investigating enough for your business plan will let you know the least amount of money you need to get started, it depends on the order or level at which you decide to start. Maybe your savings and financial capacity are not enough to get started, you can rightly look for other ways to find it.
4. Register your business in the appropriate districts.
It is essential that you legalize the existence of your business if you want it to grow. You can do this by registering with the Commission des affaires corporatives (CAC). If you can’t afford the fees to use to register it as a Limited Liability Company (LLC), doing so with CAC is sufficient.
5. Get started right away!
The last point to note when starting your real estate business is implementation. Begin aggressively executing all of the plans that you researched and developed in your established business plan. You may now know that many Nigerian businesses fail these days due to poor execution of plans. Execution doesn’t just begin, it includes your day-to-day actions in the business. It involves transactions, trading, networking, client exposure, human helpers, etc.
At this point, you will agree with me that starting a real estate business is not for the faint of heart.
To be successful you need to be prepared for the inevitable challenges, but if you follow these five easy-to-follow steps we can guarantee you success.