In recent times real estate has shown to be a successful and profitable business. Lately in Nigeria real estate opportunities have been emerging whether you want to become an agent or an investor as there have been many examples of successful real estate startups. However the real estate market is considered to be well established with big established companies as a result newcomers shy away from the sector. Nevertheless don’t let this intimidate you from entering the market and use it to your advantage to find gaps in the market that you can fill with new and unique ideas. Take for example HouseAfrica, this startup found a gap in this established market and they are now excelling in the market by introducing technological way to tackle the issues in the market.
The real estate market in Nigeria is considered to be one of the strongest economies in the country and has proven so by facing many headwinds and still prospering and producing revenue. As a result many smart investors detected the potential of the market and results have shown that they have benefited greatly from their investments. Nonetheless there will always be a demand for residential, commercial, office buildings anywhere you go and this equates to having demand for estate agents and consultants. Consequently the real estate industry stands 5th as the largest contributor to Africa’s GDP.
To start your real estate business you firstly need to research and have a smart business plan to be able to excel in this competitive market, Like any other business you need to know your expenses and running costs, and there is no shame in starting small you just need to strategically plan. In addition , planning for how you want to invest and what type of properties that you are interested in working on will be highly beneficial. Having a clear understanding of the dynamics of the business will help you in the long run.
Have a unique idea that will help the market expand and explore new territories. In addition to having a unique idea you also must work on your branding and marketing campaign to raise awareness for clients and potential investors. As you should consider investing in advertising, logos, and a strong website.
To have your business recognised legally is also one of the most important aspects of starting a new company. Firstly you should start with registering the Business with the Corporate Affairs Commission (CAC). Registering the business name is going to be a vital first step. Registering as an Limited Liability Company (LLC) is too costly for new businesses. It is also quite important to make sure you are following governmental guidelines without breaking any laws as you cannot afford any fines as a small business. Here are some institutions for you to look into that might help: Association of Estate Agents in Nigeria (AEAN), Real Estate Developers Association of Nigeria (REDAN) and Nigerian Institution of Estate Surveyors and Valuers (NIESV).
Lastly , you now need to raise some capital to operate the business whether it’s a loan from a financial institution, investors, or personal savings. You need to be ready to take accountability and run the business with responsibility.