START YOUR OWN REAL-ESTATE AGENTS BUSINESS
Starting your own real-estate business can seem like a really daunting task especially when you are not sure where to start from.
Real-estate business has been viewed by many as a lucrative endeavor in recent years in Nigeria with the explosion of the real-estate industry and the spring-up of housing estates and different housing projects across the country, which has lent to the popularity of the sector.
A number of people are quite interested in diving into the business, but are not sure how to start on their lofty quest of mastering and understanding the real-estate industry and the skills needed to excel in the business, this guide was developed to help you master the skills needed to strive in the real-estate Industry: building a career, developing excellent networks and getting returns from your business.
In Lagos state for instance, there has been reported cases of incidents where Individuals who parade themselves as real-estate agents, extorts money from unsuspecting home-seekers while increasing the distrust level harbored by people wanting to rent legit houses for rent or houses for sale in Lekki and its environs towards real-estate agents, how exactly do you cut through the clutter and start your own real-estate agency?
1. Develop your business plan
Having a well-thought out business plan is essential to scale in this business. Starting out in the real estate industry is just like starting out in any other industry, as a practical business plan is needed. A business plan is very necessary for anyone launching out into real estate, and one of the best advice you’ll get in the housing market is to start out little and keep planning.
2. Develop a unique and authentic brand
Since Real-estate is a million naira business, it is necessary to have authenticity and create a credible brand that people can trust, as nobody wants to put their money where they cannot get the desired value back from it. Real-estate in Nigeria is a high-risk investment business and those seeking to be in the business must be able to inspire trust in their clients and have a history of bankable trust. Branding is all about creating a perception about your business in the minds of people.
To make your real-estate business truly valuable, you need to give your customers more than enough value for their money and build a relationship by engaging with them personally while investing in branding to set your business distinctly apart from the others.
3. Register your business
A rather important step you have to take is registering your business, as this will add more legal proof to your business and make it more trustworthy in the eye of your clients. You will have to legalize its existence by registering the business with the necessary bodies including the Corporate Affairs Commission (CAC). Registering as a Business Name with CAC is enough at this stage if you can’t afford to register it as a Limited Liability Company (LLC).
Also, watch out for the rules and regulations guiding professional real estate bodies in Nigeria to ensure that you are not operating against the law.
4. Raise the required capital to start
Real estate is a rather capital-intensive business which also has proven to be a business with high returns if well managed. The initial cost of starting your agency might be a a huge amount for you, and one way of cutting through this is by creating partnerships, and also seeking investors. Your business plan should provide for this in the first place after carrying out adequate research on your project.
5. Get Started & Get Working
Real-estate businesses requires tenacity and a lot of willpower as it is true that this business is not for the fainthearted, as you would have to deal with the task of marketing, networking, securing and closing deals.
There will be challenges, but with a steady dose of tenacity and resilience, scaling in real-estate is a rather feasible project.
Nedcomoaks remains one of the most sought-after real-estate company in Lekki offering consultancy and mentoring to aspiring agents in the Industry. They offer houses for sale in Lekki and other areas such as Ibeju-Lekki and other areas of Lagos.