HOW TO START YOUR REAL ESTATE CAREER IN NIGERIA
These days, real estate is considered to be one of the most profitable and growing businesses. In the Nigeria of today, you can make a lot of money by starting a real estate business, whether as a real estate agent or as an investor.
Starting your own real estate business is a good carrier option that comes with a lot of difficulties and challenges. The market is a well established one with tough competition from numerous new and established players. However, do not be intimidated by the competition rather focus on building a unique brand that stands out amongst the rest.
What is Real Estate?
Real estate is a property (consisting of land or buildings) or a huge collection of properties. On the other side, real estate business is the process of buying, selling or renting a property, building, home or land. Real estate agents assist homeowners, businesses and investors buy and sell all four types of properties.
The real estate business can be divided into further parts like loan servicing, residential and commercial properties etc. Examples of residential real estate include undeveloped land, houses, condominiums, and townhouses; examples of commercial real estate are office buildings, warehouses, and retail store buildings; and examples of industrial real estate include factories, mines, and farms.
Real Estate in Nigeria
Real estate in Nigeria is serious business. As a matter of fact, one of the longest-standing industry in Nigeria is the real estate industry. The industry has become a gold mine over the years, and many smart entrepreneurs have tapped into it and are making tons of profit.
Nigerians are always in need of residential apartments, office building, and commercial outlets. They look to either buy or rent buildings and structures of their choice, and they sometimes need to consult real estate agent or expert before making their choices.
This explains why the real estate industry abounds with business opportunities and has been ranked as the 5th largest contributor to the GDP of Africa’s largest economy.
How to start a Real Estate Business?
However, In order to be successful in this industry, one should have good knowledge and information in this field. This basic guide will equip you with the knowledge and information you need to acquire to start your own very successful real estate business in Nigeria.
If you think becoming a real estate agent seems like a good idea, you’re not alone.
Realtors enjoy flexible hours, the opportunity to be self-employed, a network of interesting people, and of course, the money. But how did all these people become agents? The fact is that most people who work in residential sales were in some other profession first.
Success as a Realtor is determined by your personality. It doesn’t matter who you know. Your age doesn’t matter. Neither does your education. What does matter is that you are an optimistic, can-do type of person — someone who is caring and interested in others. Successful real estate agents enjoy working with people and are great problem solvers.
In day-to-day practice, there are three functions that real estate agents perform: representing buyers, representing sellers, and building their business. And it’s easy to get started, no matter what you are doing now.
So how does someone currently in another profession switch to a real estate career?
Follow these steps and you’ll be well on your way.
- Decide to Go Professional.
First, you’ll need to get a real estate professional training , which will require a certain amount of courses. The courses are mostly related to ethics, product knowledge, Sales/ Marketing , Legal documents, Digital Marketing and other consumer protections etc. Many online courses are available and also from reputable institutions but you can take live courses if you prefer.
- Choose a brokerage
A real estate brokerage is a company that is set up to help facilitate the business brought in by their real estate agents.
A brokerage will provide:
A brand to be affiliated with
A managing broker who can help guide your career
Some tools and light training
A contract to use
- Legally register the business
If you really want to make this business to the highest level possible, then you have to legalize its existence by registering the business with 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. Some of the popular real estate professional institutions to watch out for include; Association of Estate Agents in Nigeria (AEAN), Real Estate Developers Association of Nigeria (REDAN) and Nigerian Institution of Estate Surveyors and Valuers (NIESV).
- Find a path to get training
Many agents are surprised to learn that their real estate certification does not prepare them to do the daily work of a real estate agent. In residential real estate there are many moving parts, from finding customers to closing deals. Real estate agents need to find a mentor, coach or some other form of training in order to be successful. “New agents have to learn a lot of information quickly.
- Create a business plan
A real estate agent is essentially an entrepreneur. Although it’s tempting to skip business planning, or think about it without writing it down, most successful agents say that writing out a business plan helped them out tremendously. You can download a template to create your business plan.
- Build your business using your contacts
As a new agent, most of your initial contacts will be family or friends. For most agents, getting the word out is the best way to use your contacts to build your business. First you create a list of your all contacts and put them together in a database. Then, send out an announcement about your new career and ask your closest people to help share the news. Put out information through your social media, start networking and soon you’ll have people interested in talking to you about representing them!
- Develop your professional image
Real estate is an image-based business, and clients make a quick judgment call on whether or not you’re in contention for hire. Your image, which can influence your career more than any other factor, is conveyed by the way that you dress, the way you speak, the way you respond to others, and the way that others speak about you. You should hire a professional photographer and a professional writer to take your headshot and write your bio, which will be shared on your website, through social media and in marketing materials. Don’t be afraid to put your creativity to
- Be ready to meet your first client
Seventy percent of real estate customers only interview one agent to sell their home! Leads may come from many places — for example, an office call, a referral, or from someone you already know. Always be prepared to handle the first contact with any client.
The timing of your response and the professionalism of your note or phone call will set the tone for the future. Potential clients are deciding whether to hire you when they first reach out. Remember:
Establish your credibility in every conversation.
Give a prompt reply. Demonstrate your reliability by responding in a timely fashion — 5-to-10-minute response times are best.
Avoid slang, jokes, emoticons or misspellings in emails, texts and any other written correspondence.
Once you get your first client, you are on your way to a career that can bring you joy and success for many years!
Question of the day
What did you learn from today’s topic and are there some steps you are not yet doing?
Thanks for your attention and Do have a Happy Democracy Day.