Real Estate Business in Nigeria: Getting Started

Make no mistake — there’s plenty of money to be made in the Nigerian real estate industry.

However, this is not a business for the faint-hearted. This is because a number of things could go wrong- people taking over or encroaching on your landed property, stubborn tenants who refuse to pay, government demolishing properties due to development projects, and the list is simply endless.

But if you are smart and you take the time to learn the ropes and you are not scared of the little risks and challenges,you would become very rich in a very short while.

There are several ways tomake money from the real estate industry in Nigeria; you don’tnecessarily have to be a millionaire. Here are some of the major ways to make money-:

Become a Real Estate Agent

You need very little capital to become a real estate agent and unlike in developed countries where you have to go for specialized training and write lots of examinations, becoming a real estate agent in Nigeria is very easy. You just need to be influential, be able to convince people, have great networking skills and be very straightforward in your dealings.

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Your duty as a real estate agent would basically be to link prospective buyers and sellers together. You earn commissions for this and you could earn between 10-30% on a single deal.

Become a Real Estate Developer

A real estate developer carries out structural development projects like building of houses and offices which he sells to interested buyers for a profit.

Real estate developers make a whole lot of money but need a lot of capital to start as well.

Legal Consultant

You can make some cool money just by acting as a legal consultant to real estate projects and deals.

Real Estate Surveyor

Real estate developers almost always need the services of surveyors to help them access the land and areas they wish to develop. You can also make a lot of money from being a project surveyor.

Real Estate Blogger

Another way to make money from Nigeria’s multi-billion naira real estate without spending too much money is to become a real estate blogger. You can discuss numerous interesting topics bordering on the Nigerian real estate industry and get lots of people to advertise on your blog.

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Real Estate Magazines/Journals

Also, you can publish real estate magazines for sale. There are quite a few real estate magazines that are doing pretty well in Nigeria. You can come up with yours too and start making cool money from selling and advertisements.

Capital

The real estate business in Nigeria is capital intensive hence you must be prepared to invest heavily except you want to go for the business models that don’t need too much capital.

Whatever you do however, be prepared to guide your investments jealously. Always do your due diligence before investing in any land or property to avoid being scammed or ripped off.

You must also have a legal consultant who would handle all the legal aspects of the business and advice you appropriately.

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3 Comments

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  1. Moses Gbade

    Thanks for the info… The article though, only just defined the various aspects of real estate… Well getting started involves at least knowing the definitions.

  2. dennis amachree

    i like this site it is very encouraging , i have little almost no finance and i want to start a business i can grow in, i know i have talents , right now i am running a small business centre/ a 3 system cyber cafe but it is not working out which i know is the location what to i do to re-coup my investment and rent a better place?

    1. Reuben Okorie

      Dennis,
      Will simply advice you to relocate your business to an area with ICT driven mentality like around university areas or an advanced area, not a local community area simply because owning a shop is cheap there. But frankly speaking, with the advent of phones, iPad and other gadgets; browsing has been made easily accessible and cheap which has been an end of business for cyber cafes.

      I suggest you relocate your business or you sell your systems with the other stuff to someone that wants to venture into the business or someone who need them, then rent the shop out and get back your money. But be rest assured you will not get the exact amount you invested in the business. Cos clients will come with ridiculous offers.
      Best wishes

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