The real estate business has to do with buying, selling, or renting a property such as a building, house, or land. Realtors are estate agents that work with homeowners, businesses, and investors to acquire, purchase or sell properties. The real estate business is considered to be one of the most lucrative businesses in Nigeria. You can get into the business, either as a realtor or investor. Becoming a Realtor is a good career option that comes with its own difficulties and challenges. This is because the market is already an established one flocked with tough competition from numerous new players like yourself and established ones. However, this does not mean you cannot get into the business and be successful in spite of the competition.
This article will show you how to become a Realtor and be successful in the profession, here in Nigeria.
Read on below:
As an aspiring Realtor, the first question you have to ask yourself is ‘Why real estate business?’ You have to be able to answer this question honestly so you can decide if this is the best career for you. Real estate business requires that one has an interest or passion in architectural details and properties. One must also have strong persuasion, negotiation as well as communication skills. While these skills can be learned, you have to check yourself to make sure you are willing to learn.
Have a strategic business plan
As mentioned earlier, the real estate business is competition-filled. Thus, you need to strategically plan your business so as to be successful in the market. You cannot begin a business like this without drawing out a business plan. Your business plan will address important issues such as:
How to source funds
Target audience and available market
A business plan is also important if you will be needing a real estate investment plan for how you want to build your portfolio strategically.
Raise the required capital to start
After writing a detailed business plan and researching the viability of the real estate business in your location, you must then find a way to source the minimum amount of money you need to get you started on your real estate business. Although the Real estate business is very capital intensive, the amount of capital you need to start your business depends on the scale at which you choose to start. If your savings and financial capacity are not enough to start, you can source for investors who will give you enough to start and speed up your growing business.
The Real Estate business requires that you know the workings of the business; how negotiation is done and how deals are sealed. This makes it important for you to sign up for training with schools or established real estate companies. This will help you learn in a structured environment, along with other real estate agents. You can get to work as an agent with such companies, so as to have firsthand experience on the job. You can also be recruited by that company as their agent. However, if your goal is to become an independent agent, you can still get trained by real estate companies or real estate schools. This training will be instrumental in improving your communication skills, building and expanding your network with brokers, sellers, buyers, and other real estate companies.
Legally register the business
If you are serious about the real estate business and want to be taken seriously, you have to legalize the existence of your business by registering it with the Corporate Affairs Commission (CAC). Registering your business name is enough at this stage if you do not have the funds to get it registered as a Limited Liability Company.
Obtain the necessary license
There are many unlicensed realtors in the Nigerian real estate industry but in order to mark yourself out as one who is in the business for the long term, you will need to get the appropriate licenses from the Real Estate Transaction Department in your state of location. All you need to do is get the application form for the business and pay the application fees. This will give you an edge over unlicensed estate agents.
Get an office space
Although not every real estate agent has an office, you will be giving your status as a real estate agent a big boost if you have an office from which you operate. This makes for credibility and you will find that clients are able to trust you easily because they know where they can always find you. There is an air of professionalism that comes with having an office space, which will help you negotiate deals better and make more money.
After training with an established real estate firm and learning all you need about best business practices, you must know how to brand and sell yourself to potential customers both online and offline. Focus on your making your name and content stand out by creating a theme for your brand. This is where you will begin to build a reputation so people can know you for quality and prompt services.
You become a practicing realtor when you start sealing deals. In this digital age, one of the best ways to grow your real estate business is to leverage the available digital tools such as social media, creating content, or owning your own website. You must also never undermine the effects of word-of-mouth marketing through referrals. Ensure everyone knows you are a realtor so your name comes up whenever anyone is looking to purchase or sell a property. You must also provide quality services so people can refer you.
Become a part of a Real Estate Association
Real Estate Organizations such as the Association of Estate Agents in Nigeria (AEAN) and the Real Estate Developers Association of Nigeria (REDAN) are important groups you should be a part of. These bodies have rules and regulations guiding the real estate profession. You must watch out to ensure you are not operating against their laws. Being a part of these bodies also holds numerous benefits for you, such as growing your network and providing you with the information needed to grow your business.