Have you noticed that real estate is ranking top of the five lucrative investment options to make? In fact, in an article written by Forbes Advisor in the month of April, real estate was considered the best saving investment in 2022.
Unarguably, Real Estate in one of the most profitable investment opportunities in Nigeria. This is because of the booming population. As the population continues to grow and the economy pulls down, one of the biggest problems is housing.
Residential flats, office buildings, and commercial outlets are always in short supply in Nigeria. They look to either buy or rent the buildings and structures they want, and they may need to consult a real estate agent or an expert before making their decisions.
This explains why the real estate industry has a plethora of business options and is the fifth-largest contributor to Africa’s largest economy’s GDP.
However, real estate is one of the purest forms of entrepreneurship that endures a series of risk-taking situations. It’s amongst the most exciting industries with a lot of potentials but a hell of ups and downs but the sector has turned into a gold mine, and many astute Nigerian entrepreneurs have profited handsomely from it.
Before you launch out in the real estate business in Nigeria, one must have a thorough understanding of the subject, in order to be successful.
Have a well-thought-out business strategy.
To be able to win this market, you must properly plan your business. Real estate investing is similar to establishing any other business in that you can’t get started on the spur of the moment without having a solid business strategy in place.
Any real estate investor needs a business strategy, especially vital if you intend to become a long-term real estate investor.
Create a distinct brand
In Nigeria, brand credibility is critical for establishing a successful business, especially when millions of Naira are at stake. Branding is all about instilling a positive image of your company in people’s thoughts.
To transform your real estate firm into a profitable venture, you need to give your customers more than enough value for their money and build a relationship by engaging with them on a personal level. Also, set your real estate business apart from the competition by investing in premium branding identities such as logo, website, adverts, and more and more to set your real estate business apart from the competitors.
Register the company legally.
If you truly want to take this company to the next level, you must first legalize its existence by registering it with the Corporations Affairs Commission (CAC). If you can’t afford to register it as a Limited Liability Company, registering it as a Business Name with CAC would suffice (LLC).
Also, keep an eye on the rules and regulations that govern professional real estate groups in Nigeria to make sure you’re not breaking any laws.
Raise the necessary funds and get started.
Real estate is a capital-intensive enterprise that necessitates a significant amount of investment. Raise the necessary funds to get started, having figured out how much money you’ll need to get started, based on the scale at which you want to begin.
If you don’t have enough, it’s critical to seek out investors. You might look for equity investors who can provide you with enough leverage to get your business off the ground and help you develop quickly.
Follow through on all you’ve planned in your company plan and execute.
Due to poor execution, a large majority of Nigerian enterprises fail. Execution refers to the day-to-day operations of your company. This encompasses things like deal closing, marketing, networking, client orientation, and human resources, among other things.
It’s not for the faint of heart to start a real estate firm. So, if you want to be successful in real estate, you must be willing to take on obstacles. Develop your aspirations and become a goal-oriented and organized person on a personal level and as a business owner. Keep in mind that success in the real estate industry does not happen overnight. Instead, it’s a long game that necessitates a great deal of patience.