Have you ever wanted to set up a Real Estate business but got stuck on ideas on how to kickstart?
Real estate can be a very lucrative and profitable venture if done right. The industry has produced many billionaires in Nigeria such as SujiMoto, Landwey Investment, to mention a few, and many investors are taking advantage of the available opportunities to invest in real estate. Real estate also offers a diverse investment opportunity so there’s literally room for every Realtor to make profits and huge returns.
Beginning your own Real estate business is a good choice that accompanies a lot of challenges and difficulties. The market is an ever growing one with intense competition so one of the ways to stand out is to have a clear objective and build a business that would meet the needs of your customers with fewer drawbacks.
If you’re willing to set up a profitable brand in this niche, the following are valuable tips will guide you with the knowledge and information you need to start your own real estate business in Nigeria.
- Carry out a Market Research
- Write your business plan
- Register your Realty business
- Raise the required capital to start
- Brand your business
- Have an online presence
- Partner with willing investors
- Advertise your real estate business
1. Carry Out a Market Research
Research is the fastest and safest way to find information on anything. It is what empowers us with knowledge and efficient learning of new things. Just like other businesses, the real estate sector has its standards. Find out how others have succeeded in it, the risks involved, the laws that guide its operations, virtually everything there is to know about it before embarking on setting up your own real estate business.
2. Write your Business Plan
Why is it necessary to write a business plan? That’s because you need a blueprint. For you to have the best possible chance of succeeding in your real estate business you very well need a plan that states your goals and how you intend to achieve such goals. It helps you with a more cohesive vision and gives you a sense of direction especially if you plan on remaining in business.
3. Register your Realty Business
This is one thing any business that intends to succeed in Nigeria must do. If the law does not recognize your business it means you don’t exist or your integrity could be questioned. The Corporate Affairs Commission (CAC) is the body responsible for this in Nigeria.
You also need to associate yourself with top professional bodies to know what is going on in the real estate world and to ensure you are not going against the law. One of such bodies is Real Estate Developers Association of Nigeria ( REDAN )
4. Raise The Required Capital To Start
You definitely can’t start a business without start-up capital. Therefore this is where the necessity of having a business plan comes in as your plan should include the minimum amount of money you’ll require to get started. You may want to start small depending on the type of real estate business you want to venture into. If you’re able to pull in investors or sponsors, you have better chances of scaling wider.
5. Brand Your Business
This is a major tip as building an outstanding brand is very essential for success in the real estate world. Nobody wants to put in millions into a mediocre brand. People want to perceive and relate with your brand to make buying decisions or send in referrals. This is where you need to invest in getting a good logo, pick a great tagline, pick brand colors that resonate with your niche, e.t.c. The unique perception of your brand is vital.
6. Have an Online Presence
Your real estate business should have an online presence because this is one of the best ways to market yourself, communicate with customers and meet their expectations. You are seen as more credible and reliable when you have a website and a social media presence. Your customers will want to know what you’re about, what you can offer them and have the means to reach you without having to visit your office.
7. Partner with Willing Investors
This tip is one way to maintain success in your real estate business. You may need to seek loans from banks or partner with willing investors if you are not financially stable enough to stand on your own.
8. Advertise your Real Estate Business
This can’t be overemphasized; your potential customers won’t hear about you if you ignore this aspect. Top brands are continually looking for ways to remain in the minds of their customers using every possible advertisement platform. Using multiple mediums and various social platforms is one way to be on the lips of everyone. People need to know you exist to do business with you. You need your best toes out there.
Now that you have the fundamentals to starting a real estate business in Nigeria, the next step is to take action. The best time for you to start your business in now; not tomorrow.
If you need an industry-leading digital marketing agency with a proven track record of setting up marketing campaigns that deliver satisfactory results to her clients, Retrosoft Marketing Solutions shouldn’t be far from mind.
A recognizable and loved brand is one of the most valuable assets a company owns. Contact us today and let’s discuss ways to give your brand that quantum boost online to reach its desired audience.
