Starting a Real Estate Business in Nigeria

How to Start a Real Estate Business in Nigeria

Real estate business is becoming common in the most developed cities in Nigeria. Wealthy Nigerians especially those living outside the country prefer buying already built estate than building a new one. As a result of this development, some companies invest their money in building estates which they will sell units in it to make a profit after completion. 

Many times, individuals who invest their money in real estate business got trapped as a result of not being able to sell the property to recover their money and make a profit. 

The directives below will guide one who wants to embark on real estate business in Nigeria.

Establish an Office

You need to establish an office where people interested in your kind of business will contact you. You will need to employ a receptionist who will attend to people in your absence. 

Register your Business

Since this business involves huge capital, it will be wise if you register with the Corporate Affairs Commission as to give you a more competitive edge when you want to obtain a loan from the bank.

 

Raise Enough Capital 

Real estate is expensive to operate, therefore you need to source for the fund to carry out the project if you don’t have enough. You can consult banks for a loan if you don’t have enough money. 

Always go for a nice Location 

Remember that the location of the estate determines the price. People are likely to patronise estates built not too far from the urban centre than the one built in a rural area. Also, consider the topography of the land before buying it. 

Locate good contractors

Look for qualified architect to design the estate and builders to build it. Avoid employing the services of unqualified contractors all in the name of reducing cost. It is better to spend more money and get the quality you want than to spend less and get inferior quality. Ensure that quality materials are used in the building as building with low quality materials can make the building look cheap or the worst collapse the building.

Evaluate the Building 

When the building is completed, evaluate the building by employing someone to quantify the property. This will give you a clue on prices to tag to the property.

Advertise your Estate 

You have to advertise your estate using several mediums. The mass media no doubt is a veritable tool here. You can also paste posters at strategic places for people to see. Try to consult as many agents as possible so as to reach out to a lot of persons. Marketing or advertising your real estate property in magazines, journals, newspapers as well as using online real estate portals or directories will also help.

 

Conclusion

Real estate business no doubt is tasking due to the financial involvement, however, a good real estate businessman in Nigeria who understands and follows the principles will generate enough profit from the business.