Undoubtedly, the real estate sector is growing rapidly daily, and many keep making millions and billions through it. Whether as a realtor or investor, real estate can make you millions overnight.
No wonder it is called “the newly found crude oil,” although it has a high competition rate. But the question many ask is, “How do I start a career in real estate” or “How do I start a real estate business in Nigeria.”
This article will guide you on the steps to take to start a career in real estate in Nigeria. But before that, let’s discuss what Real Estate means and the types of Real Estate properties.
Table of Contents
What Is Real Estate?
Real estate refers to any landed property that may contain buildings, structures, and fixtures.
Real estate business involves the selling, buying, leasing, and renting of properties such as a house, land, or building. The real estate agent, or realtors as they are called, sometimes stand in between the property owners and the customers; that is, they serve as middlemen in the process.
Types of Real Estate Properties
The following are the four types of real estate properties. You can choose to start with one or with all.
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Land
This is the mother of all types of real estate property. It refers to an underdeveloped or vacant space. A real estate agent acquires land, works on it, or leaves it to appreciate so that the value of the land can increase.
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Residential real estate properties
This is the most common type of real estate property. It contains different kinds of structures in which people live.
With residential properties, It is very easy to start a career in real estate because, most times, the realtor stands as the middle man between the house owners and the customers, where he gets a bargained percentage of the money after the deal.
It does not require any huge capital. They are popularly known as “landlord Agents” or “caretakers.”
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Industrial real estate properties
Factories, warehouses, construction, and transportation facilities are all under the industrial properties. The industrial properties contain structures that are specially designed for industrial activities.
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Commercial real estate properties
This refers to structures or spaces in which businesses carry out their daily operation. Office buildings, hotels, hospitals, grocery stores, etc., are perfect examples of commercial real estate property.
How to Start a Career in Real Estate
To start a real estate business In Nigeria, there are major things to put in place. Here are the main things to put in place to successfully start a career In real estate.
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Acquire knowledge
The first and most important thing is to acquire the required knowledge needed to start a career in real estate. Without adequate knowledge of the system, the business would collapse in a twinkle of an eye.
Pay for mentorship programs, take courses, attend classes and ask questions from successful people in the field. This will help you to avoid some potholes on your journey.
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Choose a niche and make a business plan
Choosing a niche will help you have all your eggs in one basket. You have to decide on which part of the real estate business you want to venture into, which might be land, residential or commercial.
After choosing your desired niche, you must map out a strategic business plan that’ll help guide you along the way. This is a very important step to take when you want to start a career in real estate. It helps you plan how your funds are being spent, the kind of your target market, and so on.
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Raise capital
After acquiring the required knowledge and mapping out a business plan, the next step is to raise the capital needed. The capital needed depends on the scale at which you desire to start and the type of real estate property you wish to venture into.
Although the real estate business requires high capital, you can source investors to help fund your business for speedy growth.
Read also: 5 Effective ways to raise capital for business in Nigeria.
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Obtain the required licenses and Register your business
The government does not recognize many real estate businesses in Nigeria, and this is very risky and illegal. Getting your business registered with the government gives you an upper hand and helps you avoid some problems with government agencies.
It also makes your customer trust you since you have the consent and approval of the government.
Read also: What you should know about Real Estate Investment in Nigeria.
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Build a brand
Build a premium brand by making a name for yourself online and offline. Give out value to your potential customers. This makes them trust you more.
Invest in ads, make a unique logo and create a website. Make your potential customers perceive you as an authority that can be trusted in your niche.
Read also: Importance of Branding for a successful start up in Nigeria.
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Market your brand
This is the most important step of it all. You have to make your brand known to your potential customers. You do that by running ads, engaging in email and content marketing, and so on.
You have to create irresistible offers and discounts for your potential customers that’ll make them rush down to you instead of a competitor. Use various social media platforms to make your brand and its credibility known.
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Get leads and convert them to client
This is where ads, email marketing, content marketing, sponsorship, and so on come in. You have to constantly search for leads that you can convert to clients since your former clients won’t buy from you again immediately.
It’s not a service that sells daily, that’ll take you to constantly searching for leads (I mean leads who are interested in purchasing a property) that’ll convert to clients, and boom, you’ll start cashing out in millions.
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Conclusion
Real estate business is truly the newly found oil, and starting a career in real estate is easy when you have the right guidance. It will save you the headache of some mistakes and also help you take the right steps, because the competition in the market is high from existing competitors and new ones like you.
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About Author
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My name is Onileowo victor, and I am a content writer, storyteller, and fiction writer.
I use simple but attention-catching words to carve out my content, thus making it consumable by my audience.
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