How To Start Real Estate Agency Business In Nigeria

Real estate agency business

What is Real Estate Agency? Real estate agency business is a multiplex venture that involves amongst others, the procurement and/or sale, renting, as well as management of properties such as land, houses, structures, building, and facilities etc. for a fee called commission.

A Real Estate Agent is the middleman between the seller(s) and buyer(s) of a Real Estate or Property. He/she basically links the prospective buyer to the ready seller and assists both parties in processing a smooth transaction. He/she earn a commission for every of such transactions made.

Types of Real Estate Agency Businesses In Nigeria

Seller Agency:

These kinds of real estate agents work for or protect the interest of the seller. They furnish the seller with information on how a given property for sale should be priced and subsequently prepare such for sale.

Buyer Agency:

These kinds of real estate agents assist the prospective buyer search for available and listed properties which match the buyer’s interest and budget.

Profitability Outlook For Real Estate Agency in Nigeria

There is money in Nigeria real estate business if you do it right. This is why thousands of Nigerians have taken to the real estate business today. You could earn between 10-30% commissions on a single deal. Remember, in this business, the bigger your portfolio, the fatter your take-home package.

Possibilities And Basic Recommendations For Success In Real Estate Agency Market in Nigeria.

Real estate agency business is a highly profitable venture in Nigeria today, as seen above. The demand for a real estate agent is synonymous to the demand of the real estate itself since it has been proven from experience that working with estate agent while looking to buy or sell landed properties yields a better and faster result.

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However, there exists some level of competition in the market. To succeed in this market, therefore, it is important that aside from the routine activities of property search and marketing, you get professional skills too. Some of such professional skills include knowledge of architectural details, property and general management skills, Human Resource Management, and Project and Resources Management.

Steps To Start A Serious Real Estate Agency Business In Nigeria

Follow the steps if you wish to start a Real Estate Agency Business in Nigeria:

  1. Get the necessary and basic skills (some discussed above) to be able to convince both buyers and sellers of real estate properties to patronize you.
  2. Find a respectable real estate company and signup as a consultant with the company.
  3. Pre-screen your buyers to sieve the serious ones who are financially ready from buyers who have no interest in buying the property. With this, you avoid time wasters and unserious folks.
  4. Visit the properties owned by a real estate company you have chosen to partner with and note the unique selling points for each property.
  5. Get an office where your potential customers and clients can reach you.

Management Plan

This covers staffing and advisers for Real Estate Agency business in Nigeria

Staffing:

As a new startup, you do not really need to employ anybody as you can run this smoothly as a sole-proprietor. But when you seek to expand, consider employing a few staffs such as an office clerk, Secretary or personal assistant.

Advisers:

The advisers you basically need are the veterans in the field of Real estate agency in Nigeria. This includes a registered real estate Company, retired and practicing real estate agents, and other necessary industry players.

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Marketing And Advertisement Strategies:

Let us now consider how to market and boost the Profitability and sustainability of Real Estate Agency Business in Nigeria.

Below are some of the available options you might use:

  1. Print your business card so you can easily share your business with potential customers and establish your brand.
  2. Publicly advertise the property for sale. You can achieve this by giving out banners, fliers, and mounting public notices at strategic places in town.
  3. You should also consider the internet and the social media for speedy and effective advertisements.

Some Useful Recommended Tips For Profitability & Sustainability

  1. It is very important that as a real estate agent, you maintain trustworthiness and protects the interest of buyers. This can be difficult at times, especially when you need to make your own percentage. But ensure you do not go back on any of these for whatever reason.
  2. Listen to your clients and find them properties that they want, same applies to their choice on location and structures. As a property agent, your reputation is as good as you make it.

Conclusion

Real estate agency business does not require much capital to operate nor special, formal training. It is quite easy to operate the business here in Nigeria with only on-the-job training. However, you need to be able to convince people, be influential and possess great networking skills in order to excel in this field.

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