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The real estate industry is the fifth largest contributor to the Nigerian economy and a potential goldmine for investors.
The World Bank estimated that Nigeria’s housing deficit stood at 17m units as of 2013.
The world bank also forecasted that by 2050 the population of the economic center of Africa which is Lagos, Nigeria would double and this would give rise for the demand of housing by some 700,000 units per annum.
What Is Real Estate ?
Real estate is the property, land, buildings, air rights above the land and underground rights below the land. The term real estate means real, or physical, property.
Why You Should Engage in Real Estate.
1.The real estate market is forever.
As long as man lives and his offspring remains on earth, real estate will never die.
Housing would be forever be a problem and there is never a complete solution so therefore a business is always created around it.
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The value of real estate generally goes up despite recessions. Values continuously increase over time. This makes the real estate business forever. Years from now a property will always be worth far more than investors paid today.
If you doubt it, ask your parents How much they bought or developed their houses years ago and ask an estate valuer how much that same houses is in present day.
2. Cash flow advantage.
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Are you seeking constant cash flow from real estate then you should dive into property rental and leasing, that way you turn your asset into oil of cashes.
Cash flow from real estate is very predictable and far more stable than most other businesses. This is great for entrepreneurs who are enduring the ups and downs of startup life.This cash flow will help you through your entire real estate journey.
3. Full control.
If there is any business that is sustainable and have long term control then it is real estate.
Choosing real estate allows you to take full control of your success or failure.If you want to get a better deal, you need to hustle to find it.
How To Start You own Real Estate Business without any cash at hand.
Real estate is a very wide scope of work and therefore it is heavily branched, some of the categories of it includes.
1. Property Development.
This is the most expensive form of real estate, it involves acquiring and empty piece of land with the sole aim of developing it whether into commercial, industrial or residential use and selling them off for a huge profit.
Nigeria is a heavy populated nation with over 200 million people , this has however increased the demand for proper housing.
Development in Nigeria is at it’s peak unlike other times, major areas affected are sports, Tech, Transportation and finally Housing/real estate which is what we would be laying emphasis on in this edition.
In recent times, Nigeria has been the target for real estate developers because of the rise in population.
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Starting a real estate development company is not as difficult as people usually think.
This post would guide you effectively on kick starting your journey into real state.
The first step to starting your real estate developing company is.
1. Set Business Goals.
Goal setting is very important in every business, clearly defining what you want to achieve is very paramount to every business.
Creating an effective business goal can simply be crafted by studying the big players in the industry, get to know how they work and operate, this can help you craft a better and achievable goal.
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2. Business Name Registration/ Company registration.
Company and Business Name registration is the first step to take to starting your real estate company.
You can register your business with the cooperate affairs commission in Nigeria by visiting the official website cac.gov.ng. This process usually takes up to three weeks or more to obtain your business credentials properly.
3. Get your Team On ground.
Real Estate is a very huge startup that requires a very large and competent team from various works and profession. A few out of many experts you would be needing are.
- Civil Engineers.
- Quantity surveyor.
- Business Administrator.
- Mechanical engineers.
- The above listed personnel should be a team you should have on ground.
3. Get a desired Location.
Getting hold of a desired location to site your estate is also one of the very important decision to make when starting your real estate development company.
Most property will sell out fast because of location. One of the most important characteristics in choosing a location your real estate business is.
- Closeness to the central Business district.
- Proper Infrastructural facilities
- and mostly factors that favors the economy positively.
Real estate companies in Nigeria are prospecting the new Ibeju, Lekki axis on Lagos for development because of it’s closeness to the central business district and the Federal government plan to build an international Airport along it axis and the just concluded Dangote Oil refinery.
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4. Get Investors.
After you have must have chosen your desired location, the next thing to do next is look out for investors to help you purchase the land .
Most land owners would offer their land to real estate developers for purpose of equity, so if you are lucky enough to meet someone who is interested in partnering with you, then it would be a great deal which would then result in a joint partnership between the Land owner, real estate developer and the investor binded together by a memorandum of understanding with the sole aim of splitting profits.
5. Have A Website.
Every business in the 21st century requires a website to operate .
You can read my article on setting up a website.
No matter how much local marketing you do, you need an web presence to attract and engage online leads. It may cost a little money up front, but a solid, SEO-focused website can help you convert online leads from search engine and social media.
To learn about search engine optimization you can read this article .
6. Sales, Sales, Sales.
After you might have followed the above mentioned procedure to the level of securing a site for your real estate, the next agenda is to get the property out to the prospective customers and that can be done in various ways which includes.
- Traditional Marketing
- Digital and Media advertising
- Affiliate Marketing.
real estate developers in Nigeria.
Here are a few notable real estate developers in Nigeria.
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1. Revolution Plus.
Revolution plus is a property development company based in Lagos Nigeria .
It is owned and managed by Bamidele Onalaja.
They have about 20 estates in their portfolio including Houses and Landed properties located in Lagos, Abuja and Ibada.
Website – revolutionplusproperty.com
Lnadwey is another amazing property development company .
They specialize in the development of furnished apartment and lands. Their estates are majorly in Lagos located in Ibebju Lekki. They got the award of Real Estate Investment Company of the Year by Business Day Leadership Award
website – Landway.ng
3. Euc Homes.
Another property development company gradually spreading it wings is the EUC homes.
They have both lands and fully completed building to their portfolio. with over 31 real estate to their porfolio.
You can check out their
website – eEucHome.com
4. Gracias Global.
Another promising real estate development company is gracica global.
They are pretty new and they have over 10 real estate to their portfolio.
They are currently a prime property development company in Lagos, Nigeria.
Website – Graciac Global
5. Middle Chase.
Middle chase is the first rental development property in Nigeria. They currently have apartments developing in the prime area of Lagos state which are located in Surulere and Abijo Lekki.
If You are looking to make good money in property rent and leasing then Middle chase is the property to subscribe to.
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They have very cheap and affordable plan starting from N7M depending on the category of the apartment.
You can click the link to learn more about them
Website – MiddleChase
2.Real Estate Agents (Realtors)
These are simply middle men between the property owner and the buyer, all they do is get commission from successful sales of property.
This is the cheapest way to get started in the real estate business. No money or hassle is required.
All you need is to do an agreement with the property development company and you are good to go.
Most Property development company are ready to pay you up to %15 on each sale on every property.
you are able to complete a sale on.
You can also become a realtor by joining a Real Etstate group and a few of them are.
1. Rems.org.ng.(Real Estate Marketing Group).
Rems is a real estate marketing group that simply manages real estate agents and realtors across the federation.
by providing them with accurate information about the availability of any property
All you need to get started with Rems is just 5k registration fee then you have access to sell all the property in their portfolio.
You can visit their website to get started.
Website – Rems.org.ng
2. BRG group.
BRG is another Real estate marketing group that is responsible for managing real estate groups by providing them with accurate information about the availability of any property.
BRG has no sign up fee unlike Rems. You can check out their website.
Website – BRG.com.
Digital Marketing Strategy For Realtors.
Getting deals as a real estate agent can be one of the most hectic thing to do when you are not well connected or do not have access to potential customers and this can become frustrating.
Most realtors depends on word of mouth which come from family, friends and a previous customer. This is by far the best mode of a marketing but most times it’s very slow and sales become a seasonal thing.
Other method of marketing for realtors are Traditional Radio, Banner and Palmflet distribution and Lastly Digital marketing which deals with utilizing digital platform such as Social media, Website and Search engine to display available listings.
The best and faster form of marketing for realtors is the use of digital marketing tools and platform , a wider and broader range of audience can be well reached and maximized.
A lot of realtors and House agents have subscribed to the use of digital advertising to their various platform, but not all are getting maximum results.
These tips and tricks below would help you utilize your next digital campaign to achieve maximum success.
1. The use of a Website.
As a realtor it is very wise and profitable to own a personal website of your own.
Potential customers are searching every minute in your location, having a search engine optimized website can help your business show up in search result.
You can check my article on blogging and owning a website below.
2. Run Facebook Local Ads.
Digital ads allow you target a wider range of audience across national borders, Targeting various countries outside your reach and location is a very bad idea and would not convert you potential clients.
My advice is to target location more closer to you, at least don’t go beyond your country of residence.
3. Email Marketing.
This involves sending mass mails to prospective customer about a particular listing or property, though we live in a world where emails are not valid any more, but using email helps you look more genuine and prospective customers are likely to believe you even without seeing you.
You can check out my post on email marketing.
Virtual tours are simply improvised means of showing prospective costumers an overview of any available listing or property without them having to step Foot on the property and this can be done online via platforms like Whats app, and various Social Media.
Use high-quality cameras, like Make the video responsive and interactive across all channels and available on both mobile and desktop.
3. Property Rent/Leasing.
This category of real estate involves the acquisition of an existing or a new building for the sole purpose of rental income.
Virtually every Nigerian is into this kind of real estate.
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In conclusion, all the above mentioned procedures can be summarized as follows,Get a business name, Get the appropriate team on ground, prospect possible location for siting of Estate ,get investors to spend the money on your behalf and lastly share profit.