Real Estate Agency Business

How to Start a Real Estate Agency Business in Nigeria

Business Overview:

This business doesn’t require much capital unlike in developed countries where you have to go for specialized training, it’s very easy to start a real estate agent in Nigeria. However, you need to be able to convince people, be influential and have great networking skills in order to excel in this field.

What is Real Estate Agency?

Typically, it’s a business that arranges the selling, renting, or management of homes, land, and buildings for their owners.

A Real Estate Agent is a person who acts as an intermediary between sellers & buyers of Real Estate/Real Property. Their aim is to complete a transaction between the buyer & seller.

A real estate agent would basically link prospective buyers and sellers together and earn commissions for this.

Types of Real Estate Agency

1.      Seller Agency: Agents who work for the seller advise clients on how to price the house and prepare it for sale.

2.      Buyer Agency:Agents who work for the buyer search for available properties that match the buyer’s price range and wish list.

How Profitable is Real Estate Agency in Nigeria

There is money in Nigeria real estate business if you do it right. This is why thousands of people have jumped into the real estate business in Nigeria.You could earn between 10-30% on a single deal.

For example, a colleague registered as a consultant with a real estate company in Abuja, Nigeria and within 4 months in the business, she earned a total commission of =N=3.5 million.

Is there a Market Demand for Real Estate Agency in Nigeria?What is the Competition and Opportunities Like?

 This business is a money spinner to the highest level. Real Estate is currently booming in Nigeria and people are making millions in it.

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 a landed properties yields a better and faster result.

However, there exist some level of competition in the market, should you hope for success in this market, then you should gobeyond finding and purchasing properties, you should have interest in houses and their architectural details.

 How to start a Real Estate AgencyBusiness in Nigeria

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

                                                       

1.      Get the Basic skill of being able to convince both the buyer and seller of the property.

2.      Find a respectable real estate company and signup as a consultant with the company.

3.      Ensures that buyers are pre-screened and financially qualified to buy the property. This is very important because we have a lot of players and time wasters in the industry.

4.       Visit the properties owned by the real estate company you have chosen to partner with and note the unique selling points for each property.

5.      Open an office where potential customers can reach you.

Management

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

1.      Staffing: as a new start up, you don’t really need to employ anybody as it can be run smoothly by one individual but when you seek to expanding, office clerk or Secretary can be employed.

2.      Advisers: The advisers you basically needs are the veterans in the field of Real estate agency, real estate Company you registered with and all the industry players.

Marketing

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

1.      Advertisement Strategies:-  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.                    Lists the property for sale to the public: This can be done using different methods such as fliers, banners, public notices, etc. The most common now is the use of internet, by far the cheapest and easiest.

2.       Profitability/Sustainability Tips for Real Estate Agency Business in Nigeria:-

It is very important that the real estate agent is trustworthy and protects the interest of the buyer. This can be difficult at times, especially when you need to make your own percentage.

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.

 Summary and Conclusion :