Real estate investment is capital intensive, but one interesting thing about starting a real estate business is; you can actually start up a real estate business without a dime by becoming a real estate agent or realtor.
And if you are a top realtor, you can make millions of Naira monthly or even daily.
A realtor also known as a real estate agent is a professional whose task could be described as a middleman in the real estate industry. His job mainly as an agent is to connect sellers of properties with buyers.
Even though their job is to connect both parties (seller and buyer) they are also part of the risk if the deal of the seller or buyer turns out to be shady. That is why they are diligent in sourcing all relevant information from both parties before they bring the connection.
In return, the realtor receives a commission of 10%. So if you are asking; “how much a real estate agent makes in Nigeria?”, the answer is; there is no fixed amount earned by any real estate agent in Nigeria as they are paid on a commission basis from every successful deal they close.
For example; Let’s say as a realtor, you were able to connect a seller of a property (a fuel station) with a buyer for a 50 million Naira deal and it was a successful deal. The buyer pays a commission of 10 percent to you as a realtor.
10% of 50 million Naira = 5 million Naira.
So you as the real estate agent pocket 5 million Naira with ease.
You can achieve all that as a realtor without even having a physical office. But it is more professional to have an office as it aids trust between you and clients.
I know you are already thinking of becoming a real estate agent right now, which is a good decision.
But being a realtor shouldn’t just be the goal, the goal should be; “being a successful realtor”.
So let’s talk about how to become a successful realtor.
Before I start listing out the steps on how to become a successful realtor, you must understand that this business requires dedication and commitment.
1. Build Relationships
When you become a realtor, the first set of customers you are going to have are those within your cycle.
So, you definitely want to build a professional relationship with them, as that is the only way they might be interested in buying properties from you.
The good thing about this whole building relationship with your cycle is that it helps you understand how customers think and react in the business world, especially during the negotiation of deals.
Building a professional relationship with clients in the real estate business is not optional and it is a sign of commitment.
In addition, there are so many benefits that come from having professional relationships with clients such as; more deals and more recommendations for your real estate agency.
Being transparent is very important, especially with the buyers. You don’t want your agency to be known for shady deals, because that will be the end of you as a realtor.
Due to the fact that real estate command a large flow of cash, people are very careful with the real estate agents they deal with.
So, in other to be transparent, you must be truthful, honest, and most importantly, have the interest of your clients at heart.
Transparency is one easy way to make your buyers and sellers keep coming to patronize your services.
Even though there are many realtors out there, buyers and sellers prefer to stick to the ones they are comfortable with because there are so many dishonest and fraudulent real estate agents out there, especially in this country Nigeria.
And you don’t want to be tagged in the bad category with others, that will be the end of you in this industry.
3. Online Presence
I have a real estate agent who lost out on a deal because he didn’t have a website, so, the buyer couldn’t give him the benefit of trust to buy a property from him.
Yes, having an online presence is also another way of building trust with clients, especially if the website is fully SEO optimized and has a testimony page for people testimonies that have purchased and sold a property through your agency.
But the main aim of having an online presence is to widen your reach to get more clients. And online advertising is an essential element in achieving that wider reach.
I gave some light on Networking in “things you should in the real estate world“. But in addition to that, You must know that networking is key to getting bigger deals.
If you want to catch the big fish clients in this industry, you must be good at networking,
If you don’t know what networking means, it means connecting with people who could turn out to be potential clients or refer you to potential clients.
Good places to network are; business seminars, real estate pre-launch shows, high-profile locations, and many more.
If you really want to be successful in networking you must be transparent and be good at building a professional relationship.
5. Response Time
As you keep building your professional relationships and networking with clients, you will have more people reaching out to you and your real estate agency.
If you have an employee on the receiving desk fine, but make sure she is well-trained to be professional in dealing with customers and giving feedback in time.
But if you are the one receiving the calls and inquiries from clients, make sure your response time is fast and active, that is, within 24 hours they should get feedback from you.
Laziness is not a luxury you can afford in becoming a successful realtor.
just as we’ve talked about building an online presence, leverage on other kinds of technology especially within your office space, can make your clients perceive you as a top realtor.
Such a perception within your clients towards you increases your value before them.
The higher the Value, the easier it is to convince clients into buying from you and selling through you
7. Video Publicity
Creating video content is another great way to win clients over even from your competitors.
The YouTube platform happens to be the best place that you can be sharing videos.
Having a YouTube channel can be very strategic in this industry.
A YouTube channel where you talk about real estate only can help you attract business leads that will eventually turn out to be clients.
Creating video content will help clients understand your real estate agency company better and even educate them about investing in the real estate industry.
So video publicity/content is a win-win for both you and your clients.
The best business without awareness is no different from the worst business out there
You need to create both online and offline awareness for your real estate agency company.
People can only get to know that you are a realtor when you make it known publicly.
9. Conduct intensive Research
Being a realtor is not just about selling properties, you must be knowledgeable about the properties that you want to market.
And just like we talked about in “Transparency”; you must be honest and truthful when dealing with clients, especially with buyersa.
If you are short of knowledge about a property and there happens to be an interested buyer before you are able to conduct your research on the property, make it known to the buyer that your findings are not yet complete.
By telling him that, you have passed on the risk to him if he still insists on investing in the property.
If you want to know more about conducting research as a realtor you can click here
“One of the most sincere forms of respect is actually listening to what another has to say.”— Bryant McGill
Listening is a sign of respect toward your clients.
As a realtor who wants to be successful, you must learn to listen to the needs of your clients. Don’t be too quick to make money, understand what their needs are and then provide solutions to their needs if you can.
By doing that, they get to have more confidence dealing with you, which will in return make them more like “permanent clients”.
Most people do not listen with the intent to understand; they listen with the intent to reply.–Stephen R. Covey
Please listen to understand their needs. But if you know you can’t get their needs but you have other options that you feel might be a good deal for them, make it known to them.
Don’t tell them you can provide a solution and end up bringing something else as those cunning business people do.
Always make it known to your client when you have no solution, then suggest other options. -That is part of what being transparent means.
11. You need a License
Here is a tabular list of real estate agent licenses in Nigeria alongside their prices and duration.
|S/N||LICENCE CATEGORY||ESTIMATED COST(N)||VALIDITY|
|1||Housing Estate Developer||1,005,000||1 year|
|2||Property Developer||255,000||1 year|
|3||Real Estate Agency (for solo real estate agents)||105,000||1 year|
|4||Real Estate Broker (operational office is not a compulsory requirement)||55,000||1 year|
|5||Real Estate Developer||1,005,000||1 year|
|6||Real Estate Marketer||50,000||1 year|
And yes, you need a license to operate as a realtor in Nigeria❗️ If you want people to trust you and the government not to harass you must get a real estate agent license👍🏼.
- Real Estate Investment in Nigeria (Become a Pro)
- How to Start Real Estate Business in Nigeria
- How to Pitch My Business Idea
Starting a real estate business can sound overwhelming, but following these few steps I have pointed out as well as getting proper training and guidance; “which is very important”, will make you a top realtor in Nigeria.
I hope this article; “How to Become a Successful Realtor” was beneficial to you.
Please leave a comment below if you have any questions or contributions.
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