How to Start Real Estate Business in Nigeria
In this article, I will be showing you how to start real estate business in Nigeria. This is a continuation of the real estate investment article, where I gave deep insight into how to become a pro-investor.
Before you can start a real estate business there are several things you must know such as;
Table of Contents
1. Work with a genuine Realtor
The real estate business is not only by identifying properties but also by identifying good locations that are suitable for your budget.
So, you need to work with a realtor because he already has knowledge about real estate and how it works.
Basically, a realtor is a real estate expert who provides guidance in complex real estate transactions such as buying, selling, and renting properties.
In case you want to become a realtor, make sure you become a top realtor
2. Your Budget
You need to have a precise budget. It will guide you by setting a limit on how much you can invest, so you don’t go out of control by investing all your money and end up bankrupt.
Another advantage of having a budget is that it gives your realtor a guide on the specific kind of properties and land locations to look out for.
3. Distress Sales Deal
It is possible to have a low budget and still get a property that is worth more than your budget. That is only possible when you take advantage of a distressed 😟 sales deal.
A distress sale is when a property owner decides to sell his property for less than its current market value. The common reason for this is mainly the need for urgent money.
Even though a distress sales deal is possible, only a few have access to this kind of deal. I wrote about how to get cheap real estate deals through Networking.
And just so you know, there are many distress deals going on in the real estate business now in Nigeria like never before because people are scared of living in a country where Tinubu and Shettima will be ruling the country as president and vice president respectively.
4. Discounted Deals
Just like distress deals, there are also discount deals. Discount deals come with a percent off the market price of the property, just like we see on items during Black Fridays.
The disadvantage of discount deals is that it doesn’t last long unlike distress deals that last longer until a buyer agrees to buy the property.
So it is always good you take advantage of discount deals very fast.
Very fast, doesn’t mean you should invest your money blindly; “Take an expert with you, get all the relevant information you need, if you are still not satisfied with the findings about the property, keep your money. -It is better to lose out on a great deal than to lose your money from a bad deal.
Another way to also access discount deals is through “Pre-Launch shows”.
A pre-launch show in real estate is an event where developers showcase their upcoming project to potential investors before the official launch date.
These shows are typically held to generate interest and gauge market demand for the project, as well as to attract early investors who may receive preferential pricing or other incentives.
You must take advantage of these pre-launch shows, as you could get great deals cheaper than during the official launch date.
I hope you have benefited from this article; “How to Start Real Estate Business in Nigeria”
If you have any questions or contributions, leave them in the comment section below👇