Obviously, the enormous mineral and natural resources in Nigeria enhance the presence of international companies, hence, there’s usually the demand for high-quality goods and services which is the propelling force of Nigerian residents with an entrepreneurial spirit.
In Nigeria of today, it is apparent that the capital city, Abuja, has an aesthetic looking appearance from the perspective of real estate investment. The Nigeria investment potential has gone more attractive, with the development of business activity every now and then.
The economy, demand for real estate business will continue to grow, even come tomorrow unknown. However, if you’ll love to invest in the real estate business, the following are the most important steps to follow to start a profitable one in Nigeria.
– Conduct Market Survey
To venture into the real estate sector, you need to be knowledgeable about the Nigerian real estate market law functioning. You are expected to carry out research on all the sector factors, including its major risks, the required capital for setting it up, do’s and don’t of the real estate business and what have you.
In addition, visit an already existing real estate firm to widen your knowledge on how the business is being run in the country or visit a business consultant to enlighten you on the business situation in Nigeria.
– Draw out Your Business Plan.
One of the roads that lead to a successful real estate business in Nigeria is a well structured and designed business plan. This step needs you to write down a list of things to do toward achieving a successful career in the real estate sector in Nigeria.
In fact, a well-drafted business plan may be used as a side attraction for prospective future investors. Read Also: How to Write an Effective Business Plan
– Sign the Necessary Paperwork
The real estate business needs to be registered at the appropriate government department to avoid unnecessary penalties or charges. Visit the Corporate Affairs Commission bureau so as to sign all the necessary paperwork and get hold of all the real estate business documents.
– Rent Out an Apartment
Since real estate business cannot be run in a vacuum, you’re required to get hold of an apartment to serve as your business office. If you have an existing building – good for you – and if not, rent one that’s not that expensive.
Setting up your real estate firm in a city is at an advantage than in a rural area because almost all your potential clients work stays and leave in the city.
– Seek for Investment.
Though you may not necessarily need to do this if you have more than enough capital to invest in the business. But if the reverse is the case, you may seek a bank loan or persuade foreign investors to partner with you in your real estate business.
– Make Useful Advertising.
There’s no successful business in history that made it just a day after its grand opening that’s why you will need to advertise your real estate firm through conventional mass media like a TV advert, radio jingle, Billboard, handbill, etc. Better still, you can promote your firm through various social media outlets like Facebook, Twitter, Instagram, and so on.
Of course, the power of media in boosting your real estate firm can never be overemphasized as both your potential and the seasonal client will be kept abreast about the latest housing and the likes that are in your firm possession as such will like to patronize you for the aesthetic looking structures.
If you carefully follow the above six simple steps towards owning a successful real estate firm, I assure you that sky will be your beginning.