Real estate business is one business a lot of people now want to go into. This is so because people are beginning to see the reward and gains gotten from this business. But notwithstanding, this business aside from its gains comes with its own risk and challenges. Like, stiff government policies, natural hazards, unknown parties taking over your property, stubborn tenants and so on.
One cannot simply deny the financial rewards that can be gotten from this business, this is because a lot of Nigerians are ready and willingly to pay good money to secure nice and comfortable properties. All you need do is decide on the class of people you want to render your service to, whether it's the elites, high-income earners or low-income earners.
Let's go through the following steps to get you started on your real estate business.
1. CONDUCT A FEASIBILITY STUDY:
Real estate business is no exception from other business out there, you need to conduct a feasibility study before starting this business. This will enable you to know about things like government policies, decision makers in the industry, the required capital, risk and the rewards.
2. WRITE A BUSINESS PLAN:
It is important to get a business plan written right after you are done with your field study. The business plan ensures that you get down all that is required to turn your business into a successful venture.
[/b]3. RENT An OFFICE SPACE:[/b]
This part plays a vital role in the success of this business, customers need where to contact you and see your business environment. So find a suitable property to rent and convert to your office/working place. Get it furnished and design in an attractive and also in a professional way.
4. REGISTER THE BUSINESS:
It is a necessity to get your business registered especially at the start-up stage. When you register the business, you will then be able to get the license that will get you recognized and operate fully as a legal structure in the country.
5. RAISE FUNDS FOR YOUR BUSINESS:
This stage only applies to those who don't have the required capital to get the business off the ground. And to get your capital, start by contacting banks who grant loans to business owners/entrepreneurs and secure a low-interest loan or you can also contact angel investors who are ready to invest in the profitable business. This is the part where your business plan becomes valuable because it will ensure that you get the financial assistance you seek with fewer hurdles.
6. ADVERTISE AND PROMOTE YOUR BUSINESS:
There are different media channels you can use to advertise your business. Like, television, billboard, newspaper etc. The idea is to create awareness and get people to be interested in the service you are offering.
You can also create an online presence for your business by advertising through any of the social media platforms, like, goggle +, LinkedIn, Twitter, Facebook etc. Get a website design solely for your real estate business and showcase choice properties and apartments for rent or sale along with their prices and your contact address. Make sure your prices are reasonable as that will be the core competences you will have against other competitors in the market place.