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How to Start Real Estate Business in Nigeria: Getting Started
Make no mistake — there’s plenty of money to be made in the Nigerian real estate industry.
However, this is not a business for the faint-hearted. This is because a number of things could go wrong- people taking over or encroaching on your landed property, stubborn tenants who refuse to pay, government demolishing properties due to development projects, and the list is simply endless.
But if you are smart and you take the time to learn the ropes and you are not scared of the little risks and challenges,you would become very rich in a very short while.
There are several ways to make money from the real estate industry in Nigeria; you don’t necessarily have to be a millionaire. Here are some of the major ways to make money-:
Become a Real Estate Agent
You need very little capital to become a real estate agent and unlike in developed countries where you have to go for specialized training and write lots of examinations, becoming a real estate agent in Nigeria is very easy. You just need to be influential, be able to convince people, have great networking skills and be very straightforward in your dealings.
Your duty as a real estate agent would basically be to link prospective buyers and sellers together. You earn commissions for this and you could earn between 10-30% on a single deal.
Become a Real Estate Developer
A real estate developer carries out structural development projects like building of houses and offices which he sells to interested buyers for a profit.
Real estate developers make a whole lot of money but need a lot of capital to start as well.
You can make some cool money just by acting as a legal consultant to real estate projects and deals.
Real Estate Surveyor
Real estate developers almost always need the services of surveyors to help them access the land and areas they wish to develop. You can also make a lot of money from being a project surveyor.
Real Estate Blogger
Another way to make money from Nigeria’s multi-billion naira real estate without spending too much money is to become a real estate blogger. You can discuss numerous interesting topics bordering on the Nigerian real estate industry and get lots of people to advertise on your blog.
Real Estate Magazines/Journals
Also, you can publish real estate magazines for sale. There are quite a few real estate magazines that are doing pretty well in Nigeria. You can come up with yours too and start making cool money from selling and advertisements.
The real estate business in Nigeria is capital intensive hence you must be prepared to invest heavily except you want to go for the business models that don’t need too much capital.
Whatever you do however, be prepared to guide your investments jealously. Always do your due diligence before investing in any land or property to avoid being scammed or ripped off.
You must also have a legal consultant who would handle all the legal aspects of the business and advice you appropriately.