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Real Estate Business In Nigeria (Full Guide)

Real estate business 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.

Read Also: Business ideas and Opportunities for 2019

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 real estate sector, you need to be knowledgeable about the Nigeria real estate market law functioning. You are expected to carry out a 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 you visit a business consultant to enlighten you on the business situation in Nigeria.

– Draw out Your Business Plan.

One of the road that leads 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 Wrote a Business Plan (Step-by-Step Guide) 

Real estate business

– Sign the Necessary Paperwork

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 advantage than in a rural area because almost all your potential clients works, 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 for 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 TV advert, radio jingle, Bill board, hand bill etc. Better still, you can promote your firm through the 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 over emphasised as both your potential and seasonal client will be kept abreast about the latest housing and the likes that are in your firm possession as such will like to patronise 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.

Ikoi Abode Ikenna
Ikoi Abode Ikenna is a Pharmacist living in Lagos, Nigeria. A fan of entrepreneurship, technology, and web development and seasoned blogger, currently the owner and editor of Abode Business (www.abodebusiness.com) and West Entrepreneur Forum (www.westentrepreneur.com) you can follow him on Instagram @pharmabode

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