How To Be A Part-Time Real Estate Agent
Real Estate Agent in Nigeria is a broad subject. However, it is important to note that Nigeria which is the best crawling country in Africa and has a citizenry of over a 200million actor people. Nigeria is additionally a rapidly growing bazaar with accelerated bread-and-butter advance due to the accretion of oil assembly and consigns in the Niger Delta arena of the country.
As an aftereffect of this added bread-and-butter advance and a beginning average class, there is an added appeal for apartments which agency that there are added bodies in charge of absolute acreage agents to advise them on the acquisition of their dream homes.
Before becoming a part-time real estate agent in Nigeria, there are a few things to consider. For example, how much experience do you have as a real estate agent and how much time can you commit to the job each week?
If this is your first foray into the industry, it may be a good idea to work with an experienced agent or company that will provide training and support as needed.
There are many reasons to become a part-time real estate agent in Nigeria. Perhaps the most obvious is the fact that it is a job that does not require any previous experience or qualifications and it can be done from the comfort of your home at any time of day.
There is no need to spend your days commuting to and from an office, which can be an expensive and lengthy process.
Being a part-time real estate agent in Nigeria will allow you to earn money and get some valuable experience without leaving your house or taking up too much of your precious free.
Benefits of becoming a part-time real estate agent in Nigeria
One of the many benefits of becoming a part-time agent in Nigeria is that the hours are flexible. Agents can choose their hours and days to work which helps balance the needs of their day job and their obligations as an agent in Nigeria.
Another benefit of being a part-time agent in Nigeria is that it does not require much capital to start up as most Nigerian agents work with just an internet connection and a bank account.
The final benefit of becoming a part-time agent in Nigeria is that there is no limit to what agents can do when it comes to trade or commerce which means they can specialize in specific areas or be generalists in all sizes which makes them attractive candidates for Nigerian companies who may not have the resources or manpower to recruit agents who are specialists in certain areas.
Starting Your Own real estate Agency in Nigeria
As a real estate business owner, there are several niches in the sedulity that you can take part in. A real estate business can be launched with little to no haves up to billions of naira. It all depends on what niche you choose.
Here are some things to note about becoming a Real Estate Agent
Real Estate Agents
Real estate entrepreneurs are also referred to as realtors. These individuals are pukka professionals who serve as intercessors between buyers and merchandisers of real estate, acting as representatives during concession. When a trade is made, the agent receives a commission i.e. a chance of the property’s purchase price. therefore, as a real estate agent, how important you make depends on how multitudinous deals you are suitable to close.
Reseller of Land ( Land Flipping)
As a land reseller, you purchase real estate at a discount and resell it once it has increased in value. This tactic needs a lot of plutocrats as well as knowledge of land appreciation trends. Nevertheless, it can often be very profitable.
Real Estate/Property Development
Property development is another profession within the real estate industry. As a property investor, your main objective is to purchase vacant properties and turn them into profitable businesses or opulent lodging. More money is needed to start this than to start flipping houses.
Similar to the previous specialization, property leasing involves purchasing real estate, building a facility, and then leasing it out. It’s critical to purchase a building in a location where it would be simple to attract tenants if you want to thrive in your industry. In Nigeria, the majority of property owners or landlords request rent monthly. Likewise, if requested, you can always sell this home for a substantial profit.
Writing Blogs About Real Estate
Eventually, blogging on real estate assiduity is another field you might enter if you appreciate writing, providing insight on the globe, and agitating finance. People who want to learn the ins and outs of the industry are constantly available.
You need two key skills to run a real estate business successfully. Initially, networking. You’ll need references for the property, tenants, purchasers, and merchandisers if you’re an agent, inventor, or landlord, and networking both offline and online is invaluable.
Online research is one alternative. You must improve your capacity to locate reliable information online and know how to use it in your work.
Some Steps Involved When Starting Your Own Real Estate Agency
Chose Your Market
You must conduct some research before choosing a real estate business specialization. We provided summaries of the various real estate specialties in the previous section. You must do more research on your end to determine precisely what is fashionable and appropriate for your ideal lifestyle and your aspirations in the workplace.
We’ll now get more specific about two highly lucrative real estate careers: real estate agent and real estate investor.
Real estate inventors organize all aspects of estate development, including the acquisition of property, architectural design, landscaping, and building construction. But keep in mind that building construction firms are distinct from real estate development firms. There is some imbrication, though.
Similarly, although creators are susceptible to Similar to how they are most at risk in the real estate industry, inventors have the most to gain.
In conclusion, as a real estate investor, you:
-Invest in or source land.
-Employing a contractor to develop the structural program and architectural design.
-Get the required structure licenses and funding
-Construct a marketing plan for the property.
-You can sell, rent, or manage the property.
As we have stated, this market is extremely competitive in terms of finance, but as we’ll see in the next sections, there are several approaches to secure the essential backing.
A real estate broker
When making real estate accommodations, real estate agents serve as representatives. They locate consumers who need purchases and match them with merchandisers who are making plans.
Most agents in Nigeria accept a commission of over 10% of the total trade proceeds, the purchase price, or the rental value of the property. However, if you close a contract worth N100 million, you receive N10 million.
Running a Real Estate Agent Business
Once you’ve signed a table agreement with someone trying to sell a piece of property, you start looking for buyers who are willing to pay the highest price and accept the dealer’s most enticing terms. This is how a real estate agent typically works.
Use the internet, flyers, billboards, or review adverts to publicize that the property is available for trade. Place “For Trade” or “For Lease” signs with your contact information on the property.
During a visit or inspection, be accessible to address any inquiries the buyers may have and to tour them around the property.
On behalf of the dealer, negotiate the highest possible price.
Verify the buyers’ backgrounds and financial stability before allowing them to purchase the property.
Finish the sale.
You need to be aware of the answers to these questions before choosing a specialization:
How does the industry operate?
What evidence is there of a job well done?
Who are some of the prominent figures?
What statutes and permits govern the real estate industry in my state/preferred megacity?
Register Your Business
Obtaining an instrument of objectification and registering your firm with the Corporate Affairs Commission (CAC) are the first steps in creating your company. This is particularly crucial in the real estate industry. The ability to open a business account into which customers can make payments is one advantage of registering your company. Additionally, it will elevate your reputation in the eyes of both customers and merchandisers.
Run a name hunt at the gate of CAC to start the procedure. This is to ensure that the company name you’ve chosen hasn’t already been registered by someone else. then you can start the enrolling procedure. You are prepared with the necessary starting materials, including a valid ID card, passport photos, specific attestation, and a hand.
Alternatively, you might pay a lawyer to assist you in registering your company. You can expedite the enrollment process with ReDahlia, and they will immediately post your instrument to any address.
Additionally, join real estate organizations including the Nigerian Institution of Estate Surveyors and Valuers, the Real Estate Developers Associations of Nigeria, and the Association of Estate Agents in Nigeria (AEAN) ( NIESV).
Come Up With A Business Plan as a real estate broker/agent
Create a solid business plan afterward. A business plan outlines your company’s long- and short-term goals as well as how they might be attained.
To better grasp the nature of the business, conduct a thorough feasibility analysis before you start developing your business plan. Learn about the market, the competition, consumer trends, supply and demand patterns, pricing trends, and the target audience you should focus on.
The following details should be included in your plan:
- Administrative Executive
- Business Description
- Team SWOT evaluation
- Market Research
- Analyzing finances
- Marketing Techniques
- Excursus on Competitive Analysis
Partnership as a real estate agent
In this industry, partnerships are quite prevalent and beneficial to all stakeholders. In real estate investment, what one investor lacks, the other can create many links with the first venture partner chancing a worried property at a blinked price, The other, however, finances it using their operating capital and credit score. Just make sure everyone brings the merchandise to the table.
Gambling together is another example of collaboration. A squatter then contributes their land as equity, while an inventor offers to fund from their fund or a third-party guarantee.
Instead of paying the landowner for their property, the investor pays to build the agreed-upon design.
This could be opulent condos, a resort, individual residences, etc. The investor or innovator pays the squatter a portion of the earnings after the design is finished, as specified under the Joint Gambles Agreement. In essence, the investor, innovator, and squatter all work together to establish the estate, and everyone is satisfied.
Branding and Marketing Your Real Estate Business
You need a strong marketing strategy to be successful in this industry! Your business won’t grow if no one knows what a talented inventor or agent you are.
You must apply these marketing strategies if you want to draw in a wide customer base:
- Internet promotion ( social media, Google advertisements, etc.)
- Review marketing using referral marketing
- Via word-of-mouth
- Joint effort/cooperation
- Additionally, be careful to launch your real estate business website as quickly as you can. You can establish your brand on this point, blog about your real estate endeavors, and gain a sizable global following.
Your website should be interactive and interesting so that visitors can learn more about your services and view images and videos of real estate that are currently available.
The real estate industry is a gold mine for investors and would-be business owners. Additionally, there is a small commodity for business owners of any financial standing.
The industry is vibrant and lucrative, regardless of whether you choose to operate as an inventor, agent, or property reseller. “The earth is the chic investment on Earth”, according to Louis Glickman.