Property acquisition is in high demand in Lagos, making room for business opportunities. So in today’s business guide, we shall give you full details on how to start a real estate business in Lagos.
The property estate business deals with buying, selling, and managing real estate properties.
There are four types of real estate business which include vacant land, industrial property estate, and commercial property estate.
The real estate business is lucrative and has massive profits if wisely exploited. Here is a look at how to start a real estate business in Lagos.
How much capital do I need to commence a property estate business in Lagos?
The property estate business requires a lot of money to start, but you can always start with little money.
Have a well-laid-out business plan to know how much you are going to use in the business.
Since the capital is intense for the real estate business, you can join a partnership or borrow some money to start with minimal capital or no capital.
You can also offer services or skills in return to be paid with property though this requires professional skills.
The mortgage strategy is also very common for the property estate business.
Procedure You Must Follow To Start A Real Estate Business In Lagos
1. Have a business plan and follow the latter.
2. Have your real estate business legally registered
3. Ensure you have enough capital to start your real estate business
4. Choose and select your specialty.
5. Market your real estate business on all social media platforms to get more customers.
6. Create a website
Types Of Real Estate Businesses In Nigeria
Below are the common types of real estate business in Lagos, Nigeria:
1. Real Estate Agents – They are also called real estate brokers and act as middlemen between sellers and buyers. They, in return, receive some commission for the work done.
2. Land resale – This method requires a considerable amount of money as it involves buying land and selling them. You buy them at a cheaper price than resell at a higher price.
3. Property Development – For this type of real estate, you buy property in a well-known location or one that is developing, build apartments or commercial buildings, and sell them for away a huge amount of money.
4. Property Leasing or rent – For this, you just need money to buy the property, then you can lease it.
Look for some well-developed location somewhere you won’t have a problem finding tenants.
Is The Real Estate Business Profitable
The real estate industry in Lagos is growing very fast and is profitable. The value of the property increases yearly; thus, one can never run out of profit.
For now, that is all you must know on how to start a real estate business in Lagos. We will do our best to add more relevant details to this guide.