The real estate business has been one of the top-notch lucrative businesses in Ghana. In today’s guide, we shall provide you with the necessary information on how to start a real estate business in Ghana.
Maybe you’ve realized how profitable this business can be when managed well, and you want to learn how to start.
Then, you find yourself reading the right article because this guide will feed you with the right information on how to start real estate in Ghana.
What Is Real Estate
Real estate is the land, plus any other human-made structure that comes with it, such as houses and other structures.
The real estate business develops properties and also improves existing properties by adding value to them. The operation of a real estate business can be done in 2 ways, and that is operating as an investor/ entrepreneur or being an agent.
Also, the real estate business involves the following:
1. Buy property
2. Sell a property
3. Rent out a property
Therefore, five types of real estate business are commonly practiced around the world, and they include;
1. Residential Real Estate – here, their operation is meant for properties for residential purposes. E.g., townhouses, family houses, etc.
2. Commercial Real Estate – deals in properties meant for commercial purposes. E.g., gas stations, hospitals, etc.
3. Industrial Real Estate – they develop properties used for manufacturing, production, distribution, storage, research, and developmental purposes. E.g., factories, warehouses, etc.
4. Land Real Estate – this operation involves the buying, renting, or selling undeveloped land to/from customers. e.g., farmlands, orchards, etc.
5. Special Purpose Real Estate – here, the real estate business develops properties used by the public, such as; cemetery, libraries, etc.
The Needful Things To Consider Before Starting Real Estate Business In Ghana
To start or build a successful real estate business in Ghana, certain measures have to be considered to help boom your business. Such measures include;
1. Choice of location for your business – location is very key in establishing yourself in the real estate business, and it should meet people’s choice and taste. Making sure that the area chosen is convenient, has a good reputation and a good history. Also, the business office location should be easy to find.
2. Build A Business Plan – your business plan will help you determine the type of real estate you can start.
3. Build A Business Brand – building a good business brand will help find and attract patronage easily.
4. Find A Business Name – your business name should be simple and easy to stick with people.
5. Register your business – your business registration will help customers gain trust in your services knowing they are dealing with a legal company.
Also, it will help prevent any future problems with the government.
6. Buy land or properties from the right owners – this will help prevent any future misunderstanding or dispute between property owners and customers.
7. Advertisement is key – advertising your business will help attract many clients. There are several media through which one can advertise their real estate business, and they include; TV, radio, newspapers, billboards, social media.
How Much Does It Cost To Start Real Estate Business In Ghana
Real estate business will need a high capital to establish if you’ll be acting as an investor or entrepreneur, but it doesn’t cost much when you operate as a real estate agent.
Agents only help clients locate properties of their choice and taste to buy, rent, or sell.
But when you operate as an investor and your capital at hand doesn’t meet your business plan, you can seek alternative funding from banks and other investors.
How Profitable Is Real Estate Business In Ghana
The real estate business in Ghana is a very lucrative business that has helped in the development of the country for a longer period.
Investing in the real estate business in Ghana comes with an overwhelming profit.
That is because of the high increase of the people in the middle class.
That has caused a higher demand for real estate properties because real estate properties meet the choice and taste of many who want to spend huge money purchasing good and quality properties.
Also, the increase of expatriates has caused the real estate business to rise to a higher peak.
Properties have to be developed to meet that of what they use to patronize in their native countries.
Therefore, the higher demand for purchasing properties has made the real estate business a profitable venture to channel into.
Best Areas To Start Real Estate Enterprise
Remember to have a successful real estate business established, the area or place of operation should be a key consideration.
Therefore, the best area to choose is new sites near to cities.
That is because people patronizing are not suppose to find it difficult to run their business and their daily activities away from home.
So the areas to choose from are always supposed to be near business centers in the city.
How To Make A Successful Real Estate Business In Ghana
To be part of the successful players in the real estate business, the following measures have to be practiced and considered.
⦁ A good customer relationship must be ensured.
⦁ Offer good customer care.
⦁ The affordable pricing of your goods and services.
⦁ Good and quality services will help find and keep clients.
⦁ Determination and hard work are very important in running a successful real estate business.
⦁ You should be ready to face fierce competition from successful players in the business.
⦁ There will be setbacks. Always prepare to face and concur with them.
Challenges In The Estate Industry
The real estate business in Ghana faces some challenges.
To be successful in this venture, as an entrepreneur, you always have to find ways to identify the challenges or problems hindering your business’s progress.
Therefore, the major problem faced in this business is the purchase of properties from the wrong source, and all the people that form part of the real estate business face this challenge being the broker, salesperson, and customers.
The Benefits Of Setting Up Real Estate Business In Ghana
The financial benefit made out of the real estate business is impressive.
Also, many think the real estate business only benefits the broker and salesperson.
Still, rather it creates job opportunities for many businesses and professionals such as architects, title insurance companies, surveyors, lawyers, accountants, and many others.
That is all the information we can provide on how to start a real estate business in Ghana.