Real estate business in Nigeria

Real estate business in Nigeria

By  rumourjuice.com

Real estate business is considered to be one of the most profitable types of commercial activity. It does not require large capital investments and, with proper organization, can be a source of good income.

Despite the fact that the real estate market is oversaturated, it is quite possible to find your niche.

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Real estate business in Nigeria

Real estate business in Nigeria

1. Concept development

The essence of this business lies in the development of various real estate transactions and their legal support. One of the most pressing issues of concern for the entrepreneurs is what to start from when starting an agency. First of all, it is necessary to determine the concept of the project.

Well, there are several promising areas:

• rental of objects for rent (daily, long-term, short-term);

• purchasing and selling residential and commercial real estate;

• equity participation in the construction of facilities.

Agency owners can choose one direction or combine several activities at once.

Real estate business in Nigeria

Real estate business in Nigeria

2. Stages of building a business

Before you create a company, you need to carefully analyze its prospects and develop a detailed plan of actions.

Step-by-step instructions on how to open a real estate agency from scratch:

• registration of a legal entity;

• registration with the tax inspectorate and the retirement fund;

• opening a settlement bank account and ordering an individual stamp for the company;

• choosing the company’s name and its logo;

• finding suitable premises and purchasing the office equipment;

• staff recruitment;

• developing the marketing strategy;

• creating a database of real estate sellers and buyers, the identification of conditions and prices;

• the conclusion of transactions with clients and their legal support.

Real estate business in Nigeria

Real estate business in Nigeria

3. Startup Summary for a small scale real estate business in Nigeria

This is an estimate summary and it is assumed to be targeting low-income residential apartment building in a city.

Investment amount – N50,000,000.

Furniture for the office – N150,000.

Advertising – N150,000.

2 years salaries – N14,400,000.

Office renovations and décor – N300,000.

2 years rent – N1,200,000.

Additional expenses – N1,200,000.

Total summary – N67,400,000.

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