The real estate sector is considered to be very profitable, which has resulted in an increase in the number of investors and agents in the industry. In 2020, the GDP of the Nigerian real estate industry was ₦3.96 trillion. The commercial real estate market in Lagos comprises of office space, retail, hospitality and industrial sub-segments. Given that demand and population growth continue to outstrip supply, Lagos’ residential market has been experiencing persistent under supply. A 1.49 million unit estimate is made for the present supply. On the other hand, we calculate that Lagos has about 3.8 million households, which leads to a supply shortage of up to 2.31 million units. As more people enter the real estate sector, competition heats up, and it is critical that you take the necessary steps to distinguish yourself as a real estate agent in Nigeria.
Who is a real estate agent?
A real estate agent is someone who assists prospective home buyers and investors with the purchase, investment, or sale of real estate. Real estate agents are critical to the development of the real estate industry. If you are a real estate agent who understands the intricacies of real estate investing, you can be confident that you will reap the greatest benefit from successful transactions. The following are seven different tips for becoming a successful realtor.
- CARRY OUT EXTENSIVE RESEARCH
You need to research the industry you want to enter. Research helps you understand your sector, the stats you need to know, and what’s new so you can make informed decisions. Ask questions and read as much as you can about the Nigerian property market. This will give you direction on where to go.
You should become thoroughly acquainted with the specifics, the levels of risk, the key decision makers in the business, qualifications, laws governing operations, and the capital required to begin. You should also investigate how the Nigerian standard of living affects the real estate market.
- BRAND YOURSELF
By creating a distinctive personal brand, you can decide how you want your target audience to perceive you. There are real estate agents who focus on regular real estate and some who focus on luxury apartments and properties. You can start with the first and grow to become a sought after real estate agent.
- BUILD AN ONLINE PRESENCE
There is no denying the fact that real estate agents with an online presence are far ahead of their competitors in Nigeria today. You can attract more clients and potential customers to your business by having an online presence.
You can do this by creating a website and social media accounts dedicated to your business. There are various hosting platforms that you can use to build your website for free or at an affordable price. This adds a touch of professionalism to your brand and helps people connect with you online.
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- NETWORKING WITH OTHER REAL ESTATE AGENTS
Networking with other real estate agents opens up opportunities to help advance a realtor’s career. Connect with professionals and experts by attending industry conferences and events. This puts you in the right circle where you can get valuable tips and know mistakes to avoid.
- GET TRAINING
If you want to be a successful real estate agent, the next step is to get the necessary training from an accredited real estate agency or even an online real estate management course. Following such training, you will be given a certificate that will allow you to operate legally in Nigeria. There are few real estate schools that offer programs to assist in this area.
- REGISTRATION WITH RELEVANT AUTHORITIES
Nobody takes an unregistered company seriously. If you are a licensed real estate agent, you must register your agency as soon as possible in order to appear legitimate in the eyes of the public. The Corporate Affairs Commission is a Federal body in charge of business registration in Nigeria. You will receive a Certificate of Incorporation once your registration with CAC is complete.
Furthermore, you should register your agency with some real estate development associations and agencies. The REDAN (Real Estate Developers Association of Nigeria), Association of Estate Agents in Nigeria (AEAN) are two examples of such corporations. These organizations have policies and guidelines governing the real estate industry. Make sure you are not breaking any of their laws. Being a member of these organizations will also provide you with a number of advantages, such as expanding your network and giving you access to information that will help you expand your business.
- OBTAIN AN OFFICE SPACE
Although not every real estate agent has an office space, having an office from which to operate will greatly improve your status as a real estate agent. This increases credibility, and clients will be able to trust you more easily because they know where they can always find you. Having an office space gives you a sense of professionalism, which will help you negotiate better and make more money.
By following these tips, you can become a successful real estate agent. At Geomatrice Limited, we can provide you with answers and vital information to help you make the best real estate investment decisions.
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