5 New Year Resolutions for Real Estate Investors in Nigeria

  If you’re involved in the real estate business, you’ll want your investments in the space to do well in the New Year. But it takes planning and smart execution to make this happen. Unfortunately, many real estate investors aren’t that strategic about their dealings; they only adjust their approach to things long after market conditions have changed. This often causes them to achieve limited profit, or even suffer significant losses in real terms.

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We have written this article to help you avoid the fate we’ve just described. Here are five resolutions you can work with throughout this year to score major wins with your investments.

Gain More Useful Contacts

Success in the real estate industry depends a lot on the quality of contacts you can access. You will need them for the information they can furnish you with, and the leads they could send your way. Aim to grow your list of existing contacts. You may expand your network by attending meetings and real estate conferences, where you’ll have a chance of linking up with investors, agents, and other players in the industry. You may even set a monthly target for yourself, e.g. to get five new valuable contacts every month.

Aim for a Higher ROI

There’s no harm in striving for better results from your investments this year. In fact, this is something you should take seriously if you want to expand your business in the near future. Each naira you put into acquiring and maintaining property should yield you more than it’s done in the past. This may require that you tweak your strategy and redistribute your resources so that higher-performing assets get more financial support.

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Learn More about the Industry

Commit to learning as much about the real estate business as you can. Keep tabs on the happenings in the space. Understand the laws relevant to it, know the various types of players in the industry and what they do, and find out how conditions in the broader economy can affect the property market. The more knowledgeable you are about these things, the better your investment decisions will be.

Strengthen Your Online Presence

There’s almost no limit to the number of potential clients you can reach via online channels if you play your cards right. A growing segment of the demand for property comprises people who seek out residential and commercial spaces for sale or rent on the internet. You can reach these people by setting up a website for your business, maintaining social media pages, and building an email list of leads and prospects with whom you’ll regularly communicate. Learn how these channels work, and use them to your advantage.

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Adopt a New Investment Strategy

If your approach to investing in real estate hasn’t delivered the results you desire, it may be time to change it. But be sure to determine what its fault is, as you will only be able to come up with an appropriate solution when you’ve done so. Consider other strategies, especially the ones that have worked for others that operate in markets similar to yours. There could be a winning play amongst the many being used out there that’ll be fit for your purposes.

Final Words

This could be the best year yet for your real estate business if you set out with the right plan and attitude. Study the industry, set and pursue reasonable targets, strengthen your online presence, and tweak your strategy if need be. Take these steps, and you’ll be on your way to achieving success with your investments. Featured Image Source: Daily Trust

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Got a suggestion? Contact us: editor@connectnigeria.com  

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This article was first published on 11th January 2023

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