Real estate is a major pillar for any economy. The homes, shops, warehouses, and office spaces in which most of our activities take place are its ‘products’. Demand for them continues to grow, so there’s money to be made within the various industries and niches of the sector. But many real estate businesses in Nigeria are capital-intensive; not a lot of people can scale the steep barriers of entry.
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Here’s good news: several businesses in this domain will cost you little or no money to start. We’re revealing 7 of them in this article. Here they are:
Real Estate Brokerage
This is probably the easiest way to get into real estate. It entails your acting as a middleman between a property owner and a buyer. You won’t need a lot of money to start.
You may require a smartphone and an internet connection if you’re going to spread the word about your services online. But the other needs (networking and communication, knowledge of property location and prices, and even an internship with an established agent) are obtainable for free.
You can begin as a freelance or independent real estate agent. Use WhatsApp, Facebook Marketplace, or property listing sites (such as Connect Nigeria Real Estate) to advertise listings.
Real Estate Marketing and Lead Generation
If you’re a great digital marketer, you can offer lead generation services to real estate firms. You could help them attract potential buyers or renters through social media, SEO, or online adverts.
This is assuming that you have digital marketing skills. But if you don’t, you can learn with YouTube or free online courses. This will make you better at using social media and content creation tools to secure leads for your clients.
Ideally, you’ll want to target agents and professionals who don’t have time or skills to market online. As you complete projects, you can add them to your portfolio and solidify your reputation.
Property Management
This involves managing property (residential or commercial) on behalf of its owners. Your tasks as a property manager may include collecting rent, handling maintenance, and ensuring tenant satisfaction.
You can begin this business with little or no money. But you do have to be great at managing resources and engaging people. You should also possess some legal and contractual knowledge (this doesn’t mean you should have a legal background). And, importantly, you must be a trustworthy person.
Your ideal client will be a property owner who lives abroad or in another state and needs help with managing their property. You can start small and grow through referrals.
Shortlet Management
Short-term rentals are booming in cities like Lagos and Abuja. However, property owners are sometimes unable to oversee these residences themselves. You can help them with this, and even with setting up the shortlet business itself.
You do need to be familiar with various shortlet platforms that work in Nigeria, as well as marketing and customer service. And when you start to land shortlet management work, you’ll want to have the contact details of reliable cleaners and furnishers.
To begin, reach out to property owners or landlords with vacant homes. Propose a partnership in which you manage their property and share profits with them. Upon reaching an agreement with them, you may promote their property on short-term listing sites (e.g. Airbnb) and social media.
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Real Estate Blogging or Vlogging
Content creators who are interested in real estate can make money by educating people about property investment, locations, and real estate trends in Nigeria. If you choose to go this route, you can monetise with adverts, sponsorships, affiliate links, or consultations.
Skills you will need to succeed at this include writing and video production, knowledge of the Nigerian real estate market, and access to a smartphone, laptop, or camera.
With the items listed above, you could start a blog, YouTube channel, or TikTok account focused on Nigerian property. Use these platforms to share tips, market updates, and property reviews. In time, you will begin to attract followers and potential clients.
Real Estate Photography and Videography
The best property sellers online know that quality photos and videos play a big part in sparking interest from prospects. So, they will appreciate the services of a professional photographer or videographer who understands real estate marketing. Agents and developers could pay you decent sums to produce nice photos and videos of their property.
A high-end smartphone and basic image or video editing software are the tools you need to begin. But more than these, you should possess a creative eye and be punctual with your deliveries.
You can offer property shoots for a discount at the beginning, and then scale by targeting high-end property markets or estates under construction.
Land Flipping Through Referrals or Partnerships
Land flipping is buying land at a low price and reselling it at a profit. If you don’t have the capital for it, you can partner with landowners or companies to find buyers and earn a commission.
Networking and negotiation skills will come in handy, as will the ability to do due diligence. Agreements with landowners and developers are essential, too.
Here’s how to start: approach small developers or landowners with a proposal to market or sell plots in exchange for commission (%5 to 10%). You could then promote the property on social media (e.g. Facebook or TikTok). In addition to this, you may also host small viewing events.
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Final Words
The Nigerian real estate sector presents plenty of untapped potential for resourceful entrepreneurs. The real estate businesses in Nigeria discussed here are just a few examples. You could take one of these ideas, adapt it as you like, and build a successful venture out of it.
Featured Image Source: Srminternationalrealestate
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