Most people who would like to invest in real estate are put off from doing so by the costs involved. Buying land and developing property are often expensive undertakings. They’re usually the sort of thing that only the wealthy can afford.
But you don’t have to be a landlord to make money from real estate. There are other pathways to reaping handsome rewards in the industry. We’ll discuss five of them here. Let’s dive in.
Invest In REITs
Instead of owning houses or office blocks, you could hold a stake in a company that owns them. Such companies, called Real Estate Investment Trusts (REITs) are in charge of the income-generating property. You can acquire a stake in an REIT by purchasing it at the stock market.
Some registered REITs in Nigeria are Union Homes, UACN Property Development Corporation (UPDC), and Skye Shelter fund. They are all listed on the NGX.
Become A Property Manager
You may also manage the property on its owner’s behalf, and have them pay you for doing so. As a property manager, your job description will include maintaining your employer’s building, conducting inspections, engaging tenants, and collecting rent.
Landlords who employ property managers will expect them to have a good knowledge of real estate, especially in the location in which their property is located. The more experienced you are, the better the management gigs you’re likely to land.
Invest With Online Real Estate Platforms
These days, you can invest in real estate through online platforms. These platforms pool funds from users, invest them in property and pay users a portion of the profits from their investments. This service can be accessed via a number of mobile and web applications.
Digital real estate investment platforms are slowly gaining traction in Nigeria. Among the better-known ones include Risevest, Coreum, and Wealth.ng.
Provide Building Materials And Construction Services
You could set up a building materials supply business for much less than you’d need to buy property. Serve clients in locations where there’s a lot of construction going on, and you’ll likely reap a decent income from your business.
You may also earn some money by delivering construction services. For example, you could organize workers to help your clients with their building process, and with fixing utilities. You might even provide services like marketing and bookkeeping for development companies if you’re skilled at any of these things.
Become A Real Estate Agent
Real estate agents help people to buy, sell, and rent homes. This is something you could do if you’re passionate about real estate and have great people skills.
If you’re going to do this at a high level, you’ll need to register with and get licensed by local authorities. For example, you’ll have to register your business with the Corporate Affairs Commission. And if you’re in Lagos, you’ll need to follow the requirements demanded of real estate practitioners by the Lagos State Real Estate Regulatory Authority (LASRERA).
There’s a lot of money to be made from real estate. As we’ve revealed here, you don’t have to be a property owner to generate an income from the industry. So choose your preferred path from the options we’ve laid out here, and begin earning today.Featured Image Source: Premium Times NG
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