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How Real Estate Business can fetch you Millions of Naire without investing your money on it

The thing about starting a real estate business is that, it can turn you to overnight billionaire. Make no mistake, there are lots of money to be made in different aspects of Real estate business in Nigeria. Read on to find out more.

Real estate may have produced more wealth than any other industry but people still remain skeptical about entering into the fray. Most people think that they need to start with some sort of capital but that's not always the case. The one magic power you do need is to be able to find the money, and we are often not talking much to open up escrow. If you know what you are doing, you can make money in real estate even if you are just starting out.

A real estate business is a business entity that deals with the buying, selling, management or investment of properties. According to The Balance real estate is the "property, land buildings, air rights above the land and underground rights below the land.

Real estate is very wide with many branches. Now, how do we enter into a real estate business investment as young start-up with no huge resources to buy a property? I will talk on two aspects you can start with no or less capital.

1. Real Estate Agent.

A real estate agent: some call it Real Estate broker or Realtor. Acts as an intermediary between sellers and buyers of real estate property. He/she attempts to find sellers who wish to sell and buyers who wishes to buy. A real estate agent typically receives payment called a commission for successfully matching a seller with a buyer such that asale is made.

This commission is usually shared with other participating real estate brokers or agents when applicable. The most common rate in Nigeria is 10% commission on the deal. For instance, you do a deal of 100 million ten you have 10 million as commission.

How do Real Estate Agent Operate?

Upon signing a listing contract with the seller wishing to sell the real estate, the agent attempts to earn a commission by finding a buyer for the sellers’ property at the highest possible price on the best terms for the seller. To help carry out the goal of finding buyers

Two skills you must have to succeed in this line of business: you must be a good networker because you do would need to find both buyers and sellers. And you must be able to use the internet well, I don’t mean just knowing how to browse, you must know how to shovel out good, right and genuine information.

The second aspect of real estate business I would like to talk about is one I’m directly involved in. I believe many will have an eye opener with this. It’s where you bring all your entrepreneur skill to play.

2. Real estate development or Property Development

Real estate developers are the companies who co-ordinate all the activities of converting ideas from paper to real property. Real estate development companies are quite different from construction companies, although many developers also manage the construction process.

Developers usually take the greatest risk in the creation or renovation of property and receive the greatest rewards.

Typically, developers

1. purchase a tract of land determine the marketing strategy of the property

2. Develop the building program and design

Obtain the necessary public approval and financing

build the structures, and rent out, manage, and ultimately sell it

But there are other numerous ways you can benefit from Real estate and smile to the bank such as:

Buying/investment in shares of property companies

Land Acquisition

Land Survey

Property acquisition

Architecture

Construction Companies

Legal Services.

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Nigeria Real Estate Business The Balance

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