How To Become A Real Estate Agent In Lagos Nigeria – Free Tips
This page has been created to answer that question. There is money in Nigeria real estate business if you do it right. That is why thousands of people have jumped into the real estate business in Nigeria.
When you finally find what she wants (after incurring a lot of expenses), she may tell you she has already found another house she likes. If you are not careful as a real estate agent, you may find that your running cost or business expenses may outweigh your revenue. Bottom line. You may begin to run at a loss. And if this continues, you may eventually shutdown the business for lack of profitability. Follow these simple steps to avoid failure in your real estate agency business. 1. Set up an office near where you live so that your transportation cost will be minimal. There is a second advantage to this.
Real estate business does not need a large office to start, especially if your startup capital is low. A well-furnished one-room or two-room office with good look and feel is enough to establish you as an expert in the eyes of potential client. That is why real estate business is said to be a low capital business because you can even work from home. Many agents work from home as a primary way to cut operating expenses. 3. Focus on a particular neighbourhood Don't try to cover your entire state as a real estate agent. The operating expenses will be massive. Remember that the cost of converting a potential client to paying client is huge. So, the larger the area you cover, the higher your expenses. So, covering a smaller area is good for your business if you are just starting out. 4. Keep expenses low In real estate business, operating expenses can be really high. Phone bills are usually high, transport expenses high, and customer conversion is often low. To keep the business profitable, you have to look for creative ways to keep expenses as low as possible. One way to minimize your cost, as discussed above, is to cover a smaller neighbourhood if you are a startup agent or new agent with no reputation and no client base. That way you do more profitable business. 5. Use text messages sometimes instead of actually calling clients. Text messages are cheaper. The client will often call you back when they receive a text message from you about property available for sale or rent. Call the potential client if he does not respond to your text message within a reasonable time frame. 6. The client should agree to cover the transport fare for the inspection before you begin or else no deal. It's important you insist on this because the client may not like the property you intend to show her and she may not come back. Always remember that real estate clients have little or no customer loyalty. They are not tied to a particular agent. Let the client pick the transportation bill. That minimizes the cost per transaction. It's almost like a standard rule in Lagos Nigeria. 7. Build a real estate web site about the state or area you cover. A web site will bring in visitors from the internet to your business. So, building a real estate web site about the location in the country where you cover is a great business strategy. Important: Use the right internet business software otherwise you will not get enough clients from the internet. I highly recommend you use Site Build It! That is the software I use and it's simple to use, efficient and effective. About membership fees. Ideally, real estate agents should have a professional license before practicing in Nigeria. You should actually be a registered member of NIESV (Nigeria Institute of Estate Surveyors and Valuers) to practice real estate in Nigeria. However, that law is not fully enforced yet. So, many go into real estate business without any knowledge base or license. That may change any time soon. So you should consider joining the association now or sometime soon. That is something you should put in your 'to do' list. Real estate agency business will make you money if you do it right. Remember those words . . . if you do it right. One thing to keep in mind is to manage your cost vis a vis your desire to meet potential customer requests. One way agents minimize cost is to pass as much cost as possible to the potential client. (They are the ones looking for a property not you. So, they should bear the cost of the transaction). I wish you the best in your new business. P.S: Have more questions on how to become a real estate agent? Have a comment or contribution on how to become a real estate agent? Use the form below. Tell Me More ABout Site Build It! Share Your Strategies For Real Estate Business Success
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