Are you looking for a high-paying business to venture into? Then I’ll recommend estate management which is one of the highest paying, lucrative and fast-growing businesses in Nigeria. It is an open secret that real estate in most cases appreciates therefore making it a good asset for investment. And so in this article, I will provide guidance on how to become an estate agent in Nigeria.
Considering the rate at which people are being enlightened on financial security and the need for investments, it is obvious that soon there would be a need for more people in the estate management business. But first, let me tell you more about an estate agent.
Who is an estate agent?
An estate agent also known as a real estate agent is an individual or a company who is in charge of sales, rent, lease, maintenance and management of lands, housing properties and real estate on behalf of another person or company.
This set of people who are professionals usually have a good knowledge of properties to invest in, when to buy properties and when to sell-off. They manage properties on behalf of another person or seek buyers for properties to be sold and in turn, get paid a certain percentage of the total proceeds from each sale.
You need the following basic skills to become a successful estate agent in Nigeria?
- To become an estate agent, you need to have good communication skills and sound knowledge of sales (see How to Handle Sales Objections) and marketing cause that’s where the money lies. Your ability to close a sales deal determines how much money you would take home at the end of the day.
- Friendliness and approachability (See How to Connect With the Right People).
- Good social background to help you get clients to manage their properties or sell to.
- Ability to maintain long-term healthy relationships with previous and potential clients.
- You need to be hardworking, patient and resilient as it could be really frustrating taking clients from one property to another and at the end of the day, it turns out to be a fruitless adventure.
- Sound knowledge of the properties you want to sell as you have to be able to answer any question thrown at you by your potential clients.
- Ability to convince the potential buyers of reasons why they should buy that property from you and not look for other options.
- Good negotiation skills as this is also another key factor in sales, the price of the property (see How to Improve Your Negotiation Skills).
- Lastly, you need to be a pro with houses, lands and properties in general. You should be able to give a customer advice on the type of house they should buy, and what properties to invest in. For example, you could advise a client with little children or aged parents not to buy a house that has lots of stairs.
Now, back to the main question…
How to become an estate agent in Nigeria
Having confirmed that you’ve got all the basic skills it takes to become an estate agent in Nigeria, you also have to decide whether you want to work alone, register your own company or work with an estate agency. All the same, the following guidelines would help you become a successful estate agent:
1. Conduct a market research
It is no gainsaying that before you go into a particular field, industry or business, you have to conduct proper market research. You have to study the industry and learn the ins and outs of the industry.
You should speak to friends and trained individuals who are already in the industry. Study at least ten successful people in the industry, how they started out and what steps they took to attain that successful feat in the industry.
You should devote your time to the study of the specifics of the industry, the risks of the business, economic impact, laws/rules guiding operations in the industry, qualifications required and the capital needed to start out. In short, study around the business. This would help you become successful in the business within a short period of time.
2. Seek knowledge – get trained
To become an estate agent in Nigeria, asides from speaking with established professionals in the industry, you have to intentionally seek to be trained by reputable agencies or take a course online. What is most important is that you’re legally certified to earn a valid license that gives you full rights to run your business in Nigeria.
There are also real estate agencies that conduct training for newbies. There you will learn all you need to know about being a successful estate agent, you will have the opportunity to meet other agents in the industry. You might even meet the top guys and at the end of your training, you could be recruited by the company and start your career to success.
3. Prepare a business plan
Every business-minded person knows that to begin a successful long-term business, you need a strategic business plan. The same rule applies if you want to become an estate agent in Nigeria. You need to write your vision, objectives, and short and long-term goals. It helps to write down the vision on paper. Spell it out so you have something you’re working with.
Your business plan should address issues like how you intend to raise capital, your market strategy, business objectives and how you hope to achieve them. And if you’re looking to seek investments, you should write a strategic business plan that would convince your potential investors to work with you.
4. Get registered as a real estate agent in Nigeria
For you to become an estate agent in Nigeria that is well respected and trusted in the agency, you have to register your real estate agency with CAC (Corporate Affairs Commission). This would give you full certification and rights to run your agency in Nigeria.
You might also need to decide whether to register a business name or a private company. They both have their pros and cons.
You can also get your agency registered with corporate bodies that guide the affairs of real estate agents or agencies in Nigeria. A good example is REDAN which is the Real Estate Developers Association Of Nigeria.
5. Advertise your real estate agency business
Having registered your business, get to work publicizing it (See How to Gain Publicity For Your Business). Let people know what you do. Give your business great exposure and reach out to the right audience using the right platforms. You could make use of the Scrollforth online platform to create a strong online presence.
Scrollforth allows you to create an eye-catching business profile as a real estate agent. You can also advertise properties free of charge on Scrollforth and share your profile and listings easily with clients. Additionally, you can make use of traditional advertising methods such as radio adverts, newspapers or word of mouth.
6. Get office space for your real estate agency transactions
Most especially if you’re working under the cover of an agency, it is important to have an office space. You can employ one or two persons who are also in the estate business and work together with them.
Office space would most certainly help potential clients trust you because they know that they can drop in at any time to check up on you. And if they ever need your service, they know where to go.
In your office space, you can do all the paperwork, or include consultancy services where you give advice to potential clients and later meet to negotiate the price and close deals.
7. Create a good network connection
You have to intentionally find ways to secure good network connections. Make friends with other professionals in the agency, sales brokers, property enthusiasts, Ọmọ Onilẹ is a Yoruba phrase that literally means children of the land owner. The phrase is usually used to refer to people who have inherited large parcels of land and are in the business of selling land. Ọmọ Onilẹ is also sometimes used as a derogatory term to refer to people who unscrupulously collect illegal taxes from land purchasers who have just bought a piece of land or house in some areas. Go to page and people who could have properties at their disposal.
To become an estate agent in Nigeria you need to secure a good network connection which isn’t so hard. Advertisement and a good online presence would help you achieve this.
8. Be ready to move around
You can’t expect to be a successful estate agent and sit in your office all day. You have to seek exposure. You need to move around in search of properties or their owners and liaise with them to help manage their properties. If the clients don’t come, then go to them.
I am sure now that you have read this article, you’re well informed on how to become an estate agent in Nigeria. All you have to do is take the bold step.