How to Start a Real Estate Development Company -2023
We recently covered business ideas, and we went through ways to profit from real estate in Nigeria. In that post, we discussed how one of the best ways to profit from the Nigerian real estate market is by working as a real estate developer or land property developer.
Thus, I will go into great depth today about how to become a land developer or real estate developer in Nigeria. I’ll give you the step-by-step instructions you need to follow so you can do it correctly the first time around without making any mistakes.
For a single person or a group of people, a real estate developer constructs a home or estate. These homes might be used for residential or business purposes. A real estate developer is skilled at what they do because they have formal or informal training in civil engineering.
Developers of real estate frequently collaborate. To build houses properly, they require the assistance of surveyors, architects, carpenters, and bricklayers. They do, however, manage the structure and decide what should be included or omitted.
How to Become a Nigerian Real Estate Developer
The stages to becoming a real estate developer in Nigeria today are listed below:
1. Get the talent
You still need to learn how to become a real estate developer, or what I like to refer to as the hands-on skill, regardless of what you may have learned in a technical school or at a university. You must discover the requirements. How real estate developers often behave when they visit construction sites, how they handle their employees, and how they generate revenue.
You must learn to comprehend the entire construction process of a house, from the ground up to the roof, which cannot be easily understood from the exterior but only from the inside. You must be aware of the building regulations if you are a real estate developer in Nigeria.
For instance, ensuring that a building’s borehole is far from its septic system. Before you can even call yourself a real estate developer in Nigeria, you must learn all of this. The typical learning period for this skill is one to two years.
2. Publish your company name
Without registering your company as a corporation with the Corporate Affairs Commission (CAC) and yourself with the Real Estate Developers Association of Nigeria, it is difficult to become a professional real estate developer in Nigeria (REDAN).
The two most crucial registrations establish you as a specialist in your field. Also, it qualifies you for government recognition as a qualified real estate developer. If you have the two registrations, you can win any contract from both public and private organizations.
In particular when one of the structures you construct falls, you will be viewed as a quack if you don’t have the registration and you risk being jailed. For a step-by-step guidance on this, read our post on how to register your business name in Nigeria.
3. Network with other programmers
If you really want to make it as a real estate developer in Nigeria, networking with other developers is crucial. This is so that no company can thrive by itself. To attract clients who want to build their homes and for advise, you need to network with other real estate developers in Nigeria.
There are numerous difficulties you must overcome. These difficulties can be extremely overwhelming, especially if you don’t have a qualified partner with whom to discuss them. You may network with other real estate developers in the field in a variety of ways.
You can meet them by going to frequent meetings of local real estate developers and by running into them on the job sites.
4. Attracting Your Initial Customers
The hardest part of being a real estate developer in Nigeria is finding your first set of clients, and this is because many developers have unrealistic expectations and believe their first contract must be worth a million naira.
To increase your client/customer list gradually as a real estate developer, you must be prepared to accept any work. Otherwise, you won’t succeed on time. You may easily secure contracts for home renovations, drain cleaning, fence repairs, and roof repairs, all of which will make it easier for you to make money.
Before entering into contracts for the construction of houses or estates, you can look for these kinds of contracts. Start with low-risk work and work your way up to high-risk work.
5. Begin Construction by Purchasing Land and Homes
If you want to become a well-known real estate developer in Nigeria, it’s crucial to build homes that suit your clients’ tastes. In addition, avoid compromising your standards when it comes to building materials because you will pay for it in the near future.
Always construct sturdy, attractive homes. If your customers are happy, they will recommend you to their family and friends who also want to build their own homes. Even if none of this advice will bring you millions of naira right now, it will get you there far more quickly.
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