Due to its large land mass and the rapid effect of civilization on habitation and the need for privacy and comfort, lands are being sold and purchased on daily basis and structures are being erected and sold regularly in Nigeria. This makes estate management a good a sustainable business in Nigeria.
For one thing, the value of Landed property can never be reduced except for the effects of flooding or fire outbreak in the area, in effect Landed properties are always and always sold at rates much higher than their respective initial cost prices, and this value even increases more with the passage of time and this is it’s major success idea all over the world.
However, just as every business has ethical aspects which may be applicable in some areas and may not be in some other areas, estate management in Nigeria has a due protocol to follow through for best results to be attained.
Here, we discuss steps to starting a successful estate management business in Nigeria.
1… RESEARCH ON THIS FIELD
Every new business on plan for a start up, requires some survey and research exercise. The first thing you’ll need to do is carry out a little or an extensive research depending on your availed time on how this market operates if you do not have much prior knowledge about estate management. This research opens you up to associated risks as well as profit aspects and factors for the business. Also, you get to understand how you can cope with expected challenges so they dont throw you off-course.
2… RAISE CAPITAL
Estate management requires a large starting capital. Inasmuch as property prices aren’t the same, some are cheaper than others while others are pricey, it is good to prepare for whichever comes your way because you cannot be certain of always having the cheap ones buy and location is the reason for the reason that available properties for purchase may be found at a place entirely different from your expectation. Some houses in Abia State for instance could cost about 20 million Naira, there are available properties of 50 million and more, also there are empty plots of land for 2 million, 5 million, 10 million and more, all depending on location and geography.
3… A BUSINESS PLAN
A business plan is an important aspect and tool for every business in Nigeria. A business plan gives your business a focus and orientation. It explains your targets and aims in written form and helps you to make right business decisions while protecting you from getting side-tracked. You need a business plan to succeed with estate management. Get one ready or seek the help of a professional in creating one. You may call on me for a good business plan for your business.
4… GET A LICENSE TO TRADE
A dealership license is necessary, in fact it’s mandatory because you cannot operate without one as long as you’re going commercial. Seek and apply for a license, when your license is ready, you’re ready to trade. A license means you’re a legal dealer. Also, since you’d be running the business as a company, you’ll need to get registered at CAC. It is no longer as difficult as it used to be, registering your company even makes your appear more genuine with your dealers and to your buyers. These two go together, however it is still possible to trade without being registered licensing is Mandatory moreover, getting registered is also most beneficial for you.
5… SCOUT AND ACQUIRE PROPERTIES
Now with the necessary pre-arrangements, you’re now officially set to commence your business of Estate Management. With the aforementioned practices in place, it is now healthy to begin your investment scheme. Yes, investment scheme because estate management is purely investment. This is the time to scout for landed properties within your desired location or locations. You could also get in touch and register with some active agents to keep you updated on available properties. If you do not have too much capital, perhaps 10 million Naira is your starting capital, you could commence with Land purchases and upgrade later when you source more capital or when you begin to get impressive returns. Ucompleted or old buildings are also a good place to start with, you could buy and complete or upgrade the structures, then lease, rent or resell.
Written by Ogbaragu Michaels