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How To Become An Estate Agent In Nigeria

How To Become An Estate Agent In Nigeria

Are you interested in working in the Nigerian real estate sector? The job of a real estate agent could be a good fit for you. Interestingly, you don’t require a university degree to necessarily become a real estate agent. To some people, it’s just a side hustle while to others it’s a full-time job. It all bores down to whether you want to work as a real estate agent full-time or part-time. In this post, we will be talking about how to become a real estate agent in Nigeria.

Overview Of The Nigerian Real Estate Sector

The demand for real estate has increased quickly in tandem with Nigeria’s economy. However, recent global events, namely the pandemic, have had an impact on Nigeria’s economy, which in turn has had an impact on the real estate market. The Nigerian real estate industry has experienced exponential expansion over the past few years due to rising foreign direct investment, growing urbanization, and robust corporate demand. 

In a report published in January 2015 by CBO Capital, the industry was estimated to be worth $39 billion and increasing at 10% annually.The real estate industry in Nigeria was among those most severely affected by the recent pandemic. Long-term expectations within the sector have been drastically changed by its effects. Stakeholders did not instantly experience it. Different industries experienced the pandemic’s effects to varying degrees, some more so than others. Access to money is one of the main problems the sector is now facing. Nigeria has all the necessary elements for real estate investment, including a burgeoning middle-class population, rising urbanization, and young populations in comparison to countries with stronger foundations.

How To Become A Real Estate Agent In Nigeria

By serving as a middleman, a real estate agent relieves the homeowner of the burden of finding potential purchasers or tenants and places it entirely on their shoulders. Being able to persuade or promote your services to both the homeowner and the buyer is, therefore, necessary for becoming an effective real estate agent.To become a successful real estate agent in Nigeria you must have the following skills:

Ability To Convince Property Owners

If you’re interested in working as a real estate agent in Nigeria, you should start by contacting property owners. To get the property owner to sign an agreement, you must first offer them an unbeatable value. You must first be able to negotiate, which is a key talent in the real estate sector, to persuade others. An agreed-upon proportion is being negotiated, and it should be reasonable and advantageous to both parties. First, make the owner of the property an offer that will make it simple for them to accept your offer. If you complete your task well, you probably have a far higher probability of succeeding than the typical average. This is separate from the fee the buyer must pay.

Ability To Convince The Buyer Or Prospective Client

There won’t be any business without the customer. The buyer or client as it may appear contributes significantly to your success as an estate agent. You must therefore thoroughly appreciate the significance of your client and make a considerable effort to persuade him or her to do business with you. Highlighting the benefits or competitive edge of your offer is a strategy you can use to your advantage when trying to persuade your client.

Trust Is Very Crucial In Real Estate Business

The real estate sector revolves around trust. The real estate agent must be extremely reliable and uphold the interests of his client. This can be challenging at times, particularly when you have to create your percentage and make sure the property owner gets a fair deal as well. When a customer earns your trust and is pleased with the transaction, you are more likely to benefit from word-of-mouth marketing. He or she notifies their families and friends, who then spread the word. You will receive the much-needed boost and desired visibility thanks to the viral nature of this sort of advertising. Gaining the confidence of your very first client is a crucial first step. If you keep doing this to all of your clients, eventually you’ll have a group of devoted clientele who will trust you with their assets.

Do We Have Any School That Offers Training To Real Estate Agent In Nigeria?

To be sincere, we are not aware of any that we can recommend. The truth is that majority of real estate agents in Nigeria lack professional training in this area but have succeeded as real estate agents because of their persuasiveness and marketing skills. However, this topic is covered in courses offered by Nigerian universities and other higher institutions. A few real estate-related fields that serve as examples are architecture, quantity surveying, and real estate management. These are not necessary, however, they would be very helpful in becoming a real estate agent.

How Much Do I Need To Start A Real Estate Consultancy Agency?

There are extremely few requirements for start-up expenses. The start-up costs associated with being a real estate agent in Nigeria are minimal and just include the cost of registering a company name and other associated fees. However, setting up an office will not be a bad idea if you want to be regarded seriously. However, your financial strength will determine this.

Is Estate Agent Job Lucrative In Nigeria?

Those who are interested will probably have this on their minds constantly. Yes, it can be very profitable, but only if certain requirements are met. Being a well-known real estate agent within the real estate sector is one of these requirements. This does not imply that you cannot succeed while you are just getting started. But it takes a lot of patience, just like other enterprises. Prioritize expanding your network first. Real estate agents occasionally land lucrative contracts that might bring in 100 million Naira or more for them!

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