With the economic meltdown Nigeria is currently facing, learning a skill would go a long way in helping one to escape financial hardship and be able to put food on the table.
If you’re one of those planning on becoming a real estate agent, I must congratulate you as it’s a very lucrative business to venture into.
Becoming a real estate agent has its pros and cons, just like every other business in the world.
But having basic and practical knowledge of how to become one would prove useful!
That’s the reason this article has been put together to help you out with practical steps on how to become a real estate agent in Nigeria.
How To Become A Real Estate Agent In Nigeria
Find a credible real estate company to work with
This is by far, the basic and most important of all the steps you’ll need to become a real estate agent.
This is because starting on your own— looking for buyers or sellers by yourself—would prove futile.
You’ll be needing all the help you can get therefore this credible real estate agency would afford you first-hand training and experience to aid your learning and propel you to succeed.
You can search online or better yet, inquire from notable real estate companies (like King Court Realtors, T Pumpy Concept, and Adron Homes & Properties Limited but to name a few) about the best real estate agency to intern at and know about the processes involved.
Build your communication skills
How would you cope with prospects who are reluctant to do business with you?
How would you speak with them politely when they irritate you— intentionally or unintentionally?
That’s the more reason you’ll need to build your communication skills.
Similarly, the mistake of communicating poorly, and not being able to listen more and understand what the other person is saying can be disastrous for both parties.
Hence, building excellent communication skills is a must for any upcoming real estate agent.
Copywriting is the art of selling with words. Because of copywriting, you’re able to know your prospects better— what they love, hate, their desires, and all— thereby enabling you to appeal to their emotions when you’re selling your product to them.
Also read: Real estate in the metaverse.
Also, copywriting provides you the opportunity to connect with your prospects on an emotional level; you’re able to understand their feelings.
Furthermore, copywriting gives you an edge over those who are learning courses related to real estate at the university as they are only taught the basics of real estate marketing and not how to sell to your prospects.
Take up real estate management courses
Be it an online or offline real estate management course, taking it would boost the knowledge you already have about it, even if you do not know whatsoever about it.
RealsAcademy is a school in Lagos where you can be taught all you need to know about real estate management and in the long run, become professionally competent enough to become a real estate agent in Nigeria.
And if it’s online learning you desire, Udemy has lots of high-demand real estate courses to get you on top of the game.
Build your sphere of influence
This can be done in 2 ways;
- Do your warm sphere— reach out to everyone you knew from your first grade; your family, friends…
- Colds sphere— These include people you meet at seminars, training, and business meetings. Although this takes time, it’s worth it!
In Nigeria, it’s much easier to become a real estate agent compared to other countries like the US where you have to meet some requirements like age, educational qualifications, exam capacity, etc.
How Do Real Estate Agents Earn Money in Nigeria?
The amount a real estate agent makes largely depends on the percentage of the property being sold.
In Nigeria, real estate agents essentially earn from selling houses and land.
The standard percentage a direct agent gets from the sale of land is 10% of the total fee.
If the sale of the land doesn’t come through you, you get paid per your agreement with the direct agent.
The percentage a real estate agent gets when a house is sold varies.
This is because when selling a house, apart from the price of the house, the buyer pays the agent an agent fee which is usually 30% or 40% of the price of the house.
There are other ways a real estate agent earns money from selling a house:
- Push entry or inspection fee: This is paid by the buyer to the agent before checking the house and inspecting It.
- Real estate agents working as direct employees for real estate companies could be paid salaries, separate from their commission.
How Can A Real Estate Agent Boost His Income in Nigeria?
Close more deals
As you start to make a name for yourself within your brokerage, you’ll get more opportunities.
The amount of time you put into prospecting and regenerating usually equals the result you get out of it.
Don’t be afraid to negotiate
As a seller’s agent, if you can boost the sales price, you increase the commission.
You want to negotiate on behalf of your client if you’re the buyer’s agent, and in doing so, you can get better referrals in the future.
Real estate is all about who you know.
The more people you know, the more deals you can get, and the more you’re able to boost your income.
When you’re not directly working on closing a contract, you should be working on meeting new people.
Provide more services
When working as a listing agent, you can offer services like creating high-resolution photos, and video photography.
The more services you can provide, the faster you can sell the listing and the more money you can make.
Now that you’re well acquainted with the steps to becoming a real estate agent in Nigeria, you no longer need to wait. Apply these steps now and witness the results unfold…
How much does a real estate agent make in Nigeria?
A real estate agent in Nigeria makes around NGN 75,000 to NGN 150,000 per month.
How to get a real estate license?
In the US, you can get it after you pay the application fee and fill out the form. However, there is no place in Nigeria to get a license; as Nigerian realtors don’t use it.
How long does it take to get it?
It takes around four(4) to six(6) months.