Real Estate Enterpreneur Overview

REAL ESTATE ENTREPRENEUR OVERVIEW

In a lay man's language, Real Estate are lands, Buildings and all its components excluding Mineral Deposit in the case of the Nigerian Law. Professionally, Real Estate is land with all improvements to the lands that are immovable. It is in some context to or covers real property which is the ownership of land and appurtenances including anything of permanent nature such as building, structures trees, interests, benefits and inherent rites but excluding mineral deposit in the case of the Nigerian law
Real Estate and its appurtenances have the characteristics of being Transferable, Fixed, Their values can increase or depreciate over time,perception and need, Their use are flexible. Sometimes their values increase with location and proximity.
Land/Real Estate appreciates based on perception. Eg. thinking that only big boys can live in the Victoria Garden City, Lekki, Banana Island,etc in Lagos, Nigeria and Maitama, Asokoro, Wuse II,in Abuja, Nigeria is a perception that can influence the properties in thees areas and make it only affordable for such class of people.
Consequently, the fact that people cannot afford for the properties in the big cities cited above makes it imperative for them to resort to properties in upcoming cities.
The process of adding value to Real Estate or Property is called Real Estate Business. It is the facilitation of the value adding process and exchanging it for a monetary equivalent directly or indirectly.
We have Residential Real Estate which involves houses for rents, sales, and lease.
Commercial Real Estate involves office complex, Hotels, Stores, and Short Lets and
Industrial Real Estate involves building an empty factory and ware house with the necessary infrastructures then source for investors who can now fix in their machines and make use of the factory
How this process of facilitating the value adding process in real estate faces a lot of challenges in some developing countries like Nigeria. Some of these challenges are
1.)Poor funding
2.)Lack of Professionalism
3.)Land Use Act
4.)Corruption
5.)Poor Banking Support
6.)High Interest rate
7.)Attitude of Local Land Owners
8.)Overwhelming needs
9.)Distrust
10.)Lack of Standardization
11.)Poor Record System
12.)Poor Planning
13.) Government Ineptness
14.)Attitude of Labour and Practitioners
15.)Greed
A more elaborate discussion on the challenges facing the real estate sector in developing nations shall be treated as a sub topic in our subsequent flip towards the end of this discussion
However, amidst the enormous challenges facing the Real Estate Business, opportunities are boundless in the real estate industry especially in developing nations like Nigeria
With a population of over 40 Million and also the enormous potential and resources in the country, it has become the choice destination for many foreign nationals. This has added enormous pressure on the population of the country and as such created a big market potential, opportunity and prospects for the real estate business. Generally regarded as the most populated country in Africa and the fifth largest in the world, the housing need in the country cannot be over emphasized. Nigeria is current having a housing deficit of over 18 million. This means that there exist an opportunity of over 18 million housing need in Nigeria. If one could tap into 3% of these housing need in the country Nigeria, then one will not think of going broke in life again.
Below is brief list of the opportunities that can be tapped into in the Real estate industry in a developing country like Nigeria
1.) Research and Development
2.) Material Production
3.) Construction Management
4.) Facility Management
5.) Creativity
6.) Service Area
7.) Brokerage
8.) Capacity Development
9.) Building Material
10.) Government Partnership
11.) Rural- Urban Drift
12.) Service Areas
These opportunity in the Real Estate as a result of the enormous population of the country nigeria and about 18 million housing deficit which invariable created 18 million housing opportunities can be sub divided further to generate some of the key areas of the of real estate an enterprenuer can tap into or look at it.
1.) Facility Management
2.) Renting
3.) Brokerage/Agency
4.) Recreation
5.) Material Production
6.) Advertising Toll creation<br />
7,) Material Sales<br />
8.) Advertising Agency<br />
9.) Facility Maintanance and Management
10.) Material Creation and Development
11.) Capacity Development
12.) Hospitality
13.) Construction Management
14.) Resellership
15.) Professional Practices
16.) Mortgage
17.) Circulation Management
18.) Real Estate appraisalship
19.) Specialised skills
20.) Design approval
21.) Co-operative Real Estate Management
22.) Documentation
23.) Real Estate Investment Club
24.) International Agent
25.) Mobile Homes
26.) Real Estate Hedge Tried Management
I know by now it is now obvious to you my readers and prospective entrepreneur that there are enough opportunities to be tapped into in the real estate as an enterprenuer. However,as an enterprenuer you need an intrinsic qualities and charisma to excel effectively in the enormous opportunity that are bound in the real estate. These qualities can be acquired if they are not present in someone
OPPORTUNITY IN THESE AREA: HOW TO TAKE ADVANTAGE
* Look at your strength
- skills
-passion
-temperature
* Concentrate on needs area
* Skillfully link and combined opportunity
* Look at your advantage
-locatio
-exposure
-specific needs
* Develop a plan
* Follow it
In addition you need the following to kick start you quest to be an enterprenuer
* Hard work
* Vision
* Patience
* The attitude
* Skills
-Professional Business Skills and Business
* Time
* Money
HOW TO MAXIMISE YOUR OPPORTUNITY
* First Dream
* Connect Products
* Get as much as you can into your network<br />
* Delay self gratification
* Reinvest your funds
* Just keep buying investments
FINAL WORD
* Keep learning your roles and go for Training
* Work extra hour
* Master that art of sales
* Believe always that you can
* Having a big plan
For more information on other blogs in our network visit the link
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NEGOTIATING WITH A PARTNER COMPANY
* Always think win-win
* Always think-work
* The Partner play his role by advertising and providing its products
* You play your role by selling it
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