If you’re interested in a career in real estate, there are plenty of options to consider in Nigeria. Whether you’re looking to get involved in property development, sales, or management, there’s a role for you. This blog post will explore some of the different career paths available in the Nigerian real estate industry. So if you’re considering moving into this exciting and growing field, read on!
Breaking Into the Real Estate Industry
If a career in real estate has been calling your name, it’s time to answer the call! A successful future in this field can be achievable, and the best place to start is by learning all you can about what it requires.
The Nigerian economy is on the rise, making now a great time to think about career options that offer long-term stability and can provide an ample livelihood. Real estate is undoubtedly one of these options; it allows enterprising individuals to capitalize on the real estate opportunities growing in Nigeria.
From property management to home staging and construction, multiple avenues within the industry allow you to take advantage of existing skills or develop new ones. You may rent out properties or become involved in selling, designing, and building houses, apartments, and businesses – endless possibilities!
Real estate is hugely rewarding and offers great job satisfaction; however, one must meet specific education and training requirements before even considering taking that first step.
Investment in acquiring professional qualifications should be considered before anything else. Education will only get you as far as job opportunities, so another suggestion is to network and make yourself known amongst industry professionals, attend conferences, join real estate organizations, and simply ask questions if you have them.
Although daunting initially, those who do their research with tenacity and patience in learning the real estate business will ultimately secure a lucrative career with fruit-bearing returns.
Career Options in the Nigerian Real Estate
When exploring potential career paths in real estate, you can take whatever route suits your strengths, financial goals, and interests when you’re well-informed. Below are the career opportunities available in Nigeria.
Real Estate Agent/Realtor
A real estate agent is one of the most famous roles in this sector. A real estate agent is an individual who connects buyers of a property to sellers and vice versa. It’s more like a middleman thing. A realtor, on the other hand, is an individual who is licensed and performs the same responsibilities as a real estate agent. License – that’s the difference.
Those aspiring to be successful agents must possess excellent marketing skills, know-how about financial documents, and understand the legalities of a property transaction. In terms of remuneration, becoming a real estate agent allows one to make a good living in Nigeria.
Real estate agents are compensated on a commission basis, which is a percentage of the total price of the property they sell. In Nigeria, for property purchases, the commission to agents is usually 10-15% for land, i.e., for a property worth 20 million naira, the agent earns a commission of 2 million or 2.5 million. Houses have a 5-10% commission. And for rent, it is usually 10% of the rent fee.
Making the first sale or getting the first client can seem quite difficult. Still, with effort, dedication, and gradual expertise, one could increase their commission by closing more deals over time, with satisfied clients recommending them to others.
As a career in the Nigerian real estate scene, one can choose to specialize in either residential, commercial, or industrial real estate.
Residential
Residential agents specialize in helping individuals and families purchase or sell homes, vacation properties, and investment properties. They assist their buyers with finding the right property for their budget. In addition, they can advise sellers on how to stage a home, write listing contracts, and negotiate offers from prospective buyers.
Commercial
Commercial agents focus on larger-scale investments in trade and commerce, such as shopping centers, hotels, apartments, and office buildings. These transactions are often more complicated than residential property transactions due to the legalities involved with these large purchases.
Industrial
Industrial real estate agents help those looking to buy, sell, or lease warehouses and other industrial sites necessary for manufacturing products. Their tasks involve similar activities as those of commercial real estate agents; however, they may need to know even more about the specific regulations associated with each type of industrial facility to provide accurate advice.
Becoming a real estate agent can provide a profitable career with many opportunities for growth and financial success.
Property Manager
Property management involves overseeing buildings, maintenance, tenant/owner relations, and the day-to-day functions of one or multiple properties within a specific geographic area.
It also involves drawing up rental contracts, exploring and securing rental opportunities, arranging repairs, conducting inspections and appraisals, collecting rent from tenants, and ensuring the satisfactory condition of properties.
To become a successful property manager in Nigeria, it is essential to have marketing skills to promote the property effectively, knowledge about relevant local laws and regulations governing rentals and leases, and data management skills, which come in handy when tracking the financial details of all the related activities.
While no educational qualification is required for this role, useful qualifications can include certifications from professional bodies such as the Nigerian Institution of Estate Surveyors and Valuers (NIESV). A career in property management yields different returns across different states in Nigeria.
Generally, one makes a monthly salary ranging from ₦55,000 to ₦200,000 depending on experience and the number of properties managed.
Real Estate Developer
Property development allows you to get involved with projects from the ground up. A real estate developer is a unique career option in the Nigerian Real Estate sector. It consists in finding suitable land and buildings, then developing them into structures suitable for commercial or residential use.
To excel as a real estate developer, there needs to be knowledge of construction, market trends, and management skills to oversee development project budgets and schedules. Solid investment skills are also invaluable assets for any potential real estate developer looking to make profitable investments.
Different states in Nigeria present different income prospects for real estate developers, ranging from running their private practice to owning larger companies that manage numerous construction projects at any time. With determination and the right financial plan, a real estate developer in Nigeria can develop an impressive passive income stream in a short period of time.
Architect
If you’re looking for a great career option in the Nigerian real estate industry that offers a decent income, consider being an architect. As an architect, your primary role would be to design buildings and structures with consideration of safety, budget, and aesthetic appeal.
Depending on the state you are based in, you’d also have to work with a team of engineers, contractors, and draftsmen on building projects, including residential homes, commercial complexes, or recreational facilities. Becoming an architect in Nigeria requires a degree in architecture from any recognized Nigerian institution or any abroad, and registration with the Architects Registration Council of Nigeria (ARCON).
Qualified architects with experience, the proper skill set, and commitment can make between 50-500 thousand naira monthly.
Real Estate Attorney
Real estate lawyers are tasked with helping facilitate real estate transactions that involve buying, selling, and leasing property. They also provide legal advice on real estate laws such as zoning regulations, environmental laws, and other matters related to residential or commercial real estate ownership.
To become a real estate lawyer in Nigeria, one must hold a degree in law from a recognized educational institution and complete an additional year of study after passing the Bar Exam. After all the training and licensing are completed, you can set up practice as a real estate lawyer, which could be done at any state or federal level.
This profession has many prospects, such as advising clients on renting space for business activities or providing opinions on mortgage documents and insurance contracts. The potential income here is quite good, ranging from hundreds of thousands to millions of naira annually, depending on experience and qualifications.
If all these criteria are met, and one commits themselves, becoming a successful real estate lawyer is certainly within reach.
Surveyor
A surveyor is a person who works in the real estate industry and is responsible for measuring, recording, and reporting land boundaries, property lines, the acreage of plots for development, and other parameters to be recorded. Surveyors are trained professionals who use aerial mapping, spatial analysis, and ground surveys to assess properties and ensure that they match the legal documents.
The job scope of surveyors includes measuring land parcels for cadastral information and mortgage purposes and studying topographical features, which aids in providing detailed terrain profiles. Apart from this, they also determine layouts using visual sighting techniques, draft plans on a scale drawing, creating boundary maps specifying sub-divisions, among other responsibilities.
Generally, they must have knowledge of mathematics and technical sciences related to surveying, such as geomatics or construction engineering. The pay range varies between states, but in some cases, surveyors earn an average yearly income anywhere between ₦500k – 3 million, depending on the employer.
Appraiser/Valuer
A real estate appraiser or valuer also called an “analyst,” is a professional who is called upon to use their expertise to assess a property’s value. They are responsible for accurately determining the worth of a real estate property according to current market standards.
They achieve this by accompanying potential buyers to view and inspect the house, then considering market trends, local area amenities, and deteriorating or improving building conditions. With this data in hand, they then complete a detailed report that can be used as both an internal document and a piece of immediately helpful information for prospective clients. In Nigeria, this requires an in-depth knowledge of the local market trends and various evaluation techniques.
As a real estate valuer/appraiser, you are expected to stay current on significant changes related to local real estate rules and international standards, often completed via online courses or seminars. This profession also typically requires the successful completion of certification programs in areas like appraising residential properties or analyzing commercial properties.
Once certified, most valuers/appraisers have successful careers with flexible hours and great earning potential. The income range for real estate valuators in Nigeria depends on their experience level and location, but it has been reported to be quite generous; some are experiencing significant 6-figure salaries!
Pursuing a real estate valuer/appraiser career is an excellent option for those looking for a financially rewarding career backed by legitimate qualifications and industry knowledge.
Project Manager
A project manager in Nigerian real estate is a professional whose role is to oversee the completion of projects, ensuring that all tasks are completed on time and within budget. They operate as integral parts of the real estate development process, from inception through completion.
Duties typically include coordinating staff and subcontractors, organizing orders for materials and services, gaining approvals from state regulatory agencies, managing schedules and budgets; taking steps to ensure quality control; and reporting progress to management regularly.
Qualifications usually involve certifications or degrees in project management or related fields, such as accounting or finance. Regarding income, project managers working in the Nigerian real estate business can make lucrative incomes depending on their experience, and they also vary by state.
For instance, an experienced project manager in Lagos tends to earn a higher income than a similar one based in Benin City. Thus, the choice for most persons looking to enter this lucrative business is clear – proper qualifications + experience = more money.
Real Estate Investor
For those who prefer a more reactive approach, investment opportunities abound. Through a range of options such as flipping properties, which involves buying properties at lower prices and reselling them at higher prices for quick profits.
Investing in apartment buildings which are also gaining momentum as an attractive income source with active and passive investors able to purchase blocks of flats and rent them out through either long-term leases or short-term rental agreements/short lets such as AirB&B or hostels, providing stable and substantial returns on investment,
With multiple entry points into the profession, real estate investment provides a fantastic career opportunity for those wanting to capitalize on Nigeria’s ever-growing real estate sector, as savvy investors can make up to millions of naira annually through prudent real estate investing.
Real Estate Blogger
Blogging has become an increasingly popular career path for real estate professionals. It creates exciting opportunities for ambitious go-getters to work in their industry and make a good income.
As a real estate blogger, one primary role is to create informative content that would attract and help readers make intelligent decisions about real estate topics such as buying, renting, flipping, and other property-related issues. Bloggers should be knowledgeable of the fundamentals of the field of interest, creative in writing content, equipped with excellent written communication skills, and have decent computer skills.
With consistent effort over time, this job opportunity can offer an impressive monthly income depending on the level of expertise, the research involved, and the length of each article or post. One can quickly get started in this field with guidance and online courses.
YouTuber
YouTubing may be one of the unique career paths in real estate, yet it can provide an incredible platform to reach potential buyers and beyond. Many roles and responsibilities are involved for those ready to leap into becoming a real estate YouTuber, including content creation, social media promotion, audience building, and providing valuable insights.
While this may seem like a lot of work, YouTubers have the potential to earn an impressive income when done right. Once you build a following that trusts your content and advice, there are many ways to monetize – from YouTube Ads and channel memberships to sponsored posts and affiliate links – which can be a profitable venture.
So if you’re looking for a way to make your mark in the real estate industry, you can check out Tayo Aina and Steven Ndukwu. They produce excellent real estate content on YouTube, and you can learn much from them.
How To Have a Successful Real Estate Career
If you’re considering a career in real estate, there’s more to succeeding than putting on a nice suit and perusing properties! Success in this field primarily comes down to investing in relationships.
At the very least, investing in acquiring some professional qualification before anything else should be considered. Make yourself known amongst industry professionals, attend conferences, and join real estate organizations.
Knowing what’s happening in the local real estate market can put you ahead of your competitors – knowledge is power, after all. Having excellent customer service skills will also help keep clients at ease during what can often be a daunting process. Finally, feel free to try something new or think outside the box – exploring alternate options whenever possible will often lead to success.
Benefits of Pursuing a Career in Real Estate
The real estate industry presents a unique opportunity for Nigerians looking to embark upon a new career journey. Pursuing a career in this field can bring financial and professional stability and considerable personal growth and development prospects.
Real Estate Is a Stable Industry
The real estate industry is one of the most stable industries in Nigeria. This is because there is always a demand for housing, whether for commercial or residential purposes. The industry’s stability means less risk is involved in pursuing a career in real estate.
There Is Potential for High Earnings
While there is no guarantee of high earnings in any industry, there is potential for high earnings in real estate. This is because real estate agents are typically paid a commission, which is a percentage of the property’s sale price. The higher the sale price, the higher the commission.
It Is a People-Oriented Industry
If you are a people person, then a career in real estate may be right for you. This is because real estate agents work closely with clients, helping them to find the right property and negotiating on their behalf.
It Offers Flexible Working Hours
Another benefit of a career in real estate is that it offers flexible working hours. You can work around other commitments, such as family or job responsibilities.
It Requires Minimal Start-up Costs
Compared to other businesses. Starting a career in real estate requires minimal start-up costs. This is because you do not need to purchase or rent office space at the start, and you can use your vehicle for showings and open houses.
You Can Be Your Boss
One of the benefits of a career in real estate is that you can be your own boss. This means you can set your hours and work as little or as much as you want. However, it should be noted that being your boss also comes with its own set of challenges, such as finding clients and marketing your business.
You Can Develop a Specialized Skill Set
A career in real estate also offers the opportunity to develop a specialized skill set. This could include knowledge of specific neighborhoods, understanding zoning laws, and regulations, or becoming an expert negotiator. All of these skills are beneficial to your clients and can help you stand out from other agents.
Challenges In The Nigerian Real Estate Industry
As with any other industry, real estate in Nigeria poses some challenges that hinder the smooth running of processes and the exponential growth of the thriving industry.
The Real Estate Industry in Nigeria Is Not Well Regulated
Anyone can set up a real estate company without any regulation or oversight. This often leads to scams and fraudulent activities, as no standards need to be met.
Lack of Transparency
Due to the need for more transparency in the Nigerian real estate market, it can be challenging to determine a property’s actual value. There is also a lot of red tape involved in buying and selling property, which can make it quite cumbersome.
Highly Competitive
There are many real estate agents and companies competing for business. This can make it difficult to succeed, as you need to stand out from the crowd. There is also a limited number of quality properties available, and the demand for real estate is high. This means prices are often inflated, and finding a good deal on a property can be challenging.
There Is a Lot of Paperwork Involved
Buying and selling property involves a lot of paperwork. This can be time-consuming and frustrating, especially if you are unfamiliar with the process.
You Need to Be Knowledgeable About the Market
The real estate market is constantly changing, so you need to keep up with the latest trends. This requires research and continuous learning, which can be challenging.
FAQs On Exploring the Various Career Options in Real Estate (Nigeria)
Is Real Estate a Good Career in 2023?
Yes, real estate is a good career choice for those interested in a stable and lucrative profession. With the Nigerian population set to rise and demand for housing continues to increase, the industry is expected to remain strong in 2023.
What Is the Fastest Way to Make Money in Real Estate?
The fastest way to make money in real estate is to purchase a property at a below-market price and quickly resell it for a profit. This can be done through financing or leveraging the equity of another property, flipping houses, wholesaling, or investing in high-return opportunities such as multi-family rental properties.
Which Career Is Best in Real Estate?
The best real estate career depends on the individual’s preference and skill set. Those interested in working with clients directly may find a role as an agent or real estate broker more rewarding, while those who enjoy crunching numbers might do well as an appraiser or analyst. Real estate offers other career opportunities like project manager, real estate investor, consultant, and real estate blogger.
What Qualifications Do I Need to Pursue a Career in Real Estate?
The qualifications needed for a real estate career depend on the particular role you are interested in pursuing. Taking a real estate course and, or getting a degree related to the field is beneficial and will open more doors than those without one.
What Is the Future of Real Estate in Nigeria?
The future of real estate in Nigeria looks very promising. With the expanding population, increasing urbanization, and an economy projected to grow significantly in the coming years, the demand for properties will only continue to rise. This should increase opportunities for aspiring real estate entrepreneurs and long-term investors.
Conclusion
Real estate is a solid career that could be very rewarding for individuals with ambition, drive, and unwavering commitment. It offers exciting opportunities, the potential for high earnings, and the satisfaction of developing quality projects. Those interested should consider their passions to determine the best way to make their mark in this lucrative field – whether that’s through property management, development, or investment.
Ultimately, success lies in networking within the industry and building meaningful relationships with money providers and other professionals who can help bring your vision to life. Now’s the perfect time to start making it happen.
