Nigeria’s property management industry offers a lucrative and exciting avenue for passive income. Therefore, working as a real estate agent can be an extremely rewarding career. To become a successful agent, you must understand the market, get education or training, and get a real estate license. You will also need to follow the law while using your gathered skills.
To become a recognized realtor in Nigeria, you must meet specific state requirements, pass certain licensing exams and pass through some background checks. You also need to have some soft skills which are important to make you succesful.
This article will guide you on what you need to operate as a successful realtor in Nigeria. You will also learn the essential skills to succeed in the property market.
What Qualifies a Real Estate Agent in Nigeria?
Anyone can join the ranks of successful brokers working in Nigeria’s property market. But first, he must be a registered member of government-recognized associations and agencies. Below are examples of the bodies that award licenses to realtors in Nigeria.
Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON)
ESVARBON is the registered body for professional estate surveyors and valuers according to Decree No. 24 of 1975, now CAP III (Laws of the Federal Republic of Nigeria). To register as an individual or a firm with ESVARBON, you must pay N26,000 for the registration form, which will be sent to you. In addition, you will pay N70,000 for the interview and compliance.
Nigerian Institute of Estate Surveyors and Valuers (NIESV)
NIESV handles sales, mortgage, insurance, construction valuation, land registration, reforms, property inventory, and audit. You can download a registration form online, fill it in and submit it for processing. There are different registration levels, including that of students and practicing professionals. Meanwhile, you can register as an individual or a property management company.
Real Estate Developers’ Association of Nigeria (REDAN)
Nigeria’s apex mortgage lending bank, the Federal Mortgage Bank of Nigeria (FMBN), established REDAN as the principal agency for the organized private sector. The association supports landowners, organizations, producers, providers, and financiers. New members can also register to be part of REDAN.
Estate, Rent and Commission Agents Association of Nigeria (ERCAAN)
Founded in 1990, the ERCAAN association informs, educates, and trains agents on the ethics of property management. They also manage the conduct of landlords and tenants with the agents. New members can visit the ERCAAN website to register as individuals or as a business.
Lagos State Real Estate Transaction Department
The Lagos State Ministry of Housing created the LASRERA agency to regulate agents’ activities. This body issues licenses to validated agents and recommends that the public only deal with such certified agents.
Above are the top 5 associations related to the property sector, and they award licenses to validate qualified realtors. Agents are however expected to keep active licenses
Other ways to Practice as a Realtor in Nigeria
Nigeria’s housing market is also peculiar because intending agents can learn the trade through apprenticeship. In other words, you can start your journey to becoming a realtor by connecting with a professional realtor to learn the process. In such arrangements, the apprentice learns the trade and procedure of scouting properties, inspecting, leasing, managing, mortgaging, and other tasks.
The learning agent will also get direct help from the older agents’ wealth of knowledge. He also learns how to connect with other agents to help his career. But after the period of the apprenticeship, when the learner becomes independent, he must always validate his skills. Following the above-mentioned associations’ licensing, he might need additional formal training.
On the other hand, realtors can also begin their journey by joining a social group of realtors and estate managers. A new real estate agent can easily find work by joining a brokerage or helping out in informal ways. It affords a direct opportunity to be involved with current happenings within the sector. Some of the brokerage groups to look out for include
- Kings Court Realtors
- Adron Homes and Properties Limited
- Jide Taiwo & Co
- Landmark Corporate Realty Ltd
- Billionaire Realtor’s Group
- Adloyalty Business Network
Remember that many of these real estate brokerages have offices all over Nigeria and social media forums for people who work in the real estate business. Social networks are helpful for both realtors and investors alike.
Should You Become a Real Estate Agent?
Without the right help, buying real estate can be very challenging and frustrating. Here comes real estate agents to the rescue. Realtors play a vital role in helping potential homebuyers fulfill their dreams. A competent agent ensures that the home-buying process runs smoothly and without regret.
Are you passionate about helping people buy the property of their dreams? Then prepare to build your competence to help you deliver quality service.
As a real estate broker, you are a middleman between buyers and sellers. You can tell potential buyers about the best homes or help sellers find the right buyers.
As an agent, you need to have good relationships with people and be able to talk to them well. Business is driven by human relationships in getting clients, making deals, and building trust with potential customers. At the same time, you need to learn all the relevant laws and housing markets trends applicable to the sector
As a realtor, your clients also count on you to help them make money and give good property advice. If you’re looking for a rewarding profession with long-term financial stability, then real estate agency is for you. If you choose this, you should also consider what it takes to be an excellent realtor in Nigeria.
Financial Preparation to Become a Realtor in Nigeria
Before getting into the property businesses in Nigeria, agents must ensure they have enough money. Having a solid financial plan as an agent to cover business startup costs would be best. Initial costs of properties may include
- A valid practicing real estate license
- Insurance
- Business office space
- Office equipment, including computers, and
- Basic supplies.
Realtors also need a budget for running their businesses. If you fail to plan before starting your business, you are setting yourself up for a huge disappointment. Marketing, advertising, and budgeting may be the first things you do.
You must also be prepared to deal with the pressure of operating in the property market. Also, get a business plan and review it to ensure the goals are achievable. Then, prepare to put in resources to execute your plans. Also, keeping up with the latest industry trends, rules, and laws would be best.
11 Things You Need to Become a Successful Agent in Nigeria
Know Your Objectives
When ready to become a realtor, please be clear about your goals. Furthermore, strive to set specific and attainable goals and objectives to achieve them. Don’t just wish for success; combine resources and be ready to work.
A good property agent should also examine the current housing market conditions. Also, as an agent in Nigeria, a big part of how well you reach your goals depends on how well you understand market trends. At the start of your career, you may need to design business cards after passing your real estate license exam. Also, some clients will need to reach you by phone calls. To remind you, you’ll also need to be familiar with the application process.
Commitment
It would be best to be dedicated and interested in property management to do well as an agent. Endeavor to go through the basic requirements of the education classes and pre-licensing courses if need be. In addition, you may need to enroll for some pre-licensing education from agencies with subject matter experts. Please make sure you choose a talented team to ensure a successful career
Every agent should be ready to
- Give legal advice
- Solve problems related to property sales
- Negotiate contracts for buyers or sellers
- Close property deals
As a buyer’s agent, you must do more than verbally agree with the buyer or seller. You must be able to close every deal at the agreed price for both the buyer and the seller. In addition, all agents are conversant with all the latest industry trends, regulations, and laws. Having timely information is critical to becoming successful in the industry.
Marketing Strategies
All realtors need good marketing skills and plan to succeed in the business. For example, all agents should know how to market a residential or commercial property to attract potential buyers. In this case, you can get creative by devising different strategies for different audiences with different needs.
It would be best to make different marketing plans for each client. Otherwise, generic marketing methods hardly yield better results. Agents must also develop good ways to market listed and unlisted properties. That way, your agency can find property investors.
Organizational Skills
Realtors need strong organizational skills to stay on top of multiple tasks. Your regular tasks may include
- Paperwork management
- Scheduling viewings or meetings, and
- Marketing strategies.
Please be sure to get a good hold of time management and set working principles and systems. As a real estate agent, you need to exercise leadership skills. You must show the proper perspective and direction for reaching the set goals. Therefore, you need good leadership skills, whether acting as the buyer or the seller’s agent in a property deal.
Also, your organizational skills will be helpful when coordinating legal processes. These processes may include documentation and the fulfillment of all legal requirements.
Interpersonal Skills
Agents must be skilled at relating to people in a productive manner. Clients have different needs that define the offers they get. Good interpersonal skills secure the best deals for customers while you also build trust. You should be able to get along well with both buyers and sellers. Ultimately, you should give them the information they need to make a good decision.
Unless the agent works at an agency, he will have limited access to and control over available properties. As a buyer’s agent, one’s interpersonal skills can be handy in dealing with seller’s agents. Every agent must value communication.
Networking
Brokers must have good networking skills to build their businesses. Connecting with other stakeholders, such as agents, brokers, or investors, would be best. Each of these people may refer clients to your property agency. Your agency can also use social media to connect with possible clients and build lasting relationships.
As part of the need for networking, the agent must have connections across cities. Another benefit of networking power is access to non-listed or off-market properties that may be for sale. If you are not reaching out, you rely mainly on the network of prominent individuals someone else knows.
Knowledge
Agents must have a solid grasp of property laws, and regulations and in-depth real estate market knowledge. You should also be aware of the properties for sale in their neighborhood and the latest developments in the market. You may attend a real estate school or learn from real estate professionals. These real estate professionals have loads of experience to impart to newbies.
How can you expect to thrive in a market you know nearly nothing about? Knowledge is power, which also applies to the real estate sector. Therefore, you must uphold the education requirements for a successful realtor career. Aside from knowing the basic rules and guidelines, you must also put old knowledge to use. Moreover, lack of knowledge is a contributing factor to why a lot of people fail.
Part of your journey is to pass your licensing exam to earn a real estate salesperson license. This exam tests the agent’s basic knowledge. Upon completion, the estate regulatory body managing the qualification issues real estate licenses to successful candidates. The process may require an online or paper application with application fees. Meanwhile, when making an online application, you need to use compatible internet browsers.
Negotiation Skills
Agents must negotiate well to get the best deal for their clients. Real estate salespersons help homebuyers and sellers determine their differences and find a middle ground that works for both. During negotiation, both parties seek their clients’ best interests and depend on the agent’s skills. One can hardly build a successful career without negotiation skills.
As a real estate broker, you should learn to negotiate independently to get massive results. The reason is that it has a lot to do with pricing and estimating properties, which affects the value of a property. It would be best if you learned from the core real estate agents who work with professionals with vast experience. In the real estate industry, many activities will involve negotiation skills, especially when closing real estate properties.
Computer Skills
People who need help understanding how computers and other digital tools work are taking a massive risk in the digital age. Computer skills, documentation, and registration are essential for getting along well. Also, brokers always have an advantage with these skills. If you are passionate about a real estate career, you should take computer courses and become certified.
Therefore, all realtors should know how to use computers to stay organized and do their jobs quickly. To do their jobs well, agents need to know how to use computers well enough to create documents. They should be able to fill out property forms and enter industry databases and websites. You will also need a computer with an internet connection for online classes and licensing examinations.
Alternatively, you can use designated testing centers and get some additional education.
Patience
As a competent agent, you must be patient and understand that transactions take time. To give their clients an excellent experience, agents should stay calm under pressure and quickly deal with difficult situations. Real estate activities take time, including finding suitable real estate properties. Therefore, real estate agents must patiently understand the exam details during their licensing process.
While the above remains valid, you can still get instant results as an agent. It’s better to avoid expecting results. Instead, focus on building a system that will always work, even when things get complicated. For example, if a seller is desperate to sell a house, be patient because every second you wait could be an advantage. Your client often only has a little time, and you must make the little time count.
You Need more than a University Degree for a Real Estate License
Above all else, you need a practicing license more than a university degree for several reasons. While you can earn a relevant degree from some Nigerian universities, you must add practical knowledge to get a license. Start by getting a degree from any of the Federal University of Technology, Akure; Lead City University, Ibadan; Kaduna State University, Kaduna; and Abia State University, Uturu, among others. In other institutions, the courses are only similar to real estate management.
In addition to going to school, agents are required by government rules to learn about business in the real world. You can include a post-graduate diploma, other real estate courses, and anything else that shows you have real-world experience. Moreover, you need to learn the laws about buying and selling homes. Part of the qualification for a license is having worked with real estate companies.
The property industry is a highly regulated arena. But with the proper license, you can work well with clients and make legal sales. Each time you complete a successful transaction, you get your agent’s commission as a licensed agent. The amount is often a percentage of the total cost of the property.
A licensed agent is also the only one who can defend cases and bring legal property papers to court. In short, he needs the law to recognize him as a broker who works in the field.
Remember to Upskill Regularly as an Agent
Upskilling is a vital part of an agent’s career growth. To give clients the best experience, agents must keep up with changing industry trends. Otherwise, you may discover that you need to be included in what is going on in the market. Therefore, it would help you to learn how to improve your work as an agent. For example, part of the upskilling for realtors may be online renewal applications for a new real estate agent license.
You can prepare for this stage by
- Taking professional development courses
- Attending webinars or conferences
- Enrolling in broker applications and
- Connecting with other agents
Agents must also know what’s happening in the local market. This way, clients can get accurate advice when buying or selling a home. Realtors should also use digital tools, like websites and mobile apps, to help them do their jobs. These tools can help monitor the property market and connect with potential clients.
Summary
If you become a realtor, you have chosen an exciting and enriching career. As an agent, you must develop knowledge, organization, and excellent people skills. Learning real estate laws, rules, and industry trends would be best to give your clients professional counsel when buying or selling a home.
Be determined to be among the successful agents working in Nigeria’s busy market. You can learn some basic skills from online courses on the subject. Also, make sure you follow all of the rules of business ethics for realtors while you work at an agency.
Frequently Asked Questions (FAQs) on Properties in Nigeria
How do I know if my agent is registered to practice?
As a potential investor or homebuyer in Nigeria, you can ask the realtor for a copy of his license to practice. He may only have the legal right to practice if she provides this certification. The same rule applies to dealing with an agency that must earn approval to practice.
How can I know the price of a property?
As part of the realtor’s job, he can evaluate the property’s value through training. However, apart from the property’s physical worth, it takes an understanding of the market’s history and trends to correctly evaluate that property’s current price. In addition, market factors such as demand and supply also affect property prices. Therefore, you need a property valuer or estimator to determine its price.
What steps are involved in buying or selling a house?
When buying a house, the first step is understanding the kind of property you want and the qualities you want. Then, you could research the best realtor or buying agent to help you scout for a home and recommend the best to you on a shortlist. Finally, you take a pick, and both visit the property before closing the deal. As a sales agent, start by inspecting and valuing the property before putting it on the market. Then get ready buyers before showing off the property and closing the deal.
When is the right time to buy or sell a property?
It is difficult for an agent to categorize the season as buy or sell. The market has a history that the experienced agent uses to inform what to do. Depending on the goal, an investor may decide to buy to hold for a long time or to resell almost immediately.
