Difference Between Real Estate Entrepreneurs and Other Entrepreneurs

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In Nigeria and beyond, many people start the real estate business for the wrong reasons. One of the most popular reasons people become entrepreneurs and start a company is

to stop working for someone else and get a larger slice of the profit pie instead of working to make someone else rich. You have to learn what it takes to own your own company and do everything that will differentiate an entrepreneur from a non-entrepreneur.

Real estate entrepreneurs are the people who start or organize commercial activities in the real estate industry, particularly those involving any kind of financial risk. If you ask anybody today about being an entrepreneur, he/she is ready to become an entrepreneur before you finish asking. If we observe the economic activities going on all over the world, it seems that everybody has already become an entrepreneur. Entrepreneurship is not the privilege of the Chief Executive Officers of corporations only. A person playing card games at on the street is also an entrepreneur. Entrepreneurship is a quality that is applicable in politicians, bus drivers and even the bureau de change aboki.

Like in any other field for successful real estate entrepreneurship, in the real estate investment business you need to understand the importance of location, location, and location. You cannot take it for granted when you buy any property for your business or sign any lease. Entrepreneurship in real estate business requires careful selection of the location, broker no matter whether you are buying the property or selling it. You also have to learn how to understand the present scenario of the real estate market and the current valuations of the properties. In addition, you should also need to master the art of strategic planning for both selling and buying the properties.

1) Keep Yourself Informed
No entrepreneur in the field of real estate ever knows too much about the market. They have to make constant efforts to gather information regarding the latest trends in the industry. They have to keep on thinking about the factors that can affect their investments, their clients, and their overall businesses. For example, in Lagos state, some of the important factors are changes in the tax laws, development of new highway routes, Land use charges, building codes, tenancy laws, changes in technology, zoning et al.

2) Natural Instinct is Required
To get success in the real estate business, you must possess a natural entrepreneurial instinct. Moreover, you also need to be process-oriented. You should have the capability of looking far into the future and identifying the good business opportunities. If you are successful in entrepreneurship in the real estate business, you can get success in any kind of venture. In addition to having a basic knowledge of this business, economy and other global factors, you must be comfortable using computers. Knowing the use of spreadsheets, word processors, databases, graphical analysis, and the geographic system of information is very useful for entrepreneurship in real estate business.

3) NO Quick Money
Finally, if you plan to start entrepreneurship in the real estate business, understand clearly that you are not going to get any quick money, as it looks from outside. Like any other business, the real estate business also takes time before you cultivate the customers and start enjoying the inflow of money. However, the time, efforts and the attention given to the business never go in vain and sooner or later, you are going to get the positive results.

For those who haven't heard about it, real estate investment in Nigeria has taken a positive trend compared with other businesses investments. No matter what, it's the best business you should go for. Nigeria has an environment conducive for business and investment compare with other countries in West Africa, and as the country grows, many people tend to leave rural life to urban life and for that reason, there is always a shortage of housing in every city and town in Nigeria.

There are many business opportunities in Nigeria but real estate investment out competes them all. In this article therefore, we bring you the advantages of investing in real estate in Nigeria compared with other businesses. For example, if you buy stocks from a stockbroker, you may aim to get profits when that stock appreciates. You may also have the dividends announced by the company in mind. If you invest in bonds, the interest earnings from it may be the aim with which you make the investment. But, in real estate investment, you get more advantages especially in the uncertain Nigerian business environment. I know many readers of this write-up already lost thousands of Naira to the stock market so what's next? Isn't it real estate?

Real estate Business owners all across the country are joining several real estate business pages and groups on facebook (widely recognized in Nigeria as the most popular social network) to receive and provide strategies, insight, tips, support and more on starting, managing, growing, and selling their businesses. The real estate exchangers and agents group encompasses all these concerned real estate professionals who have access to the multimillion-naira industry and who aim to provide strategies and tips from their real-life experiences to find sustainable solutions to the housing problems in Nigeria.

Read 1369 times Last modified on Wednesday, 06 May 2015 17:49
Kolade Akintayo

He is the Co-founder/Creative Director of Wizzleworks Media and while founders are focused on building and repositioning RE brands through innovative thinking, Mr. Akintayo oversees the company's creative media arsenal. This is why Wizzleworks Media has emerged as the premium provider of RE Media services to the rapidly growing RE and hospitality industries in Nigeria.

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