Real estate in Nigeria is a growing industry with significant potential for investment and development. The country has a large and growing population, rapid development, and urbanization, which is driving demand for housing and commercial properties.
With the rate at which the real estate market is growing, it is no surprise that people are gaining interest and looking for ways to get into this industry. But how does someone become a real estate agent in Nigeria? Let’s find out!
Who Is A Real Estate Agent?
A real estate agent is a professional who deals with the purchase, sale, and leasing of real estate. They work with both buyers and sellers to simplify the transaction process.
They handle marketing properties, showing properties to potential buyers, negotiating offers, and helping to close the deal. Real estate agents are usually licensed by the state in which they work and are required to adhere to the state’s ethical standards and regulations.
In addition to helping with property transactions, real estate agents can provide valuable advice and market insights to their clients.
They have a deep understanding of local real estate market trends, property values, and zoning regulations, and can use this knowledge to help their clients make informed decisions.
Some real estate agents specialize in a particular type of property, such as residential or commercial, while others choose to focus on a specific geographic area. By becoming a real estate agent in Nigeria you can choose to go into all types of real estate or choose a particular sector.
How To Become A Real Estate Agent In Nigeria
To become a real estate agent in Nigeria, you can follow these steps:
1. Decide To Become A Real Estate Agent
This might seem like a given, but you actually need to think about why you are going into real estate. Deciding to become a real estate agent in Nigeria requires careful consideration of the opportunities and challenges involved in this career path.
On the one hand, the real estate market in Nigeria is quite promising, with increasing demand for residential and commercial properties, which creates opportunities for real estate agents. However, becoming a real estate agent also requires significant effort and dedication.
Research what becoming a real estate agent in Nigeria entails and if it is something you can do. Doing your research gives you a grasp on the industry so you’re not completely blind-sighted and you would be able to make a wise decision.
Learn as much as you can about the Nigerian real estate industry by asking questions and reading.
2. Meet The Eligibility Criteria
To become a real estate agent in Nigeria, you need to meet certain criteria. The basic criteria for becoming a real estate agent in Nigeria are:
- Citizenship: You must be a Nigerian citizen to become a certified real estate agent in this country.
- Education: To become a real estate agent in Nigeria you would need a minimum of a secondary school certificate.
- Age: To become a real estate agent in Nigeria you must be at least 18 years old.
- Background check: You may be required to pass a background check to verify that you do not have a criminal record.
3. Get Professional Training
The next step to becoming a real estate agent in Nigeria is to get professional training. You can get training from reputable institutions or by taking online courses.
Some recognized institutions where you can get your training include the Nigerian Institution of Estate Surveyors and Valuers (NIESV) or the Real Estate Developers Association of Nigeria (REDAN).
You can also take online courses with popular platforms like Udemy, Coursera, or Alison. Alternatively, you can study real estate management at any Nigerian university.
Some universities that offer this course are Bayero University, Abia State University, Abubakar Tafewa Belewa University, Caleb University, etc.
After completing this training you are given a certificate needed to get the license to become a professional real estate agent in Nigeria.
4. Register with the appropriate regulatory body
In Nigeria, the regulatory body for real estate agents in the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON).
To become a real estate agent in Nigeria you must register with the Estate Surveyors And Valuers Registration Board of Nigeria (ESVARBON). You will also need to pass the qualifying examination and pay the necessary fees to obtain a license from ESVARBON.
5. Obtain a license
After registering with ESVARBON, you will need to take an exam and obtain a license to practice as a real estate agent in Nigeria.
The Real Estate License Board is in charge of regulating real estate licenses in Nigeria. The Board is in charge of granting licenses to eligible people and businesses who want to go into the real estate business.
There are two licenses that the Board may grant, either a broker’s license or a salesperson’s license. You must be at least 21 years old and have finished a Board-approved real estate education program to be qualified for a broker’s license.
While eligibility for a salesperson’s license is a minimum age requirement of 18 and you must have finished a Board-approved real estate education program.
To become a real estate agent in Nigeria, you need to get a property license or a real estate license. The Nigerian Real Estate Developers Association is in charge of issuing these licenses. You would typically be required to complete real estate courses of about 40 to 200 hours.
You will be qualified to work as a Nigerian real estate broker once you have passed the qualification exam. The test will have a minimum of 100 questions and should be finished in about 2 hours.
In addition to the examination fee, there will be an additional N5,000 examination fee. You will receive a Real Estate Broker Qualification Certificate if you pass the exam.
You will need to register with the Real Estate Developer’s Association of Nigeria and obtain a license to practice in Nigeria.
6. Build your network and gain experience
To become a real estate agent in Nigeria, you need to build relationships with property owners, investors, and other real estate agents. You could start with small real estate transactions and gradually work your way up to bigger deals.
Or you could consider participating in internships or training programs offered by real estate firms or organizations, you can start as an assistant with a real estate agency or brokerage.
Basically, anything you can do to get involved in transactions and gain practical experience. The more hands-on experience you have, the better equipped you will be to handle the challenges of being a real estate agent in Nigeria.
Tips For Success As a Real Estate Agent In Nigeria
Becoming a real estate agent in Nigeria is only half of the journey. How you become successful and relevant in the industry is another thing you need to know.
1. Market yourself
Marketing yourself effectively is essential for success as a real estate agent in Nigeria. Some ways you can market yourself are:
- Build a website: Create a professional website that showcases your services, portfolio, and contact information. Your website should be user-friendly, optimized for search engines, and updated regularly.
- Utilize social media: Establish a presence on social media platforms such as Facebook, LinkedIn, and Instagram to reach a wider audience. Share listings, provide updates on the real estate market, and engage with potential clients.
- Create a professional brand: Develop a professional brand that reflects your personality and skills. Choose a logo, tagline, and colors that accurately represent you and your services.
- Network with potential clients: Attend local events, join real estate associations, and participate in community activities to meet potential clients and build relationships.
- Utilize online advertising: Utilize online advertising such as Google AdWords, Facebook Ads, and LinkedIn Ads to reach potential clients in your target market.
- Offer value-added services: Offer value-added services such as property appraisal, home staging, and market analysis to set yourself apart from other real estate agents and provide additional value to your clients.
- Collaborate with other real estate agents: Consider collaborating with other real estate agents to cross-promote each other’s services and reach a wider audience.
- Maintain a professional image: Maintain a professional image by dressing appropriately, being organized, and communicating effectively with clients.
Marketing yourself effectively takes time and effort, but it can pay off by attracting more clients and building your reputation as a trustworthy and knowledgeable real estate agent in Nigeria.
2. Stay Informed
Keep up with the industry trends and news by keeping track of the market trends and reading real estate-related publications such as newspapers, magazines, and blogs. Attend industry events such as trade shows, seminars, and conferences to learn from experts and network with other real estate professionals.
You can also join professional organizations such as the Nigerian Institution of Estate Surveyors and Valuers (NIESV), the Nigerian Institute of Management (NIM), and the Real Estate Developers Association of Nigeria (REDAN) to stay informed on industry regulations, get acquainted with other real estate agents in Nigeria, and broaden your network. Networking with other real estate agents allows you to share experiences and insights.
By staying informed, you can provide the best service to your clients and make informed decisions in your real estate career.
3. Have A Business Plan
As mentioned earlier, the real estate industry is very promising but it is also quite competitive. Going into it directly out of training without any ideas on how to approach it, what to specialize in, or whether to generalize is not the best course of action.
It is helpful to assess your areas of strength while training so that you have a plan before getting into the real estate industry. Having a plan gives you bearing and makes the transition into a real estate agent in Nigeria simpler.
Pros And Cons Of Becoming A Real Estate Agent In Nigeria
- Financial benefits: Real estate agents in Nigeria can earn a good income through commissions on property sales and rentals. Unlike other careers, there is no limit to how much you can earn as a real estate agent. It completely depends on your sales. You can achieve more in your real estate agent profession if you have a solid grasp of business principles and are very dedicated.
- Flexibility: Real estate agents typically have flexible hours since they are their bosses and do not necessarily have anybody to answer to. You would be able to plan your day however you want to depending on your workload. You get to choose your work hours which gives you more time for other activities, providing a greater work-life balance as well as greater job satisfaction.
- Opportunities for growth: The real estate market in Nigeria is growing, providing opportunities for agents to grow their businesses and clients.
- Independence: Real estate agents have the freedom to work independently, without being tied to a 9-5 office job.
- Networking opportunities: Real estate agents can network with clients, property owners, and other industry professionals, helping them to build a strong network and reputation.
- Satisfaction of helping clients: Real estate agents have the opportunity to help clients find their dream homes or investment properties, which is a big step or phase in people’s lives. Assisting them in finding the ideal house for their family can inspire you to continue helping other clients in the future, and give you a sense of purpose in your line of work.
Also read: How To Make Your House A Home: 5 Tips
- Competition: The real estate market in Nigeria is highly competitive and as a result, finding new clients can be a challenge. This means that you have to work hard to stay ahead of the competition and attract clients to your services.
- Regulation: The real estate industry in Nigeria is regulated by the government. This has both its advantages and disadvantages. On the one hand, it provides a level of protection for consumers, but on the other hand, it can also make it difficult for agents to navigate the legal requirements involved in property transactions.
- Time-Consuming: A career in real estate can be very time-consuming, as you will need to be available to clients and prospective buyers at all times. Most times real estate agents work longer hours than the usual 40 hours per week that many jobs need. While you might get time off in the morning or afternoon on a weekday, you might also have to forgo your weekends.
- Commission-Based Income: As a real estate agent, your income will be entirely based on the commissions you earn from property sales. This means that your earnings can be inconsistent and subject to fluctuations in the market. Slower months can have a negative influence on your income as you don’t have a fixed wage from an employer. You won’t get paid if you’re not selling real estate. Because you don’t have a fixed amount of money to fall back on during a lean period, having unlimited earning potential can actually work against you.
Conclusion On Becoming An Agent In Real Estate
Ultimately, becoming a real estate agent in Nigeria can be a rewarding career for those who are willing to put in the time and effort required to succeed.
If you have strong interpersonal and communication skills, are organized and motivated, and are passionate about helping people buy, sell, and rent properties, then a career as a real estate agent in Nigeria may be right for you.