Real Estate is a type of real property in the sense that it includes any structure built on a land be it artificial or natural for example vehicles, jewelry, etc. It also involves improvements done on a land like drainage, electricity, etc. which adds value to the property. Real estate business involves the process of buying, selling or even renting a property.
Most people will think why should they put their interest or invest in real estate? Well, for starters you do not need a college degree to be a real estate agent and the market of real estate is in high demand. Real estate business gives you freedom and it is very empowering because seeing someone’s goal achieved is refreshing and uplifting.
Types of Real Estate
There are different types of real estate and I will be talking about some of it here:
- Industrial Real Estate: This includes the selling, buying and renting of properties that are used for manufacturing, distribution, production, storage, warehousing, factories, development and research.
- Land Real Estate: In its true sense of meaning, it is an undeveloped property or even agricultural lands like orchards, ranches, farmlands, etc. Most people buy these empty lands develops it for added value before renting it out or even selling it.
- Residential Real Estate: The most common type of real estate where there is buying, selling and renting of residences for individual or family living arrangements. Properties found under this type of real estate include duplexes, condos, apartments, townhouses, cooperatives, villas, huts, detached houses, mobile homes and portable houses, etc.
- Special Purpose Real Estate: These are mainly properties that are just for the consumption of the public. These includes schools, cemeteries, parks, churches and mosques, libraries, etc.
- Commercial Real Estate: This involves real estate that deals on properties that is only used for business. This could include restaurants, malls, hotels, hospital, parking lots, gas stations, grocery stores and offices, etc.
How To Start A Real Estate Business In 2023
As the year is coming to an end and you are wondering on the steps to take that will enable you launch your real estate business in 2023. Well, do not be scared because we have got you covered. These are the necessary steps to take when starting a business in real estate.
- Business Goals: Though the first thing you have to do, it is a very crucial and integral part of starting a real estate business. Setting of goals and critically analyzing of business plans must be at the forefront when starting a real estate business. This particular stage helps you stay focused as time goes on in the business. Here, you have to think what your personal, financial, professional goals are and how they can affect your business both negatively and positively.
- Research: Researching is important when starting a real estate business. Here, you get to know about risks involved in the business, what profits to expect, potential competitors and their experiences, the market are of the business, rental, selling and buying prices, startup capital, etc.
- Set a Niche for your Brand: Carve out a niche for your business. If you are going to be dealing on residential real estate , you stick to it . Most buyers will not take you serious if you are dealing on virtually all types of real estate and at most would also think you are a fraud.
- Capital: Real estate business requires a lot of funds for startup, from the research done and identifying the niche you will be focusing on, you should be able to know the required amount for starting the business. Where there is limitations in the capital, you can seek out investors using your business plan or there other methods of getting funds such as loans, mortgages, etc.
- Registration: If you are bent on making this to be a real business you can benefit from there are a few permits you have to get in other to be legally recognized as a Realtor (This solely depends on your country’s regulations.) Some of the known registration for Realtors are Corporate Affairs Commission (CAC) and Limited Liability Company (LLC)
- Business Marketing: Another important aspect of real estate business is marketing of your business. Here this has to do with the certain strategies you can employ to make your brand stand out or make investors and potential buyers know about your business. Some of the strategies you could employ to make your brand unique are; making logos, mission statements, social media awareness, Email and direct mail campaigns, creating a website for your business that people can access at will, advertisements, etc.
Most people are scared to go into real estate business thinking they will suffer losses. Well, I will not butter it up and say they will not be any losses, but one can gain profits if he/she handles the business proficiently.