In 2021 the average real estate agent made $54,330 in 2021 (Source: NAR). How lucrative is the real estate sector? Very, If you take a look at several listings across Nigeria. You will notice that the ones in Abuja and Lagos are in the millions of naira. With this, you begin to get the picture of how lucrative the real estate sector can be.
So how can you get your share of the billions of naira transacted daily? You guess right, by being a real estate agent. If that is what you are planning on doing, then this article is for you.
So you want to be a real estate agent. That’s great! Real estate is a fascinating and lucrative industry, and there’s plenty of room for new agents to make their mark. But before you can start selling homes, you need to get your license.
In this article, we’ll walk you through the process of becoming a real estate agent in Nigeria. We’ll take you step-by-step from start to finish, and we’ll even give you tips on getting started without any experience. Let’s get started!
What a Beginner Real Estate Agent In Nigeria Does
A career as a real estate agent in Nigeria is a smart choice for anyone interested in working in the property market. But what does an entry-level real estate agent in Nigeria do?
In short, they help people buy and sell the property. This might involve helping a client find the right property, negotiating a sale, or finalizing the paperwork. Real estate agents also work with landlords and tenants and can offer advice on mortgages and other financial matters related to property.
To become a real estate agent, you need to be licensed. The requirements vary from state to state but usually include completing an accredited training course and passing an exam.
The Qualifications to Become a Real Estate Agent in Nigeria
To become a real estate agent in Nigeria, you will need to meet some basic qualifications. You must be at least eighteen years old, have a valid driver’s license, and be a Nigerian citizen.
You will also need to complete a training program and pass an exam. The training program will teach you the basics of real estate, from understanding legal contracts to marketing your properties. The exam will test your knowledge of the material, as well as your ability to correctly answer questions about the industry.
How to Get Your Real Estate License in Nigeria
Do you need a license to be a real estate agent in Nigeria? The answer to that is yes. To get your real estate license, all you need to do is pass the National Real Estate Board exam. This is a three-day exam that tests your knowledge of Nigerian real estate law, as well as your ability to apply it in a real estate transaction.
Once you’ve passed the exam, you’ll need to apply for your license with the National Real Estate Board. You can do this either online or in person at one of their offices. They’ll need copies of your ID, passport, and NREB exam results, as well as a processing fee of 10,000 Naira.
How to Build Your Network Through Referral Marketing
Building a strong network is key to success as a real estate agent, so don’t be afraid to start networking right away. One of the best ways to do this is through referral marketing – if you help someone find a home or get a good deal on their property, they’re more likely to recommend you to others.
This type of marketing can be extremely effective, especially in an area like Nigeria where word-of-mouth referrals are highly valued. Start by reaching out to family, friends, and colleagues and let them know what you do. Ask them for any leads and if they know anyone who is looking for real estate services.
Don’t be afraid to reach out to other agents in your area as well. Chances are they have clients or connections that could benefit from your services. Join local real estate associations and attend networking events so that you can build relationships with other agents, brokers, investors and property owners in the area. This will help you develop a solid network that you can rely on throughout your career as a real estate agent.
How to Get Listings as a New Real Estate Agent
Once you have your license and listings, your goal is to become the go-to real estate agent in Nigeria. This may sound daunting, but you can do it by getting listings to represent.
A good place to start is by contacting your connections and family members and asking if they know anyone who is looking to buy or sell a home. Offering them a commission for successful deals can be a great incentive!
You can also join local networking events and connect with potential clients in person. Put yourself out there and be proactive—ask around and build relationships with developers, property management companies and real estate firms in your area. Make sure you make yourself available should they need help or advice.
You can take advantage of online resources too—market yourself on social media, post relevant ads on classifieds websites, or create a blog where people can read about properties in your area.
As a real estate agent, you will need to find properties that you can list and market to potential buyers. It can be challenging to find properties to list, especially when you are just starting out in your career. However, we have got you covered. We have a variety of property listings that you can choose from and start advertising today. CLICK HERE to add some properties to your portfolio.
Understanding the Nigerian Legal Environment for Real Estate Agents
The legal environment for real estate agents in Nigeria is highly regulated and comes with many rules and regulations to ensure the public’s safety. Before you jump into real estate, it’s important to understand the legalities of becoming a real estate agent.
You’ll need to obtain a license from the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). After you receive your license, there are additional courses that must be completed yearly in order to maintain it. These courses cover topics such as ethics, law, appraisal theory and methods, contracts, land title laws and more. In addition, you’ll have to pay a yearly fee to keep your license valid.
The Nigerian government also requires agents to be bonded and insured as an extra layer of protection. Being bonded means that if anything goes wrong during a transaction then you are liable for any losses or damages incurred due to negligence on your part. In addition, obtaining insurance can protect you from liability claims in cases where someone might get injured or make an accusation against you as an agent.
Becoming a real estate agent in Nigeria isn’t easy—but if done correctly it can be extremely rewarding.
How much do Nigerian real estate agents make?
Now, we’ll cover how much you could make as a real estate agent in Nigeria.
Real estate agents can earn millions of naira per deal they close. The amount of money they make usually depends on the size of the property and the commission agreement with their clients. This can also depend on whether it’s a commercial or residential property being sold.
It is important to remember that commissions are not the only source of income for Nigerian real estate agents; they often get sales bonuses, performance-based incentives, etc., which increases their total earnings. Agents who become successful in the business often make significantly more than ten million naira per deal.
The most important thing to remember is that your income as a real estate agent is not fixed, so you should aim to be proficient in your job and aim for high-value deals if you want to maximize your earnings potential.
Conclusion
It can be difficult to break into the real estate industry without any experience. However, with the right guidance, it is definitely possible. By following the simple steps in this guide, you can start your career as a real estate agent in Nigeria, and begin building a successful future.
