Worldwide, real estate remains one of the sectors with the most financial contributions to global development. For many generations, real estate has been a rich sector with increasing prospects in Nigeria, Africa and everywhere around the world. One of the most enticing factors about the real estate business is that the value of landed properties appreciates with time and is rarely affected by economic meltdowns. Making the real estate industry a trusted sector with a lot of security.
If you want to take advantage of business opportunities in the real estate industry, here are 35+ lucrative real estate business ideas for entrepreneurs to start in Nigeria, Africa and everywhere around the world.
1). Real Estate Brokerage Business:
Real estate brokerage involves a range of services, including overseeing the purchase of landed property, listing houses and other buildings for sale and negotiating transactions, among other duties.
Starting a real estate brokerage firm puts business owners at the heart of the activities in the industry. However, it requires proper licensing and registration with the authorities.
2). Real Estate Agent Services:
The role of a realtor or real estate agent is basically to mediate between property owners and the buyers or tenants, as the case may be. Agents are vital in the real estate business because they often have a large clientele and bridge the gap between all parties involved in every real estate transaction.
A real estate agent can work as a sole entrepreneur or work with brokerage firms or any other real estate firm in Nigeria, Africa and everywhere around the world.
3). Property Evaluator:
Property appreciates with time. Therefore, it is necessary to evaluate them before placing a price tag or engaging in any transaction, especially as an owner. This is where property evaluators come in. Although agents sometimes double as evaluators, most buyers find it difficult to trust their evaluation.
Consequently, independent property evaluators are always in high demand because property owners, as well as buyers, need a third-party evaluator they can trust.
4). Real Estate Investment:
Like every other sector, real estate enjoys passive investment from individuals. Thanks to the nature of the business, there are minimal risks involved. However, it pays to invest with trusted firms to enjoy maximum interest rates.
Although it requires high capital, real estate investment is a business with a lot of prospects and profits.
5). Real Estate Photography:
There is a part of real estate that requires a quality outlook to attract the best of buyers, investors and other clients. To achieve this, the services of a great photographer are inevitable. Most real estate firms have in-house photographers or contract photographers who take awesome pictures of houses, industrial buildings, and more.
Similarly, an interested photographer can specialize in real estate photography and partner with real estate businesses or work as a contract photographer.
6). Real Estate Blogging:
For individuals with little to no capital hoping to go into the real estate industry, real estate blogging might be a good place to start. First, blogging offers them a platform to study the industry and simultaneously make money while preparing to start real estate investment fully.
Blogging entails disseminating useful information and updates through engaging posts. The secret to success in this business lies in adequate research and consistency.
7). Real Estate Podcast:
Like blogging, starting a podcast involves creating engaging content in the real estate niche for a listening audience of people who are interested in the industry. This business also allows the practitioner to enjoy possible sponsorship deals and advertisements, especially if they have a lot of engagement.
8). Real Estate Advertising Services:
Speaking of advertising, it is one of the key strongholds in the real estate industry. Real estate firms and related businesses have to advertise their property to get buyers or clients. Starting a real estate advertising business puts you in the midst of this business opportunity.
Advertising requires great strategies and a good online presence to reach the right class of buyers or clients. Other effective methods include magazine and newspaper publications and radio jingles.
9). Home Maintenance and Repair Services:
To keep houses and other real estate structures in good shape, adequate maintenance and repair are necessary. Before placing ads for available apartments, real estate firms conduct thorough maintenance to increase the value of such buildings.
This need keeps maintenance and repair services in high demand always. An interested entrepreneur with sufficient capital can start a company in Nigeria, Africa and everywhere around the world and employ experts, ranging from plumbers to electricians.
10). Moving Business:
Relocation comes with the need to move one’s belongings. This creates a need for movers in the real estate industry in Nigeria, Africa and everywhere around the world. Families with a lot of domestic and personal items, as well as individuals with large furniture, need the help of movers to transport their luggage safely to the new home using vehicles such as small trucks.
11). Property Management Business:
Property management entails overseeing the business activities of a real estate property. Such activities include marketing the property, leasing out and accepting rents, settling disputes, and so on.
An entrepreneur can start a property management company for apartments owned by others as well as their property and build a successful business out of it.
12). Cleaning Services:
One of the essentials of moving to a new apartment or business is cleaning. Cleaning goes before every form of home setup or interior decoration. But at the same time, it could be a highly demanding chore, especially if the apartment is a large one.
Hence, people prefer to contract their cleaning to professional cleaning companies. It is a viable business idea that requires few skills.
13). Real Estate Inspection Services:
Real estate inspection or home inspection is a service that involves checking the status of a home or any other real estate property to analyze its status before the sale. The inspection helps property owners decide whether a property requires maintenance before listing it for lease or sale.
Real estate inspection is an independent business that requires detailed knowledge of buildings and proper registrations.
14). Home Building or Construction Company:
Here is a high-capital business that enjoys massive patronage across various arrears in Nigeria and Africa. Starting a home construction company requires several technical experts and professionals in various fields; soil experts, building engineers, carpenters, and so on.
The secret to success in this business lies in good publicity and construction pricing for the proposed properties, among other factors. It helps to network with veterans in the industry to get building contracts from both the private and public sectors.
15). House Painting Business:
Painters are also in the hierarchy of real estate and home-building businesses. One can start the painting business as a sole practitioner or establish a painting service company. It is also advisable to partner with construction companies to get regular contracts and patronage.
16). Home Electrifying Services:
Electrifying a residential or industrial building requires extreme professionalism to avoid subsequent damages that could lead to sparks and fire incidents. Therefore, home builders employ the services of professional electrical engineers and electricians for adequate home wiring and electrification.
An entrepreneur in the field can start this business or employ the services of trained electricians and build such a service team into a company.
17). Plumbing Services:
Like other home services, plumbing is an essential component of modern homes and buildings. The plumbing system has to be effectively structured to serve the apartment irrespective of its size and the population of dwellers or users.
Plumbing is one of the most demanded real estate services with little need for advanced strategies in Nigeria, Africa and everywhere around the world.
18). Private Property Security Business:
Uninhabited property could attract illegitimate dwellers, thieves and fraudsters, especially if located in an inconspicuous location. To prevent such situations, house owners or real estate companies often contract property security personnel to guard the property always.
The same applies to apartments with legitimate dwellers. There is a need to protect both the house and its occupants from burglars in Nigeria, Africa and everywhere around the world.
19). Home Decoration Services:
Interior decoration is great business always! Everyone loves to make their homes look the best possible to give them the comfiest and most welcoming feeling after a long day of work. An interior decoration expert does not only decorate homes but also suggests interior decoration ideas to suit the personality of the client and improve the overall look of the home.
20). Real Estate Legal Services:
The real estate sector comes with a lot of legal demands, ranging from certificates of ownership, proper licensing and documents of landed properties to simple payment receipts, which are all pretty important, including lawsuits.
To avoid subsequent complications, realtors and other real estate workers necessarily involve lawyers and other legal practitioners to protect themselves from property thefts and fraud, among others.
21). Air Conditioner Installation Business:
All modern homes are equipped with air conditioners to regulate the temperature and make the apartment comfortable. This creates a business opportunity in real estate for engineers who install air conditioners and also for retailers.
Individuals with the requisite technical know-how can start an AC installation company anywhere in Nigeria or Africa at large and make good profits from the business.
22). Home Rental Business:
It is a common practice in Nigeria, Africa and everywhere around the world for people to move to urban areas. This often leads to an increased need for houses and apartments on rent. In industrial cities like Lagos, Nigeria, home rental is a massive business that never runs out of value.
23). Hostel Rental Business:
Real estate investors in student areas or cities close to higher institutions of learning can earn consistent income because there is a regular influx of students every year. These investors can build hostels as well as self-contain apartments. They are bound to enjoy constant patronage.
24). Real Estate Development Services:
Real estate development includes activities such as scouting real estate and landing property with prospects and improving such property where necessary. Their duties also include working with real estate agents to get the best deals possible.
Sometimes, it takes a real estate developer to foresee the profitability of a real estate property and predict its profitability within a particular period. Investors and other professionals in the real estate industry need the services of real estate developers.
25). Real Estate App Development Business:
With technology fast gaining ground in every domain of life, the real estate sector is also experiencing significant growth from technological advancements and innovations. To make real estate scouting and transactions easy between buyers and realtors, most real estate businesses have adopted mobile applications.
This, therefore, leaves room for app developers to make an impact in the real estate industry and equally make money for their services for custom application developments or for SAAS applications that people will subscribe to
26). Supermarket and Malls Rental Business:
Supermarkets are a key part of all urban areas and towns in Nigeria. The continuous expansion of the economy creates the need for more SMEs than before. Most business owners choose supermarkets and malls in urbanized places because of the potential they hold for business.
Hence, putting up supermarkets and malls for lease is a great real estate business idea for realtors and investors in the industry.
27). Land Lease Business:
Like every other rental business in the industry, leasing landed property is equally lucrative. People need small pieces of land or plots as the case may be for their respective businesses. This makes land leasing a lucrative real estate business. Although there are several other factors such as the location of the land, the land lease business is generally worth trying for entrepreneurs in real estate in Nigeria, Africa and everywhere around the world.
28). Carpentry Services:
Carpentry is one of the skills needed in homebuilding. Ranging from basic services such as home roofing to interior furniture setup and maintenance, efficient skills in carpentry are needed to set most real estate businesses in motion.
29). Floor Installation Services:
3D floors and tiles are only some of the types of floors commonly used in most modern homes and buildings. Installing floors requires technical expertise that can only be acquired via extensive training and practice.
30). Real Estate Magazine Business:
In the same vein, an entrepreneur can combine real estate with media through real estate magazine publications. Such a magazine could basically be for publishing novel ideas about different home and building designs. It could also be an avenue for real estate ads, home listings and a platform to link businesses with potential clients.
31). Real Estate Consultancy Business:
The real estate industry comes with the need for adequate decision-making, risk management, and other core organisational skills. As a result, realtors, investors and other entrepreneurs in the industry seek professional guidance before starting their real estate business or before making a vital decision.
Consultancy is highly rated in the real estate industry. Both homebuyers and entrepreneurs seek help at one time or another to get the best deals for themselves.
32). Water System Installation Services:
Since water is an essential resource, it is easy to understand why residential and industrial buildings need the services of water system installation experts. Installing water channels in homes, offices and other industrial buildings requires heavy machinery, which ultimately influences the capital needed to start this business. However, it is a business with good profits in the long run in Nigeria, Africa and everywhere around the world.
33). Real Estate TV Show:
Besides starting a real estate magazine, a TV show could be an insightful idea to combine media and the real estate industry. A TV show is bound to garner massive views around the country and continent at large.
Homeowners and builders, as well as other interested individuals in the real estate industry, are always on the lookout for building ideas, home listings and general updates in the industry.
34). Land Flipping Business:
Land flipping involves buying lands and selling at a higher price later when the lands have appreciated. The success of this business thrives mainly on the fact that lands never depreciate, especially when situated in a developing area or environment with a lot of business prospects.
35). Architectural Design Business:
Home designs are important factors in real estate development because they reflect the taste, preferences and sometimes the personality of the buyers or owners, as the case may be. This explains why homeowners pay close attention to the architectural designs of apartments.
As an architect, it is possible to make designs and put them up for sale or work directly with engineers and home builders to make unique designs on a contract basis.
36). Bricklaying and Labour Business:
Bricklayers are some of the building experts who do the actual on-site work in real estate development and particularly home building. Bricklaying requires adequate knowledge and skills of the building process, materials needed and the methods of building. It is an important service that needs to be properly executed to ensure the safety of the house after building.
To Sum It Up
There are a lot of opportunities for investors and entrepreneurs in the real estate industry, as there are a lot of land mass yet to be fully developed. Such places are prime business opportunities waiting for exploration. If you want to take advantage of business opportunities in the real estate industry, you can start with any of the 35+ lucrative real estate business ideas mentioned in this article for entrepreneurs to start in Nigeria, Africa and everywhere around the world.
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