How To Start A Real Estate Brokerage Business With No Money And No Experience
Are you interested in starting a real estate brokerage business?
Do you need a blueprint ?
If you answered YES, to any of the above questions, then I advice you read on because this will be the most profitable article you will ever read today!
Why Start a Real Estate Brokerage Business?
If you are thinking of starting a business with huge returns on investment, then one of your best bets is to venture into the real estate industry.
Of course, there are several money spinning business opportunities in the real estate industry and one of them is to start a real estate brokerage business.
It is a common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for a commission.
In Nigeria and in other countries, this intermediary is referred to as a real estate broker (or realtor), or a real estate agent in everyday conversation.
The real estate industry involves the buying, selling, or renting of lands, buildings or housing facilities.
Real estate agency or a real estate agent (broker) is a person who acts as a middleman between the sellers and buyers of real estate/real property.
They are involved in searching for sellers who sell properties and buyers who buy properties.
You can start your real estate agency from a small town in Nigeria and if you are consistent and creative, it won’t be too long before your brand becomes a nationally recognized brand.
A Complete Guide – Industry Overview
The Real Estate Sales & Brokerage industry in Nigeria comprises businesses that engage in residential sales, commercial sales, residential rentals, commercial rentals and transaction, advisory and other services.
The real estate sales and brokerage industry is a major contributor to the growth of the economy of many nations of the world.
As a matter of fact, a real estate agent can become a millionaire ‘overnight’ from just one real estate deal; little wonder the industry is responsible for making many millionaires.
A real estate agency (brokerage firm) usually receives a payment called a commission for successfully matching a seller’s real estate with a buyer’s real estate need; such that a sale or rent/lease can be made.
In most cases, the commission generated is shared with other real estate brokers or agents who played their parts in ensuring that the property is sold or rented out as the case may be.
The Real Estate Sales & Brokerage industry is indeed a very large industry and pretty much thriving in all parts of the world.
Statistics has it that in the world, there are about 973,600 licensed and registered real estate sales & brokerage agencies directly responsible for employing about 1,170,125 employees.
The industry rakes in $165 billion annually with an annual growth rate projected at 4.8 percent between 2014 and 2019. It is important to state that no establishment can boast of having the lion share of the market in this industry.
A recent report published by IBISWorld shows that the Real Estate Sales and Brokerage industry is closely aligned with the health of the residential and commercial real estate markets in the United States.
Industry revenue is directly correlated with property prices and real estate transaction volumes, and agents are typically paid completely on a commission basis and receive their fee only when they close a deal.
Additionally, the residential market accounts for more than two-thirds of industry revenue, making the industry especially sensitive to fluctuations in housing prices and existing home sales.
In 2014, increasing per capita disposable income and historically low interest rates helped increase home affordability, which bolstered demand for real estate brokerage services.
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To higher income,