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The Real Estate Business Thread by Alaroro(m): 3:41pm On Sep 18, 2014 |
IF YOU WANT TO GET STARTED IN YOUR DREAM CAREER IN 2016, YOU HAVE COME TO THE RIGHT PLACE! Maybe you've always known what your dream career is — you just haven't discovered how to get started. Or maybe you're not yet sure what your dream career is — you just know it isn't what you're doing now. Wherever you are in the pursuit of your dream career, Koboheights guides can help you get started and succeed. CONTENT - Job options - How to invest in real estate flipping I & II - Turnkey real estate investing I & II -Exfoliated analysis of the real estate sector I & II - Lead nuturing - How to use social media I & II - Myths of real estate - How to reach a larger audience - Mistakes made in real estate Business - About a career as a gift shop owner I & II - What is social entrepreneurship? - About social entrepreneurship - How to get a Real estate business mentor I & II |
Re: The Real Estate Business Thread by Alaroro(m): 3:57pm On Sep 18, 2014 |
Today we look at the ever growing not to mention prospective real estate sector of Nigeria and list its various job prospects. This shall be informative as well as brief Job Options Residential Real Estate Agent/Broker Real estate agents and brokers are usually independent sales professionals who contract their services to real estate brokers in exchanges for a commission-sharing agreement (normally one percent in Nigeria). There are thousands of registered real estate brokers and agents in the country. To become a broker you must be at least 18 years old, a Senior Secondary Certificate and a real estate brokering license (more updates on the career gateway article) Commercial Real Estate Sales Commercial property brokerage offices use sales associates who market office buildings, hotels and many other types of commercial real estate for brokers, it is more competitive and profitable than residential real estate and perhaps more regulated. Commercial real estate sales people usually specialize in a particular property type such as retail, office, hospitality, shopping centers and industrial plants. Most of the large commercial brokerage companies in the Nigeria provide a great deal of local market data and research in order to be able to service a cadre of sophisticated clients who are making high profile investment decisions. Several trade organizations represent the various commercial real estate subspecialities in the country (more updates on the career gateway article) Real Estate Appraisal Real estate appraisers provide unbiased estimates of a property's value and quality. Appraisers usually work for finance institutions or for appraiser firms(which are still upcoming virgin territories) and will normally value properties by finding comparable sales in an area or by estimating the discounted value of cash flows expected from a property. This profession is less cyclical than the usual real estate brokerage because appraisers are needed mostly when the real estate market has been slow. (more updates on the career gateway article) Property Management With Government micro-managing nigeria properties and property owners, Leading real estate owners require professional property managers. Managers are responsible for negotiating leases, ensuring that tenants are satisfied, that rent is paid and that rents reflect market conditions. The career of property manager requires good interpersonal and analytical skills and a fair amount of negotiating prowess. This job is personally rewarding and allows you to really learn the real estate markets should you wish to embark in business on your own.(more updates on the career gateway article) Real Estate Advisory With nigeria initiating mortgage schemes e.g: rent to own etc. Institutional investors are purchasing real estate more and more. But real estate is not like paper assets that you can buy and put in your matress . Real estate advisors help investors care for property make sure its registered with FHA and keep away extortionists(omo onile) and, more importantly, select property in the first place by suggesting areas and property types that are likely to experience price appreciation in the future. This job is fun and one that you can get into after getting experience in investing or property management. People who are good with statistics and excel at client contact do well in this job (more updates on the gateway article) Investment Banking With the many banking and finance graduates in the country perhaps the banks aren't the only institutions one can work in, many investment banks have groups dedicated to real estate, particularly the repackaging of mortgages into residential mortgage-backed securities (MBS) etc. If you have an interest in both real estate and investment banking, why not go for both areas at once? (more updates on the career gateway article) Development and Construction Are you willing to work hard and take risks to develop new properties? Then a career in real estate development may be for you. You can enter this business working for another developer, moving up to construction manager, or you can strike out on your own, starting with some smaller transactions. Good developers are results-oriented and know how to get work on time which involves managing labor, establishing time estimates, getting appropriate equipment operators and construction crews.(more updates on the career gateway article) Real Estate Entrepreneur Real estate is one of the last bastions of the free-enterprising entrepreneur who buys properties in hope that they will rise in value because of improvement in market conditions or renovations. For as long as one can remember, some of the wealthiest persons in the world have been real estate entrepreneurs. To make it in this career you need to be savvy, hard-working, willing to take risks and fortunate. Remember, there are others who would also like to become wealthy in real estate who will be bidding on the same deals and properties that you will. It is important, then, to think carefully of how you can succeed in this market through better wits, a superior management approach or a unique niche strategy(more updates on the career gateway article coming soon) |
Re: The Real Estate Business Thread by Alaroro(m): 12:53pm On Oct 07, 2014 |
How to Invest in Real Estate Flipping Real estate flipping can produce an attractive income. Real estate flipping, buying property with the hopes of reselling it in a short period, is not an easy way for everyone to get rich quick. Real estate flipping is a good investment when done with careful planning. Finding the right property at a bargain price will take time and consideration. Properties are being sold every day it involves year lows,re-mortgaging and a lot of grammar which can blow your mind as well as put you in a fix so you have to dust up widely . Investing in real estate can be a risky business without the proper accurate information. Make a financial plan. This plan should be a written plan that accurately shows your financial situation and your ability to purchase property. Make a spreadsheet listing all your debts and cost of living expenses. Compare this total to your income. The difference in your income and expenses is your disposable income. Your disposable income can be used to manage your real estate investment. You will need money for a down payment, for closing costs including legal fees incurred in the purchase and for repairs that the property will need before reselling. Do a written budget. You will need to be sure that you have the cash flow from your regular income or from savings to maintain the expenses while working on the house. Include in the budget the payment on the property including taxes and utilities, remodeling supplies and labour costs. Consider how you will finance the purchase. Most real estate investors who plan to flip a property work on the premise that a first mortgage will be generated to buy the property. If you have the total amount of the purchase in savings or other liquid investments, you should consider paying cash for the property. This will save all interest charges against your investment. To be continued.... |
Re: The Real Estate Business Thread by Alaroro(m): 1:03pm On Oct 07, 2014 |
How to Invest in Real Estate Flipping II Locate the property. The best property to obtain is the worst house in a good neighborhood. Neighborhood choice is important to the easy resale of the property. Study the trends for the area. Check for comparable sales prices in the neighborhood. Choose a neighborhood that has had comparable sales within the last few months to calculate your estimated resale price. Refurbish the property. Making good remodeling choices will increase the value of the home when it is time to list it for sale. Use quality building materials. Use a neutral color scheme in order to avoid creating a small customer base. List the property for sale. You may be able able to sell your flipper house without the help of an agent. Be careful not to let the property be for sale for an extended period without enlisting the professional help that an agent can provide. Real estate agents can be of great help in bringing potential buyers to view the house. A house that has been on the market for an extended period of time may be viewed by potential buyers as a property with hidden problems. |
Re: The Real Estate Business Thread by Alaroro(m): 8:03am On Feb 23, 2015 |
QUESTION: You see, many people want to invest in real estate, but they also want to live in a great location where rental properties don’t make a lot of sense. e.g: banana island where basically everyone is a landlord and its crazy expensive for tenants. So Instead they end up just enjoying the sun, the city, the lights — with no want cash flow from the rental property, bad business. You see people who want to own rental properties but don’t want to actively manage anything. They want their "cake… and they want to eat it, too" Is this possible? Well, in recent years a number of Service providers have emerged that claim they can help investors do just this. They are called turnkey providers/care takers ,but is turnkey real estate investing really all it’s cracked up to be? Let’s find out. What is Turnkey Real Estate Investing? Turnkey real estate investing is a loosely defined investment strategy in which the investor buys, redecorate, and owns a property managed through a third-party, usually from a long distance away. Their goal is to make the entire real estate investment process as simple as possible, so all you need to do it turn the key There are hundreds of turnkey real estate providers in Nigeria (and across the world), and no two companies are exactly alike. Some will buy, build, rent and then sell a property to you, the investor. Others will simply help you find the property and let you do most of the heavy lifting on the rehab/building side (if there is any to do), then manage the property for you . Again, each company runs their operation a little differently, so if you decide to go with a turnkey company, it’s important that you do some in-depth research on exactly what that turnkey company will and will not do. Benefits of Turnkey Investing Turnkey investing has several distinct advantages over doing it all yourself: Service at a Distance: The first (and most obvious) benefit to turnkey real estate investing is the ability to invest in a good real estate market without you needing to live there. Being a landlord is not always easy, and trying to be one from thousands of miles away can be even more tough. Many people who live on the East or West of the Country e.g: lagos from benin, as well as many who live outside the country, rely on turnkey companies (mostly in the commercial and highly populated states like lagos, where cash flow tends to be higher) to invest in great markets. Market Insight: A good turnkey company knows their market with far more precision than an outsider would. You might be able to do some research on a particular area and check out the Cool shawarma or chilling spots, crime reports, and price ranges, but a turnkey provider will know the heart of an area. They will know why people prefer one area over another. They’ll know why this street is worse than that street. They’ll know the reputations behind certain neighborhoods, properties, and businesses. They’ll have an ear to the ground about societal changes that could affect the local economy. It is very difficult for an outside to gain this perspective, as it is normally reserved only for long time locals, which a good turnkey provider should be. Professional Staff: Turnkey providers, because they are property management companies, will generally have either in-house staff or work closely with vendors to make sure your property is taken care of. When you invest on your own, you either have to do all these roles yourself, OR you’ll need to find them in a market you may not know. Marketing Machine: Many turnkey providers buy, sell, and rent dozens or even hundreds of homes per month. For this reason, they are required to consistently drive leads into all the parts of their marketing funnel. They might use billboards, radio ads, newspaper ads, and more to drive both motivated sellers and tenants to their business. For this reason, they may find better deals than you could, as well as get tenants faster. Management Experience: Let’s face it, most people are not good managers. Turnkey providers, on the other hand, are usually experienced in dealing with tenants and contractors. Their experience helps them make the right decision more often. Simplicity: Finally, although each turnkey company operates a little differently, they all have the same goal: to make the investment property easier for you. When you invest in real estate by yourself, you are forced to handle all the moving parts yourself, which can be overwhelming. A turnkey real estate investment company attempts to simplify the process, so you ideally will only need to write and receive checks. To be continued |
Re: The Real Estate Business Thread by Alaroro(m): 8:26am On Feb 23, 2015 |
The Downside of Turnkey Investing Now at this point, you are probably thinking to yourself, “ Wow, turnkey sounds heaven sent. Why wouldn’t everyone do this?” There are some potential downsides to turnkey investing you should be aware of before you jump into that kind of investing, so let me walk you through the two big ones: Financial: A turnkey company is a business that needs to make money, and they do this through several methods. First, turnkey companies often buy the property at a discount and sell it to you, for a higher amount, essentially. Then, the turnkey provider makes a monthly income by managing the property for you. Therefore, it would make sense that you will be paying a “premium” for the ease of service you are getting. You generally can’t have your cake and eat it, too! That said, remember that turnkey companies DO have a marketing machine running 24-7, and as such, are generally able to find incredible deals in their market, so even if they do make a profit when they sell to you, you might still be buying “below average” and getting a great deal. Trust Needed: Perhaps the greatest risk when choosing to invest in real estate through a turnkey company is the level of trust you must place in this provider. After all, you are relying on their knowledge and expertise to choose a location, choose a property, choose a tenant, and manage that tenant. That’s a lot of trust you are placing in someone else who gets paid whether or not you make a good investment. It would be fairly easy for a turnkey provider to take advantage of investors by encouraging them to buy bad properties in bad locations. In fact, I’ve heard many horror stories of investors who buy a property through a turnkey provider only to discover soon after that it was a Basket that immediately began costing the investor a lot of money in repairs imagine experiencing that especially now when the country's economy is tensing up. So, should you invest in real estate at a distance through a turnkey company? That’s a decision only you can make after careful investigation into a particular company.. There are both benefits and disadvantages, so I would weigh those against the possibility of investing in your own market. If you live in an expensive area and want to invest in lower-priced properties, turnkey can be a great alternative to being a local landlord. Just be sure to do your research and know what, and who, you are investing in. |
Re: The Real Estate Business Thread by Alaroro(m): 9:24pm On Apr 13, 2015 |
QUESTION:I see TONS of new investors wondering how they can get started in real estate with a great salary but no assets or savings. Honestly, I bet if we "googled" for the most popular nigerian questions you would see 100% “oso free.”(No money down) While there are tons of additional great books, podcasts and forums posts on this subject(which are important), many people ignore the simplest, the easiest 0%-5% down. Personal Properties Start with personal properties,I know this is controversial, and there are many different camps on this philosophy. I have seen a lot of articles on why not to buy houses as personal properties, but I wanted to give my opinion on why I am a believer in this being the most “valuable” type of borrowing. Benefits 1.Lower Down Payment & Interest Rates: If you buy a house as a personal property, you can put 0-5% down, and pay .5-1% lower in an interest rate. I know when we were running the numbers a year ago, we even noticed that this lower interest rate has reduced our payments close to what a 20% down payment and higher interested rate equate to! Although the Instability in the nations economy currently will definitely affect policies related to getting a personal property so its likely this figure may have changed so investigate closely 2.Tax Savings: Although its pretty peculiar in Nigeria because of our poor tax records however Depending on your tax situation, being able to declare your mortgage interest off schedule "A" of your taxes could have a great benefit. 3.Lock in Potential Depreciation: Once you own in a neighborhood e.g: lekki gardens etc. If it appreciates, you are able to experience this appreciation. While the same is true if the market falls, if you have an “exit” plan of being able to rent your home out, this becomes much less of a worry. 4.House Hack: If you own the house, it is a lot easier to sublease. We have had many friends who have lived rent free by simply putting up with roommates/housemates. They have had other people paying for their mortgage and “house expenses” while they are building other baskets! 5.Easier Ability to Purchase: Especially in states like Lagos,there are Upcoming number of programs for first time home buyers or even home buyers(check with the local government council). We have had a much easier time qualifying for our personal homes versus the ones we buy as investments from day one. Ability to Get Your Foot in the Door e.g: i know a couple who got started at 23 and 25. As Strange as this sounds, getting started in the traditional way, buying their first house, they got to learn a lot and now when things go wrong they have a good idea about what is going on even if they hire the handy man instead of doing it themselves! 6.Higher Leverage Possibility: Since personnels have less of a required amount down and tend to be more “lenient” (again bank dependent), it is easier to buy a lot more houses, a duplex, or fourplex to leverage and begin your real estate career. While it definitely is not always a great plan, if you have ways for others to pay off your mortgage (house hacking, multi- family, etc.), it can be an awesome asset. To be continued..... |
Re: The Real Estate Business Thread by Alaroro(m): 9:27pm On Apr 13, 2015 |
While there are lot of negatives to this strategy, there are also many myths! Myths disadvantages 1.Waste of Money: We have bought in areas where our mortgage payment was less than rent, so someone else ends up paying. That’s not even taking into account the role that taxes or appreciation plays. 2.You Need 20% Down: I see a lot of people comment that you should have at least 20% down before you buy a house. Many more mention refinancing. Personally, we try to do a loan ONCE. Therefore, instead of pulling money out, only buy once with as little down as possible. This way, when we move on or have roommates, someone else is paying our mortgage. 3.You Have to Hold Long Term: Many people buy personals and move on when their life requires it. Upgrading due to an increase in your family, moving to a new location, etc. 4.Smaller Profit Margin: For me this is the koko Of course, if you put less in the house, your mortgage is going to be higher and therefore your cash flow is going to be less. On the other hand, this means you are going to have less paid into the house and that your tenant will be paying off your asset (which is my ultimate goal). This is why I look at “cash on cash” returns. So my profits are based on what I put into the home! |
Re: The Real Estate Business Thread by Alaroro(m): 3:20pm On Jun 15, 2015 |
QUESTION: Well not only the Nigerian market has that problem, it's a general market problem especially with the forces of Modern day economy, even with the american dream concept, selling a house in America is no stroll in the park, as you should know by now, just having a website will never guarantee that you will generate business from it. On that same note, just getting lots of traffic, and even attracting a good amount of leads, does not mean that you will actually get new clients either. Successful lead generation campaigns – ones that produce actual business – must be comprised of all of these elements; a great website, a strategic traffic generation campaign, strong calls to action and one more thing….an effective lead nurturing campaign. This articles focus is to teach you how to nurture real estate leads with content marketing so your website and marketing efforts can produce actual business for you. What is Lead Nurturing? There are three main strategies to make an online marketing campaign successful: (1) traffic generation, (2) lead generation and (3) lead nurturing. Traffic generation is all about getting people to your website whether that is from paid advertising, social media or my personal favourite word of mouth aka "famzing" Lead generation is focused on conversion optimization of your website and using and testing calls to action to produce more leads. Lead nurturing is a system for continuing a conversation with a prospect from initial contact until the person is ready to become a client. By providing useful information and keeping your name / brand in your prospects’ minds you stand a much better chance of converting that lead at a client One strategy that can, and should, be used throughout all of these three of these to make them as effective as possible is content marketing. Given the amount of topics and relevant information that real estate professionals can use to provide valuable content, content marketing remains as a staple for producing traffic, leads and sales. Below are 3 primary ways to use content marketing to nurture, and convert, your real estate leads. Using Content Marketing to Nurture Leads Social Media Lead nurturing campaigns focus on creating mutually-beneficial working relationships so that when it comes time to buy, that lead turns to you, or your business, instead of a competitor. While the first step in lead nurturing is making sure you have the right contact information, it’s important to realize that consumers are using more than a phone to stay connected. In order for you to connect with buyers, you need to be present on social media and on the platforms where buyers are searching. To be continued..... |
Re: The Real Estate Business Thread by Alaroro(m): 3:22pm On Jun 15, 2015 |
Here are some ways to use social media to pull your real estate leads through the buying cycle : Use social media to answer questions. These can be customer service questions, home buying questions , blog posts and the latest in home buying in your area are all types of content you can use to nurture leads. A great real estate video could be the final push someone needs to make an appointment while blog posts are an easy way to get social shares and new eyes on your website. Blog You should know by now that not every web lead you receive is going to be ready to buy a home right away. As a matter of fact, few of them probably are. However, this doesn’t mean you should shrug off these leads or consider them unworkable. You can appeal to those who aren’t ready now by using your blog to keep your business and name in their minds until they are ready to do so. An effective lead nurturing campaign positions you as someone who cares about each and every prospect, no matter what stage of the buying cycle they might be in. Here are some effective ways to nurture your real estate leads with your blog: 1.Find a niche and talk about it on your blog . By having a blog available for people you meet and work with to view, you can establish yourself as the kind of agent they’re looking for. Perhaps you come across a number of people looking for someone knowledgeable in a certain type of architecture or home building materials used. Write up posts on these topics. Mix in some posts that aren’t just about buying or selling a home . Your blog can advocate your business and agents, but shouldn’t be pushy. You’re nurturing, not selling. Think outside the box with unconventional topics . Try posts about public services in the areas of your listings or opinion pieces on community events and developments that shape your neighborhoods. To be continued... |
Re: The Real Estate Business Thread by Alaroro(m): 3:23pm On Jun 15, 2015 |
2. Email Email is still the top online activity of Internet users. If you aren’t using email marketing yet, you should be. Email allows you to connect with home buyers without interfering with their already busy schedules while sharing your blog posts, listings, etc. You can help move home buyers to making a purchase by keeping them up to date via email. Here are some common, but results- oriented, ways to use email to nurture your real estate leads : Segment your audience. Be sure to separate out sales-ready buyers from those still in the early buying stages. You want your lead nurturing emails to go to the right people at the right times. By analyzing their clicks and interactions, you can see when they are approaching the final stages of a buying decision. With each stage, change up your content and your call to action so the email marketing is geared to the right audience at the right time. Add value. Make sure your emails add value to each person you’re sending them to. Include helpful information To entice your recipients to click. Every Lead is an Opportunity As with any form of marketing, make sure your timing is strategic and that you’re tracking the results of your efforts. There’s no way for you to optimize your efforts to get the best results unless you’re properly tracking, analyzing and refining based on your data. Proper tracking will allow you to start looking at every lead in a different way – each as valuable as the next. With lead nurturing campaigns, you can turn old, cold leads into new opportunities won – even if that means 12 months from initial receipt. Content builds trust while establishing you and your business as useful, authoritative industry resources. It also gives you something to constantly grow your social sphere which will only become yet another network of possible business for you. |
Re: The Real Estate Business Thread by Alaroro(m): 3:50pm On Aug 03, 2015 |
Question: There is no time when poor economy affects the market to drastic measures it may perform slowly but there's always a system that works for every situation, first of all you should debunk the two popular myths associated with generating leads in real estate marketing MYTH #1:Visitors are most interested in who YOU are. Well, yes, they do care, but not right away. Real estate prospects who come to your website generally want to see what they searched for. If they like what they see, then they will check out your profile. However, if you don’t have the information, resources or tools they are looking for, then you can bet that they will be moving on before even looking at that pretty face of yours. TIP: Don’t make your website primarily about YOU. Include your personal information and qualifications in the “About” section of your website, but don’t clog up your homepage with it. Focus your website around resourceful content, user-friendly home search tools and strong calls to action to create a winning formula for quality web lead generation. MYTH #2:Lead generation trumps lead management. We have found that this is a very common disbelief among not just real estate agents, but many business owners who lack experience with online marketing. You might have 500 leads, but if only 10 convert, that’s only a 0.02% conversion rate, and this is not enough to support your business. Conversion rates this low usually lead to a poor lead management system – one that can waste all of your hard work and money spent on marketing. TIP: Guide each visitor all the way through the conversion funnel. Once you get visitors to your website and are able to get them to provide their contact information, your creativity and hard work must continue. Segment your web leads by any and all information you have collected about them (source, location, interest, stage, etc). Once your lists are segmented then create communications to these lists that specifically target each of these segments. Lastly, don’t give up on a lead or disregard it just because it is “cold”. Cold leads become “hot” leads at some point….IF you spend the time and effort necessary to properly nurture it. There you have it, common myths have been debunked and specific tips have been provided. Remember, there are many pieces to the puzzle of mastering your leads generation efforts. Successful real estate web lead generation and management comes from ongoing processes and hard work….not one off projects that have no follow through. Lead Generation & Management Takeaways Two things we would like for you to take away from this article are centered around two main questions to ask yourself: 1) Why would anyone want to visit, and more importantly, remain on my website? Create personas and develop your website to cater to them. This will guarantee your visitors will like what they see and increase the chance of conversion. 2) Do I really have an effective lead management / nurturing system in place? Don’t just rely on automatic response emails to follow up with leads. Your customers will really appreciate a personal email from you every once in awhile, which will develop stronger relationships. Demonstrate patience and interest and follow up with the needs of each customer. Follow these two things, at the very least, and you will begin to see results. |
Re: The Real Estate Business Thread by Alaroro(m): 11:50pm On Sep 22, 2015 |
QUESTION: Although not very popular in Nigeria, the real estate industry is actually one of the most tech savvy industries around today. The necessity to cover numerous territories and the demand to provide all inclusive services makes the real estate professional almost dependent on the technologies available to them. This dependency has pushed many real estate professionals to jump on new technologies and quickly become familiar with the various ways to maximize their time and build their businesses by attracting new buyers, sellers and investors. The bi-product of this trend has been a strong demand from the real estate industry for technology companies to continue pushing the envelope to build faster, more efficient and more effective real estate marketing technologies. Sorry to disappoint, but don’t expect Twitter or Facebook tips from this post. New Marketing Technology for Real Estate Professionals Technology for the real estate industry has evolved so quickly. We can still remember nokia 3310 and the siemens "green light phones" being ‘high-tech’. Every Realtor seemed to have had one as it allowed them to be even more accessible than most real estate professionals probably intended. These types of technologies changed the way we thought of and worked with a Realtor. Now, our real estate agent is more accessible than ever, which leaves them with less time in the day to focus on important aspects of their business, like marketing their business and their clients’ properties. Welcome new marketing technologies that make a real estate agent’s job more about inbound lead generation and less about call volume and how many business cards can be passed out in one day. Real Estate Technology Goes Local Searching for Real Estate Made Easy: It is rumoured that Geo-Fences maybe coming to nigeria soon. We feel that technologies like the one we’re about to mention will help to change the way real estate is marketed and discovered by prospective buyers, sellers and investors. The real estate technology market has been flooded in recent years with “location-based” applications to help buyers find properties in their area. With little variation, they all work in about the same way: Start an application on your mobile phone; Utilize your phone’s GPS to determine your location; and, Have the application retrieve location-based real estate data. What if a prospective real estate buyer didn’t have to initiate an application to get real estate data? What if the data just came to their phone automatically? Sound far-fetched? Well it isn’t. Advertising company, deal dey, has developed services and we think it has very interesting implications for the real estate industry. These sevices allows users to opt in to receive marketing messages on their phone from retail stores that are nearby. For example, a person would sign up for alerts from kotangoa and would automatically receive tailored text message marketing notifications each time they were close to kotangoa market(google alert may also be useful) This could work in the same manner for the real estate industry. Users could opt in to receive alerts about specific types of properties. And when they near those properties, they cross a “geo-fence” which prompts an automatic notification to be sent to their mobile phone. Essentially, a person lives their life and in the meantime, receives notifications about properties they’re close to that match what they want. Is this ideal marketing or what? Where Is Real Estate Marketing Technology Headed? The way we see it, real estate marketing is going to continue to evolve and improve to a point where just about every step of the marketing process becomes so automated that a Realtor can literally start and complete an effective marketing campaign in minutes from their phone or computer. We are a long way off from this currently, but with the addition of new technologies like the one mentioned above it will not be long before homes start marketing themselves. |
Re: The Real Estate Business Thread by Alaroro(m): 3:50pm On Oct 20, 2015 |
QUESTION: Being Overly Exuberant Many newbies are very excited to have discovered the world of real estate investing. They should be as it can change their lives. But this excitement can lead to an over-exuberance, which in turn can lead to poor decision making. They will want to get started so badly that a mediocre or poor ojodu berger out skirts deal will begin to look good. Many will think that they just need to get their first deal and then things will flow from there. And while there is some truth to that statement, you cannot let your guard down and take any deal just to “get one done.” Being Too Trusting Many first timers are simply way too trusting. The sad part of this business especially in Nigeria is the fact that you get to see a totally different side of people when dealing with tenants, contractors, and other investors. These dealings often leave us more experienced folks with a discerning eye. I hate to say it, but you sort of have to come into this business thinking everyone is trying to get into your pocket and pull one over one you. Not everyone is, of course, but there are many out there who are. Always remember that if the story sounds too good to be true, it likely is. “Shine ya eye” is a good mantra to use. Remember to get everything in writing and to be very careful about who you give your money to. It can be very hard to get it back. Not Doing Basic Research Most newbies(JJCs) understand that they have to run the numbers on any deal, but there is also some other basic research that can and should be done to prevent a potentially serious mistake. The internet has made this so simple now. Simply running the property and the seller through Google is one simple thing that may yield interesting results. You never know what you might learn. Forcing the Numbers Perhaps this is a bit related to item number one above, but I have seen new investors think that they can bend the numbers to their will. That they can force the deal to work. The thing is, they can’t. The numbers do not lie, and if they are telling you that a deal is not there, believe it is not there and move on. Sure, run your numbers again, look for mistakes, and even ask for advice from a trusted investor friend. But if the numbers still say no, then move on. Nothing will end your career more quickly than getting into a bad deal. Underestimating Rehab Costs This is the most famous of them all if you see a nigerian man who invested in real estate and lost all his money, ask him he probably made this mistake as Nigerians we always want Return on investment quickly but Underestimating a rehab can quickly lead to a busted budget and a problem. Rehabs can be very tricky and very complex. There are a lot of things that can be hiding and things that a newbie can easily miss. Your best bet when starting out is to find a simple, patch and paint rehab. Otherwise, be sure to get estimates from trusted colleagues or from contractors. Again, if the numbers do not work or if you are just not confident on the costs, move on to the next deal. Thinking Real Estate Investing is Easy "E dey always sweet when alao alakija or robert kiyosaki is talking about investing in real estate" however, Real estate investing is not easy. There is no simple, clear cut formula that will bring you instant success. Do not believe what many of the gurus say, and do not be so quick to purchase the dream they are selling. That is all it is: a dream. I can assure you that you will quickly get discouraged and end up thinking real estate investing is a scam. Yes Everyone will make mistakes. You will too, no matter how hard you try not to. I hope those mistakes will be small and end up good learning experiences. The moral of the story is that people survive and learn from them. You can as well. But let’s try our best not to make them in the first place. |
Re: The Real Estate Business Thread by Alaroro(m): 5:44am On Dec 28, 2015 |
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Re: The Real Estate Business Thread by Alaroro(m): 5:53pm On Apr 04, 2016 |
4 Practical Steps to Find Your Perfect Real Estate Mentor Match QUESTION: As always, there is a right way and a wrong way to do this ,and it’s my goal today to show you, step-by-step, the practical way to successfully find a real estate mentor. Why Do You Need A Real Estate Mentor in the First Place? Well, because I have met very few successful, long-term real estate investors who have made it without one. Having a seasoned investor to bounce comps with, ask advice, and grow with is something that I believe is the most crucial step in becoming a real estate investor. If you do it alone, you’ll make a lot more mistakes and struggle a lot more than if you had taken the time to seek the influence and insight of a mentor and in a country as unpredictable and hypercompetitive as Nigeria you may find yourself in an endless loop of mistakes and lessons. Should You Pay for a Real Estate Mentor? You know, my answer may surprise you, but if under the right circumstances, I think it is possible to benefit from a paid mentorship stop the alaroro mentality. In essence, it should function like hiring a business coach who specializes in real estate investing. If you pursue that route, however, I would caution that you need to be 100 percent sure that they’re not going to promise you the world and ultimately not deliver. There are a lot of real estate gurus out there who would love to take your money and leave you in the dust. Don’t get caught in their trap! Though I think a paid mentorship under the right circumstances could work. Step #1: Find A Seasoned Real Estate Investor Sometimes people have difficulty finding a seasoned investor in their area. you can do a search for cash-buyers who have bought in your area over the last six months and then reach out to them that way. Once your potential mentor is found, invite them out for lunch or stout. Step #2: Don’t Ask to Be Mentored Though I have a heard of a few people who started off this way with me turn out OK, the vast majority of people who ask me to mentor them within the first time of meeting typically were a waste of my time. Asking a real estate investor to mentor you the first time you meet is similar to going to a bar and asking the first woman you meet to marry you. Doesn’t usually turn out well! My first suggestion would be to take it slow. You need to make sure that the both of you fit well together and mutually benefit from the relationship. In your first meeting, I would ask them questions like: What are your core values? What are some things you’re passionate about in life? What kind of investing do you do, and how do you do it? What would be your suggestions for me, as a complete beginner? Do you partner on deals on a case- by-case basis? Listen far more than you speak in this first meeting. Step #3: Discover Their Needs in a Non-Arrogant Way Next, I’d seek out to discover what their business is lacking. Maybe your potential real estate mentor is a one-man operation, and taking all the motivated seller calls is weighing on him (or her). Maybe they’re overwhelmed by having to view too many properties and are in need of some extra help there. Or maybe they’re terrible at utilizing online marketing and are missing out on that huge opportunity. Whatever it is for their specific situation, once you’ve found it through asking strategic questions, offer ways that you may be able to step in and help. Here’s a big key, though: DO NOT do over sabbi and tell them how to run their business or come across as a know-it-all! You’ve got to take the humble route, my friend(siddon observe). You have never done a deal (or have done very little) compared to this investor, and you are in no place to preach to them. Your communication needs to come across as simply wanting to help and learn. Suggest running social media for them, helping out with some motivated seller calls, or cleaning their office even! Then once they make a suggestion of something you can do, go far above their expectations. Under-promise but over-deliver, meaning wow them with your responsiveness and work ethic. If they ask you do 5-10 hours, give them 15-20 or even full time without asking to be compensated for it. Genuinely show interest, and let your work speak for itself. If you do this, the more value you bring (if they’re a decent person and a worthy mentor), the more your mentor will help you out. To be continued.... |
Re: The Real Estate Business Thread by joeybankz: 12:03pm On Nov 15, 2016 |
Realestate.com.au app download has been considered as one of the best real estate app for android because of the way it was designed, and also it is easy to use, for an app considered to be in the top 10 real estate apps for android, I think anyone interested in having a property in Australia should consider this app. http://www.techpent.com/realestate-com-au-app-download-download-free-realestate-com-au-app/ |
Re: The Real Estate Business Thread by Alaroro(m): 10:00pm On Dec 08, 2016 |
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Re: The Real Estate Business Thread by accattoni(m): 9:04am On Aug 07, 2018 |
Quite a comprehensive thread you've made here, yet I'm not sure getting a job in the real estate business will be the real thing in the near future. Frankly, the whole industry has become simplified and so screwed up, because now you barely need somebody but the lawyer only in order to keep your real estate routine clear, even all the papers you can get online, as well as to fill and sign the commercial real estate contract If you need some assistance, just go and ask through the forum threads - there's too much information on it |
Re: The Real Estate Business Thread by hamescod: 7:50pm On Sep 12, 2018 |
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Re: The Real Estate Business Thread by estatengcom: 12:25pm On Nov 17, 2018 |
How to value the cost of a house in Nigeria Online you can estimate the cost of a house for free in less than few minutes, provided the house is in Nigeria. you can check the worth on https://estateng.com/property-worth/hsev/ its absolutely free and easy to use. |
Re: The Real Estate Business Thread by ssolaoye: 11:21pm On Apr 04, 2019 |
How To Start Your Own Real Estate Business In Nigeria These days, real estate is considered to be one of the most profitable and growing businesses. In the Nigeria of today, you can make a lot of money by starting a real estate business, whether as a real estate agent or as an investor. Starting your own real estate business is a good carrier option that comes with a lot of difficulties and challenges. This basic guide will equip you with the knowledge and information you need to acquire to start your own very successful real estate business in Nigeria. https://invoice.ng/blog/start-real-estate-business-nigeria/ |
Re: The Real Estate Business Thread by Nobody: 3:37pm On Apr 28, 2019 |
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Re: The Real Estate Business Thread by NaijaPress: 6:23pm On Jan 20, 2020 |
There are a thousand and one businesses in Nigeria today that requires huge investments, and the good thing about them is that they are profitable, real estate is one of such businesses. https://www.ngbusiness.com.ng/how-to-start-real-estate-business-in-nigeria/ |
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