If you have always wanted to delve headlong into the real estate business and create wealth by so doing, then this is all you need to know.
Opportunity to make wealth exists everywhere but not many people have the eye to see them. The authenticity of this statement is such that cannot be doubted whether in real estate or in other sectors. This situation has worsened as a result of poor economy that has pushed people to do what they would ordinarily reject. In real estate sector, a lot of opportunities are seen by different peoples from different angles. Some people see selling land as opportunity, others see building as opportunity while a number of others see duping shelter seekers as opportunity.
Real estate business has become a money spinner in Nigeria in recent times. Because a lot of people have began to understand that shelter ranks top among human needs, many people are going into real estate. While in the years past, young man builds his house (hut) and leaves his parents with his wife, today people have seen a lot of business opportunities in real estate. This is the reason many now decide to make career in the real estate.
A career in real estate can be both rewarding and challenging because while some people earn six-figure salaries, others, just a few thousand per year. While it can be a great career; challenging, flexible and exciting, the profession should not be for everyone because there are certain levels of knowledge you need to have before you get started in real estate business.
As a real estate agent, you are essentially working for yourself. Although, there may be a few jobs available that pay an hourly rate, a typical real estate agent works strictly on commissions generated from the sale or rental of a residential or commercial property. In developed economies, people pay their bills of whatever size through incomes earned from marketing estates and properties. But, just as you would before starting any business, you should make sure you have the right character traits to work for yourself before becoming a real estate agent. At least the ambition to eke a living via real estate must be high. Then you have to organise yourself to know the branch of real estate you should delve into. You should know that what you earn is your pay; call it salary, honorarium, emolument, commission or what. This therefore calls for dedication to succeed where others have failed. There could be great challenges, obstacles and distractions but you must be focused knowing you are always on your own so you must be on your toes with ears sharply open. You must persevere because, initially, the road could be very rough and unless you continue, you may not make it there. Above all, you must develop manners of approach, friendly relations; you must mingle among peers and above peers including associations, clubs and societies that cut across class.
To make career in real estate, you must set your own schedule, but you will need to be organised and ambitious enough to actually work at your business every day. Organization skills are important because you will be dealing with contract deadlines, client appointments and follow-ups with other professionals in the field.
But besides the above, a thousand and more opportunities are there in the real estate that are logical and tenable in terms of making a living. But with technology in real estate, a lot of people use their technological knowhow to create wealth for themselves. However, things are starting to simmer in real estate technology. The first phase of technology development in the category, which was primarily focused around listing services for the residential side of the market, has paved the way for industry leaders to broadly reconsider how technology can make their lives better.
For those in the technology world with some background in real estate, the opportunity may seem obvious. But real estate is a sector of the economy that has created immense wealth without changing their workflows or processes for many decades, so there is a predisposed lack of urgency to upgrade the old tool belt.
There, abound a plethora of windows but the greatest opportunities for innovation using technology are there across the real estate industry. Some of the biggest near-term opportunities for innovation are:
Tech-enabled commercials: Contrary to the incumbents in the residential market, which are predominantly media businesses generating revenue from advertising, a real opportunity exists for tech-enabled commercial listing services that could level the playing field, acting as marketplaces, and replacing the less efficient relationship-driven model that still persists today.
Managing property: Several companies are already competing for dominance in this category, most offering software that helps property owners and management companies oversee and easily track commercial real estate assets. Industry-wide adoption is still under 10 percent, though, so lots of opportunities for growth remains. Until they are explored, no resources will come there from.
Statistics: Traditionally, commercial real estate developers would bend down with teams of analysts using HP calculators and gathering demographic research to evaluate an investment opportunity. Today, open data initiatives in municipalities across the country combined with creative needle threading by software developers is changing this landscape, and much of the data is readily available via monthly income licenses.
Residential and Commercial Lending: Regulatory changes have opened up opportunities for innovation in lending, and real estate lending is by far the largest sub-category. We are starting to see a number of emerging companies target this area in different ways. Residential and commercial lending are different animals so the guess is that we’ll see a dozen worthwhile challengers going after each market.
Mobile Applications: By their very nature, real estate professionals are on the go, pound-the-pavement types. Brokers, landlords, appraisers and developers are constantly running around visiting properties. One can assume that many of the most successful applications serving this market will have a healthy and robust mobile component.
The real estate industry is vast and we’ve only just begun to scratch the surface when it comes to opportunity for technology-enabled innovation. Given the dollars at risk and the proportion of the broader economy that real estate represents, there is every reason to believe the category will produce multiple ‘unicorns’ worth billions in enterprise value. The past two years have been the most exciting yet for real estate tech and I can’t wait to see what the next few will bring.