Real estate investment currently is considered a rewarding and lucrative investment opportunity for entrepreneurs who don’t want to invest in unaware areas.
On my few, Kenya’s economy has been on the upsurge, and today may be one of the greatest times to invest in this business as there are still many areas that call for development that you can cash in on through real estate business venture.
How to start a Real Estate Business?
Here are the tips that will guide you on starting your dream of a real estate business in Kenya as a developing country due to its fast trucking of the government infrastructures.
First and foremost by the definition of research, it is a process of systematic inquiry that entails collection of data; documentation of critical information; and analysis and interpretation of that data or information, following suitable methodologies set by specific professional fields and academic disciplines.
Before starting a real estate investment, one must do research and determine if this field is lucrative and target market. Conduct surveys or have a discourse with experienced entrepreneurs who may have invested something related before for more facts.
Have a business plan
Once you have packaged your research findings, now is the position to draft a strategic business plan. The strategic business plan will accommodate details on how you will start the real estate business, organization structure, investment requirements in terms of capital, and other requirements interconnected to starting this type of business.
Build a unique brand to be proud of
Having a unique brand in place that the target market identifies with is very vital to success. A good number of real estate businesses investment that has been fruitful in Kenya, like Blockchain Real Estate and Brookside Investments, started as small-scale projects and finally grew into huge or hefty establishments due to the trust of the unique built brands.
Legally registering the business Idea
Registering your business legally is the most important ideal before starting its operations. The registration provides you legitimacy when dealing with customers or investors and helps to identify who owns the company if anything comes about that wanting legal responsibility.
Raise the capital
Several investors look at the capital requirements to start a business before investing in it. The amount of money you will need to start this type of business investment may vary depending on key factors like:
The cost of each plot.
The size of the office that you want to rent.
The number and size of properties that you want to buy for your investment. Surprisingly you can start the real estate business with as little as Kshs150, 000 if you go for low-budget assets. It would help plan how much capital it will need before starting the real estate business in Kenya.
Market your brand and the business
Once you have registered your business, now you can start marketing it. This process includes creating a website for the business and advertising through social media platforms like Twitter or Facebook. There is a need also to put up posters around the town to inform target customers about the type of property you dealing with and how they can contact you if they are interested in buying one.
By following these wonderful real estate business investment tips, you will realize that the tips are measurable, realistic, easy, and achievable.