Almost every one of these landlord-tenant relationships last a minimum of one year and some last many years, even decades.

The relationship that you enjoy with your landlord can directly impact your lifestyle, comfort, image and financial standing. Establishing a positive and healthy relationship with your landlord can go a long way in helping you live in the best conditions possible, getting you the fastest responses to maintenance requests, and keeping your rental rates reasonable.

The following are some quick tips that can go a long way in helping to maintain and improve landlord-tenant relations:

During your rental search

1. Know what your expectations are before searching for a property. If your requirements aren’t offered at a particular property, then move on. Don’t expect a landlord to add an unreasonable amount of amenities or upgrades to an existing rental. There are often other units available that will meet all of your needs.

2. Submit completely accurate rental applications regardless of your shortcomings. Do not overstate your income or lie about credit problems. Landlords are increasingly open to working with challenged credit. Providing a clear explanation as to why your credit has suffered and expressing your desire to improve the situation will go a long way to sway a decision.

We always recommend a prewritten letter with this information be sent with the rental application, as it shows some planning and thought went into your process. Lying on an application is almost always grounds for denial or later termination of a lease.

3. Ask the right questions. Those questions are the ones most important to you. In most cases, landlords and agents are not required to disclose some information that may be important to you. Do not be shy when searching for a home to rent. Ask as many questions as necessary to make sure that you are comfortable with the decision you are making.

4. Get it in writing. If a landlord has promised a repair, new carpet, new appliances, or anything else will be done as a condition of your lease, then be absolutely sure to get it in writing, preferably on the lease document. Anything less opens up the chance for miscommunication and leaves an opening for problems.

I can’t remember how many times I’ve spoken to tenants who were “promised new carpeting” at some point during their tenancy and did not get it. Promises don’t get things done. Written agreements do.

5. Read your lease completely. This is an important process. You are making legally binding guarantees regarding payments, upkeep, repairs, etc. Read it thoroughly before you sign it. If possible, ask for a copy the day before signing the lease so that you have enough time to read and think about any potential questions.

Move-in time

6. Complete or request a walk-through to assess any existing wear or damage. This will alleviate many disputes at the time of move-out. Make sure this is done thoroughly and ask for a copy for your records.

7. Make sure that you know all of the pertinent property information (utility info, garbage day, mailbox number, instructions for alarms, entry systems, sprinkler systems, homeowners association rules, etc.).

By collecting all of this information upfront you can eliminate several calls to your landlord over the first weeks of tenancy. When landlords receive a flood of calls from a new tenant they instantly start to think of that tenant as high maintenance. This puts an instant strain on the relationship and can set up future problems.

An effective landlord should provide this information for the same reason, but many do not. By collecting all of this at the time of move-in you can avoid that unnecessary contact.

8. Make sure that you know the exact process for contacting your landlord in case of any questions or repair issues. Every landlord is different and each has a process for dealing with tenant inquiries.

You are best served to ask exactly how the landlord would like to be contacted. Don’t assume that texting or calling is the preferred or most effective option. By following the landlord’s preferred process you instantly become “easier to work with” than the tenant who contacts the landlord by some other means.

Landlords are also likely to respond more quickly to those who operate the way that they prefer to operate.

During your tenancy

9. Pay your rent on time. That’s easy enough when everything is going well, but what about when things are not? Your best option is to contact the landlord as soon as you see a problem arise, and work out an agreement to get on track. Very few landlords will want to evict a tenant who they believe honestly wants to pay but is having a short-term problem.

The worst option is silence. A nonpaying, noncommunicating tenant will and should be dealt with harshly.

10. Be reasonable with your requests. Most landlord-tenant issues that don’t involve money center around tenant maintenance requests that they feel are not handled adequately by their landlords.

There are many cases where the tenants are absolutely in the right and landlords have neglected their duty to provide clean, safe housing. However, in many other instances the requests made by tenants are completely unreasonable, and by utilizing a bit of patience and thought these issues can be resolved reasonably.

Handle very minor issues on your own. Almost any tenant can replace a light bulb, furnace filter, or smoke detector battery. They can tighten a door knob or put a closet door back on its track. However, these types of tiny issues constitute a huge number of service calls and maintenance costs for landlords.

If you have small issues and can’t handle them on your own, then wait until a larger problem arises that truly requires service and ask if those smaller items can be addressed as well at that time, saving multiple service trips. If you have a non-emergency issue, don’t require that it be handled on an emergency time frame.

There are many factors out of the landlord’s control that go into how quickly an issue can be resolved, including vendor schedules, time of day/week, weather, travel time, etc. Tenants need to take these factors into account and try to understand that your landlord wants to resolve your issues and wants you to be a happy tenant, as it is in their best interest.

Above all else, it’s important to remember that you are ultimately dealing with another human being. If you are speaking with a property manager or maintenance tech you are dealing with someone who can choose to help you or ultimately push your concerns aside. Your goal should be to get your questions answered and problems resolved, not to make as much noise as possible.

By portraying yourself as an honest tenant, preparing yourself for your tenancy up front, educating yourself on your lease terms and rules, and making reasonable requests using the proper channels, it is very likely that you will have a happier and more successful relationship with your landlord and a more pleasant stay in your rental property.

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In addition to meeting licensing requirements and having a comprehensive understanding of pertinent real estate laws, real estate agents have a long list of responsibilities. Real estate agents typically do the following:

Advise clients on mortgages, market conditions and pricing
Advise sellers on how they can make their homes more attractive to buyers
Compare properties to determine fair and competitive market prices
Generate lists of appropriate properties for buyers based on their price range and needs
Guide buyers and sellers through the transaction process
Manage lists of contacts
Mediate negotiations between buyers and sellers
Prepare and submit all required paperwork, including various contracts
Present all purchase offers to sellers for consideration
Promote properties through advertising, listing services (such as MLS) and open houses
Show properties to prospective buyers
Solicit potential clients to buy, sell and rent properties
Stay current with real estate laws and trends
Work nights and/or weekends to accommodate clients’ needs
Here, we take a look at a few considerations that will help you fulfill your agent responsibilities, while advancing your career as a real estate agent.

Sphere of Influence
One way to build contacts and generate leads is through a real estate sphere of influence (SOI) business model. This networking strategy focuses on generating real estate leads through the people you already know, including your family, friends, classmates, business associates, sports team members, and even vendors (like your doctor and hair stylist). The best way to keep track of all the names and contact information is in one place, such as in a spreadsheet program (such as Excel), your email’s contacts database or with commercial software.

Once you have established your SOI database, it is easy to add contacts as you meet people – at community events, thru mutual acquaintances or by any other means. The more people you have on your list, the larger your SOI and the better your chances for a referral. Plan on sending out a “new agent” announcement – through the mail, phone, email, text or any combination catered to each type of contact – when you begin your career, as well as periodic updates and shout-outs to keep your SOI thinking about you and your real estate services.

Developing a Professional Image
Developing and maintaining a professional presence is vital to your success as a real estate agent. Your image is projected through your:

Appearance – tidy clothing, hair, accessories, makeup. Should be appropriate for your office and local market. Avoid perfume/cologne and revealing clothing (i.e., nothing too tight, too short or too low cut).
Face-to-face meetings – good eye contact, positive body language. Strive to be attentive, engaging and courteous.
Marketing and advertising materials –quality photos and accurate, compelling text. Should be free of grammatical and spelling mistakes.
Phone calls – articulate, engaging and courteous.
Web presence – carefully planned Web site, engaging social media. Should be free of grammatical errors and spelling mistakes.
Written communications – well-written letters, emails and texts free of grammatical errors and spelling mistakes.
It is important to note that any presence you have on the Internet – whether for your business or personal life – lasts forever and can easily find its way to your potential clients. Therefore, it is judicious to work toward a professional image both in and out of your real estate career.

Utilizing Tools and Technology
Going hand-in-hand with developing a professional image is utilizing tools and technology. Today’s agents can use a number of tools to help organize and promote their real estate businesses, including:

Contact Management
Keeping track of your clients is a must. You can go basic with a spreadsheet program or an email database program such as Outlook’s, or you can invest in database software designed specifically for real estate professionals. Commercial products offer a number of useful features, including automated contact synchronization to your smart phone. No matter how you keep track of your contacts, keep the list current – updating, adding and deleting contacts as appropriate.

Agent Web Sites
Consider setting up your own domain name and Web site. While this may seem daunting to some, it is easier than ever to build a professional looking Web site. While large corporations may spend hundreds of thousands, or even millions of dollars, developing and maintaining their Web sites, you can do it for a very small financial investment.

A Web site provides you with a “landing page” to direct your existing and potential clients to, while creating a professional, searchable Web presence. It is possible to have individual property Web sites to promote your listings and keep your sellers happy. You can also take advantage of social media by linking to your Facebook, Twitter and LinkedIn profiles (and any other social media platforms).

Marketing
Real estate agent marketing software can help you manage your marketing efforts. These packages typically include templates for business cards, door hangars, postcards, property flyers, brochures, email campaigns and animated home tours to help you efficiently reach out to existing and potential clients.

Apps
A number of apps for iPhone and Android-based devices are available to help you stay connected while you are outside the office. The House Hunter app, for example, allows agents to track and compare an unlimited number of homes, using a proprietary scoring method to identify houses that best match your clients’ requirements. Open Home Pro allows you to run an open house on your iPad, follow up with leads, create listing pages and export collected data to Excel or other software.

The Bottom Line
Working as a real estate agent has its challenges: you don’t get paid unless you sell, you can work long hours and still have no paycheck, and you have to adapt to changing market conditions. That said, it can be a rewarding career, both financially and professionally. Calling on your sphere of influence, projecting a professional image and utilizing today’s real estate tools and technology can help you develop a successful career in real estate.

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The agency fee real estate agents in Lagos Nigeria charge is a percentage of the total value of the transaction.

This means that for letting, the amount you pay to the real estate agent is 10% of the total rent paid to the landlord.

Practically, it means that you pay a higher real estate commission if the landlord insist that you pay for a longer tenure at the time you rent an apartment. Let’s take an example to drive the point home.

Suppose you rent a 3 bedroom flat with rental price of 350,000 Naira per annum. You will normally be required to pay two years rent in advance. So, the total rent you will pay the landlord will be 700,000 Naira. The real estate agent commission in this particular case will be 70,000 Naira. That is, 10% of 700,000 Naira.

If the landlord is magnanimous and agrees to let you pay a rent for one and half years, your total rent will be . . .

350,000 + 175,000 = 525,000 Naira

In this case, for the same apartment, you will pay real estate agent commission of 52,500 Naira . . . a saving of 17,500 Naira on the estate agent commission. And you achieved this by negotiating the tenure you are required to pay for.

Bottom line.
You can limit the financial burden on your pocket when you rent an apartment by skillfully negotiating the tenure you have to pay for.
Negotiate the rent tenure and
Cut your agency fee amount
That way, you save yourself money you can invest in other areas of your life.

Unfortunately, many landlords insist on two years rent in Lagos Nigeria. Before now it was pretty easy to get a landlord to accept one year rent or one and half years rent, but now it’s pretty difficult because many landlords, especially retirees, depend solely on the returns from their property to live reasonably well. Therefore it’s important to them that you pay a lump sum they can invest or lock up in fixed deposit for future returns.

That strategy also pays real estate agents because it means that they can collect large sums from a single transaction as real estate commission.

Another way to limit your expenses when you rent a house is to negotiate the commission you pay.

For example, for a rental apartment with a large enough rent, you can negotiate the real estate agent commission from the customary 10% of the value of the transaction to 5-8% of the value of the transaction.

With respect to property purchases where the value of the property is sizeable, you may succeed in negotiating the real estate commission down from five percent to four or three percent.

Every amount you save adds to your bottom line. So, use the power of negotiation to your advantage.

A word of caution.

While negotiating real estate commission is a smart move, DON’T become “penny wise pound foolish”.

When you find a really good deal, a property that is more or less a giveaway because the owner is in some financial crisis, don’t over negotiate the real estate agent commission and lose out on the deal.

The post Real Estate Commission Lagos Nigeria – Free Tips To Cut Real Estate Agent Commission appeared first on 9japroperty.

While some investors may want to buy a property and rent it out straight away, others may choose to live in the home while they renovate it. Investing in bricks and mortar can be a great way to create wealth, but there are some golden rules to consider before taking the plunge into property investment.

1. Know your budget

Before investing in property it’s vital to have a thorough understanding of your cash flow. Also, ask your bank for a pre-approval of your investment loan, so you know how much you’re able to borrow before you start hunting for properties.

2. Don’t underestimate ongoing costs

Make sure you budget enough for rates, insurance and general repairs. And when you have purchased your ideal investment property do what you can to prevent costly maintenance issues arising, such as replace ageing taps.

investment1
3. Buy in a growth area

Try to choose an investment property in an area where there is strong demand for rental accommodation. Buying a property close to transport, universities and schools will make it more attractive to renters.

Read more: Investment Property Market Data

4. Be realistic about your investment goals

Are you looking for fast capital growth or wanting to hold the property long-term? During boom periods, it’s much easier to renovate properties and turn them over for a quick profit. In slower economic times, it may take many years to achieve the same growth.

While a home on a steep block may have a stunning view, it could be a nightmare to renovate due to retaining or excavation costs
5. Build sweat equity

Paying tradesmen to renovate your investment property is costly. If you’re prepared to get your hands dirty you can save money and increase your profit margin by doing the work yourself.

6. Look for liveable not luxury

Remember a rental property only has to be clean and functional. Don’t get sucked into buying a property simply because it has a stylish interior.

7. Buy with your head not your heart

When house hunting it’s very easy to get caught up in emotions. While a home on a steep block may have a stunning view, it could be a nightmare to renovate due to retaining or excavation costs. Be sure you weigh up the pros and cons.

investment2
8. Think carefully before negative gearing

If your repayments on the investment loan won’t be fully covered by the rent, your property will be negatively geared. While this can have tax advantages, it can also lead to financial stress if you don’t have enough cash flow to cover the loan repayments, rates or body corporate fees, so consider your budget carefully before buying

Read more: What is negative gearing

9. Still paying off your own home?

It isn’t necessary to have your own home fully paid off before buying an investment property, however it is important to be comfortable with your current debt levels. Ideally you’d want to have a large portion of your own home paid off and other debts, such as credit cards, under control.

10. Get a building inspection

Before signing a purchase contract, take the time to understand the building report to avoid expensive repairs down the track. Termites are one potential problem to watch out for.

The post 10 tips for getting started in property investment appeared first on 9japroperty.

For people looking to buy, now is a very good time, she says. “With the all-time low mortgage interest rates, it is the perfect time for first-time buyers, investors and existing homeowners who are looking to upgrade to purchase a property.” Interest rates are predicted to rise in the coming months, and with the new HST looming, you’ll want to move fast.

We got Linda’s best advice for weathering the still unsteady economy. Whether you’re a buyer, seller or both, check out these 10 tips for navigating the real estate market successfully.

Tips for buyers

1 It’s all about location
Whether you’re a first-time buyer, investor or existing homeowner, you need to understand the best locations for your investment, Linda says.  “Buying the smallest house on the best street versus the largest house on a less preferred street will reap big rewards when it comes time to sell.” As an investor, a condominium that is near public transit or a university is a good move.

2 Think about a condo
There’s a surplus of inventory in the condominium market, so your realtor should be able to negotiate a good deal for you when it comes to buying a condo, Linda says. If you’re buying as an investor, rather than a first-time homebuyer,  you will want to consider leasing out your suite for the next four to five years before selling, she explains. “It’s been suggested that the condo market should be in an upswing by 2013.”

3 Know your credit rating
It’s best not to just assume your credit rating is in order. To avoid getting any surprises before you meet with a lender, check your rating first so you have time to resolve any issues that might stand in your way of buying. You can call either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166.

4 Know your price range and stick to it
Meet with one or more mortgage lenders to obtain a pre-approved mortgage before you start house hunting, Linda says. Once you know how much you can spend you can narrow down your choices. It’s safer to buy within your budget, no matter the economic situation.

5 Head out of the city
It’s booming in Milton, Ont., for example, Linda says. Young families are heading there to buy affordable and newer resale homes. Sometimes it pays to go further afield depending on what you’re looking for. If you want more space and more property, but have a budget to stick to, a downtown location won’t do. You have to widen your circle of prospective locations.

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Obviously, there will be slight differences in building procedures and laws from state to state and country to country. But the fundamentals stay the same.

So, how do you build a house in Lagos Nigeria?

It’s pretty straightforward. Just follow the steps below.

The Process To Build A House

The first thing to do when contemplating building a house is to develop the house plans using the services of a qualified architect.

When you have a concrete drawn-up plan showing the type, size, and nature of the building you want, it is then easy to make other related decisions.

The second step in this how to build a house guide is . . . cost estimation or cost evaluation.

When you estimate and analyze the cost of building a house as per the house plan you developed, you may discover that . . .

you have enough funds to complete the project or the cost is far above your financial capabilityIf the building costs prove to be beyond your capability, then you need to revise your building plan.The third step in how to build a house in Nigeria is to secure or buy the land required for the building project. Thereafter, you secure building plan approval from the town planning authority.A note of caution.

Please do due diligence when buying land because all your building efforts may turn out to be in vain if you buy land in a location that is under government acquisition or where certain types of buildings are not allowed.

In step four you decide what kind of building you want . . . prefab buildings or block buildings that you start from scratch. This decision will affect or decide the sequence of steps that follow because block work is a different ball-game from prefabricated buildings (or prefab homes).

This effectively covers the preliminaries.

Once the basics are covered as discussed above, you then go ahead
and . . .

source building materials
Start the building construction
Go ahead with the fence building
Start the building foundation
Erect the building (block work)
Deck the building including building of the stairs
Complete the roof work (aluminum roofing or otherwise)
Install windows and doors
Complete the painting of the house
. . . and give the house exquisite finishing with the latest fittings and furnishing (or to your taste, modern or otherwise).

Note that if you engage the services of building contractors, you save yourself the hassles associated with being present for the entire building process.

This how to build a house guide has condensed the process involved in building your own home. However, I must mention that building your own home all by yourself is tough work.

The truth is . . . outsourcing the building project to a qualified and experienced building contractor is the smart thing to do. It saves you a lot of trouble and may actually result in you having a building that is both structurally sound and beautifully finished.

Nevertheless, if you cannot afford the charges of a building engineer, you should at least employ the services of a site supervisor to keep track of the pace of work, material usage rate, and quality of work being done.

You’re spending a lot of hard-earned money on this building project. Paying a little extra to ensure you get value for your money is not asking too much.

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With the help of various mortgage and flexible payment options, some potential buyers have been able to purchase homes that had been hitherto beyond their affordability range.

The cost of owning a home goes beyond the purchase price of the home. There are recurrent expenses that a homeowner will have to pay after buying the home. These payments amount to a substantial amount over time so it is best to be prepared for them.

Before buying a home, it is advisable to consider these expenses below:

Utilities
Transitioning from renting to owning a home will increase the cost of utilities because you will be occupying more space. When you own your home, you’re in charge of covering it all; water, electricity, waste disposal and other utilities.

Property Taxes
These taxes depend on prevailing government policies and rates. They may range from environmental protection fees to tenement rates. These charges also vary depending on location, so it is necessary to find out which taxes are applicable in your area before buying.

Home Insurance
If you are planning on buying a home using mortgage finance options, you will definitely have to pay for home insurance. This will be factored into the monthly mortgage payments you will make to the bank.

Service Charge
When buying a house in an estate development, you will be required to pay certain fees which will include (but not limited to) infrastructure levy, service charge and other fees. These might run into millions of naira over time, so it is advisable to find out how much you will be required to pay before buying.

Routine Maintenance Repairs
Occasional repairs and maintenance will be carried out from time to time and depending on the nature of repairs, this could cost a substantial sum. It is best to carry out repairs as soon as possible so as to ensure things don’t break down completely as this would be more expensive to fix.

Home ownership is a whole different ball game from renting, so it’s best to get prepared for these expenses in order to avoid unpleasant surprises down the road.

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So, when you decide to invest in buying a home or buying a house in Lagos, you’re deciding to join the league of successful real estate investors in Nigeria.

So I say, “Congratulations! Welcome to the elite club of Lagos Nigeria home owners!”

The purpose of this Lagos Nigeria real estate investing guide is to provide you some free tips for buying a home . . . real estate investing advice that will enable you make the right home buying decisions and therefore buy your dream home at a good price and get great value on your investment.

The free home buying tips and guidance provided on this site will help you make the right investment decision whether you’re a first time home buyer or you’re one of the many real estate investors currently under the heavy burden of bad credit home loans.

I have actually prepared a home inspection checklist to help you analyze the property you’re about to buy to ensure you make the right buying decision and so avoid pitfalls common to people who are first time home buyers or people looking for cheap housing.

You will also find great guidance for buying a house that involves . . .

buying investment property
buying rental properties and
buying foreclosure property

Financing is a big issue when it comes to home buying. Consequently, a section of this Lagos Nigeria real estate investing guide is dedicated to information on . . .

home equity loan rates
financing for buying a house
commercial real estate loans
investment property loans
real estate loans for estate development

. . . and how to manage even the toughest real estate lender.

When you’re ready to buy your dream house you will discover that you need a real estate lawyer to draw up the purchase and ownership transfer contract . . . the real estate contract . . . between you and the seller.

The good news is that I have a section of this Nigeria real estate web site dedicated to real estate attorneys. This section covers . . .

how to choose a real estate attorney
what charges real estate commission to expect
how to get the real estate attorney to work for you
how to ensure the real estate attorney does NOT work against you

Some people have been told that “lawyers are liars” and tacitly believe this fallacy. Therefore they silently dread having to deal with lawyers or attorneys.

make money fast nigeria africa

Unfortunately, when it comes to buying a home, you cannot run away from attorneys. You have to work hand in glove with your chosen real estate attorney to ensure that your purchase is legal and problem-free. The section on real estate attorneys will help you do just that.

Then there is also a section on real estate values that shows you what property prices are, current real estate values, and how you can take advantage of prevailing real estate market situations when buying a house.

I am a practical person. So I give you all the home buying information you need just the way it is . . . nothing is held back.

Ready to buy your dream home?

The post Buying A House In Lagos Nigeria – Free Tips For Buying A Home appeared first on 9japroperty.

In fact, the National Association of Home Builders, or NAHB, predicts that the 2015 single-family home sector will outperform a strong 2014. There are cautions: Moody’s predicts mortgage rates will rise from about 4 percent now to 6 percent by 2017.

Find the lowest mortgage rates

The recovery has yet to arrive in many states, reinforcing the notion that real estate growth is regional. No one can accurately predict when this real estate uptick will end or how hard, or soft, a landing it will make. In the meantime, let proven fundamentals, applied with a few modern wrinkles, rule the day. Here are 10 tips for 2015 to help the real estate process.

1. Do sweat the small (cheap) stuff, sellers
Little touches go a long way in the buyer’s eye, starting logically with the entry. Trim bushes, wash walkways and change out trampled welcome mats. Inside, de-stink with candles and counter sprays, de-jam closets and de-clutter rooms, focusing keenly on kitchen counters. Hide scrub brushes and other fantasy-killing labor tools. Dust, wax, scrub toilets, wash windows, test and clean lights, put out fresh towels, winnow family mementos, harness or hide that avalanche of toys, remove prescription drugs from medicine cabinets and police the yard for “pet bombs.” It’s time well-spent.

2. Take note(s), buyers
In a whirlwind house-hunting tour of several properties, buyers benefit by keeping a pro-and-con checklist of each home they visit. Otherwise, the features of several homes tend to blend together in a tired brain by day’s end. Creating a rating scale of 1 to 10 also helps, as does carrying a checklist of specific features that you seek in an ideal home.

3. Sell by season
Though spring is optimal, home selling is a year-round sport. Use seasonal accents to make buyers linger longer.

Winter: Unfurl throw rugs and spotlight functional fireplaces. Near holidays, add touches like wreaths and pine-cone centerpieces. Display photos of your home a season ahead, particularly in winter, so buyers can see the house ensconced by greenery.

Spring: Fresh-cut flowers and candles bring spring scents indoors. For that new-start look, do extra spring cleaning and use brightly colored linens, spreads and pillows. Add little pops of color to the entry and landscape.

Summer: Highlight patios and other outdoor areas. Swap out dark towels and curtains for light colors. Put out a seasonal fruit basket or add hanging flowers. Keep the house cool but not cold.

Fall: Display pumpkins by the door and vases of fall foliage or tricolored corn inside. Use seasonal scents such as baked apple. Keep those leaves at bay.

4. Drill deeply
Buyers are regularly advised to scope out the block at varying hours, but why not drill down further to see if your potential new neighborhood is fading or flourishing?

Bad signs: A major local employer is struggling or moving away; adjacent neighborhoods are progressively turning into rentals; and a few too many for-sale homes are lingering on the market. Nearby commercial spaces remain persistently vacant.
Good signs: Schools are in high demand and well-rated. Young families and artsy types are moving in. Older couples are “aging in place” and nearby commercial properties are getting redeveloped and quickly leased. For-sale homes are generating multiple offers.

5. ‘Big data’ is everywhere, so tap in
While local knowledge and old-school networking will always be valuable, the latest technology lets agents offer much more. Some agencies offer “livability” ratings by ranking and contrasting neighborhoods by air quality, traffic choke points and specific data on a home’s energy efficiency. In 2013, the National Association of Realtors introduced its Predictive Analytics group. Banks already use “big data” to gauge the worth of foreclosures and short sales, and mobile apps now offer it for consumer and agent use. Ask agents if they offer this and other edgy technology such as high-definition aerial footage shot by drones. Should your grandiose home merit that, go big!

6. Transparency equals trust
Buyers will certainly enlist inspectors to twice-over your home, Mr. Seller. So instead of inviting disappointment, delay and distrust, go transparent with your own presale inspection. It’s far better to know now about issues with the plumbing, HVAC (heating, ventilating and air conditioning), foundation, electrical systems and roof. Provide the buyer a copy of the inspection along with repair receipts, and explain if or how you’ve adjusted your price accordingly. Buyers appreciate candor.

7. Math versus ego
Too often, buyers get caught up in win-at-all-costs negotiation. They’ll stubbornly let as little as a few grand lock them out of the right house. At an interest rate of 4.5 percent, the difference between paying $200,000 and $195,000 — assuming 1.25 percent property tax and 15 percent down — is only about $25 per month on a 30-year mortgage, or about the cost of lunch for two at a fast-casual eatery, before the tip. Don’t let that ruin your chances at your dream home.

8. Retain mineral rights
With so many giant natural-gas fields (shales) in play across the U.S. and new ones pending, homeowners should exercise “seller’s market” clout to retain mineral rights. While that intent needn’t even be mentioned in the sales contract in some states, it’s always safest to note it, provided the buyer doesn’t protest. Avoid that scenario by conveying those rights to a trustworthy relative or to an energy company buying them before putting the house on the block. “Mineral rights? Oh, so sorry, I no longer own them.”

9. Buying? Then cool it for a while
Refrain from making big capital purchases like a new car, opening new credit cards or amassing big chunks of other new debt before buying a home. These raise your debt-to-income ratio, which lenders examine to determine the mortgage amount you can afford. Also avoid moving large sums of money around, changing banks, changing jobs and becoming self-employed before buying a home.

10. The price is right
Trite, you say? Perhaps. But accurate home pricing from the outset never goes out of style because it sells homes. Some agents advise sellers to overprice because inventory is low. Others say go below market to spur a bidding war. Don’t get caught up in pricing games.

Activity in the first month of a listing is always the best, so don’t risk wasting it. Price too high, and scare off many buyers and agents. Price too low, and risk leaving dollars on the table. Hiring the right agent based on recommendations, response time, in-person interviews, track record and data support will yield that pricing expert you need.

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There are different levels of participation in this sector. There are small players and big players. Determine what category of the populace you are going to serve, high-end, middle-end or low-end earners? You definitely cannot serve all categories of the populace. Your investment capacity may also determine which sector of the populace you can service.

Whichever way you choose to come in and operate, there is an assurance that you will find your own landing pad and earn some reasonable profit from your investment.

However, it requires that you take cognizance of certain guidelines in order to start and operate a successful real estate business in Nigeria.

So what tips do you need in order to do so? Here are ten of such tips.

1. Do some research on the terrain of real estate in Nigeria
Just as you have to carry out a thorough research on any business you are starting, you need to do so in this sector. How does the sector work? Who are the big players? What exactly do they do? How do they serve their clients? What laws guide operations in the city/state where you want to operate in Nigeria? And so on. Your research may include learning from those whose real estate business are thriving. You can get books on real estate business or follow a mentor in real estate. Getting adequate information will feed you with the preliminary information you need to succeed.

2. Save up Some Money
If you did your research well you must have known the minimum amount of money it will require to get you started depending on the scale at which you choose to start. It is advised that you don’t take a loan to start a business because of the uncertainties that may arise when starting a business

3. Write your business plan
You are not yet in business if you don’t have a written plan. It shows you where you are going and how to get there and if it is viable to go there in the first place. Let your business plan include your business goals, units of the business, stages of growth, source of funds and every other relevant thing that will get you focused on your goal. If your business plan is well written, you may attract investors.

4. Make your real estate business legal and recognized
Business registration is important, especially in this sector. You must register with CAC – Corporate Affairs Commission and get a certificate to operate as a business. There are also associations and agencies that regulate real estate operations in Nigeria. For example, REDAN – Real Estate Developers Association of Nigeria.

5. Get a well-equipped office facility
This is critical to your business success. The image you project will tell whether your would-be clients can trust their investments in your hands. You cannot be a player in the real estate sector and have your office in a shanty. You must get a good office facility and ensure that it is well furnished. Although this is necessary, you also must be careful where the office is located as paying too much on rent can eat too deep into what profits should have been ploughed back into the business for expansion.

6. Hire professionals
This is a business and it is definitely not one you can run alone, even if you are the one with the idea for the business. You will need the service of professionals to carry out daily operations so that things can move seamlessly. Office and field staff, marketers, engineers, architects, electricians, surveyors, and the rest of them. Apart from the office and field staff, others can be hired on a contract basis.

7. Seek investment
Real estate business is capital intensive and requires huge investment. If you do not have enough it is imperative that you seek investors who can partner with you. You can look for equity investors or talk to mortgage or commercial banks for long term loans that can give you enough leverage at the start and accelerate growth.

8. Get landed properties
There are different ways of playing in this sector. You can be an agent or developer. If you are into development, you need to get landed properties and start actual construction. Some real estate operators re-sell some portions of the land to clients and help them build and build other portions and sell houses out rightly. How do you intend to do yours? You must decide.

9. Open a real estate website
It is no longer news that not having a website for your business is digging the grave of that business from the onset. Quite a number of the people you might want to serve are likely to be checking out the internet for credible real estate companies they can do business with. Hire the service of a website designer and SEO consultant to get a good website running. The work of the SEO consultant is to ensure that your site ranks high in search engine searches. Have a functional and interactive website where prospective clients can make enquiries and see photos of available options of property when you begin to have them or likely ones that would come up later. Also ensure that the site has contact information and someone is available to monitor and respond promptly to enquiries.

10. Create Some branded stuffs
There should be days of the week where you (and your staff) will be dressed in branded shirts. Your marketers should often wear the branded shirts for marketing purposes. If you have cars, brand them in the name of your company. You should also have other branded materials as souvenir to give to prospective clients who come in to make enquiries.

One additional thing you will also have to do is to advertise. You must blow your trumpet and announce to the real estate buying market that you are here and here to stay. Announce your arrival in the real estate market. Use handbills, local/national newspapers, real estate journals, radio, television and as much as your budget can permit to advertise. Bottom line is, don’t wink in darkness. If you do, no one else will notice except you.

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