Real Estate flipping business is a business that has been in Nigeria but most people don’t know its name. It is a profitable and good business if it is done well. In this post, we’ll be writing about how to start a profitable real estate flipping business in Nigeria.
First of all, before we go into the details of this business and how it is done. We’ll have to define the meaning of the business.
What is Real Estate Flipping Business?
Real estate flipping business is the act of buying objects of real estate like land, house, business, farmland, and other aspects of real estate, and then reselling to a buyer at a higher price. For instance, you buy a dilapidated house on a busy road at a distress selling rate, you do some renovations, and market it to higher networth audience. You sell it at over 50% of the price you bought it.
It can also be a situation of a land. You buy a land at distress sale. You market this land to higher networth audience, and you sell it at this higher price.
Although we are presenting the process of this business as easy as it seems here, there is actually a formula you have to use to make a good turnover in this business. You don’t just start the business and begin to make sales right away. There are strategies to this business.
How to Start a Profitable Real Estate Flipping Business in Nigeria
These strategies are:
1. You should know a good number of high net worth men and women before embarking on the business. You can begin to network with them like 2 years before you start the business. Go to the place they meet like Golf clubs, rich neighborhood churches, meetings, and even markets.
2. You also have to learn digital marketing before starting this business. Digital marketing is one of the the fastest ways to get them. You learn and run ads on Instagram, LinkedIn, and Facebook. You also write good contents there.
3. You join association of realtors and real estate agents. If you are asked to pay to join, you should pay. The association will help out in getting clients for you as well.
4. Make an offer while marketing these lands and houses to them. For land, you can tell the person that he will get half plot in a more rural area as an addition. However, there is no addition whatsoever, it is included in the price of the land you are selling bur making an offer would make him consider it as a mouthwatering offer.
5. You should do very good packaging to sell. You should package the way you appear or dress, and the way you craft your selling process. Make it super enticing. You should also package what you are selling, if it is an empty land in a good location, you can fence it, and if it is an old house, you renovate it properly.
All these processes and methods revealed here are good steps you can follow. The matter of how to start a profitable real estate flipping business in Nigeria has been presented; you have to do your due diligence before embarking fully on it. It is a profitable business.