Being a real estate practitioner is a very profitable profession in Nigeria and especially in Lagos. Real estate remains one of the best business and investment ventures in Nigeria and it has become a very lucrative one in one of the most populous cities in Africa, Lagos. Very often, it is not surprising to know that most of the richest men in Nigeria have investments in real estate.
During the pandemic when all businesses faced a downturn, the real estate business saw massive growth. According to the industry players, the real estate sector defied the negativities of the pandemic and made treasures out of it. Many real estate firms saw good growth and more profit even while the lockdown kept many businesses stagnant.
Let’s now take a look at how you can get licensed as a real estate practitioner in lagos. We will also look at how you can become a registered agent who works with top real estate agencies in the country.
The Lagos State Real Estate Regulatory Authority (LASRERA), has the responsibility to regulate real estate transactions in the state, and also approves any who is eligible to be licensed as a real estate practitioner. The body issues and renew annual permits, collate, document and register real estate transactions in the state. All real estate practitioners in the state are licensed by this body and it also has the power to sanction and unlicense any real estate practitioner that violates its policy in the state. This body’s activities seek to checkmate the many fraudsters breeding in the sector.
Requirement for Registration
So, as one who wishes to pursue a career in real estate as a practitioner, what are the things you need to get registered or licensed by this body?
Follow through as we make a list of what you need.
- CAC Registration: You will need to present your CAC registration certificate to the body. This means that, your business name would already have been registered with the CAC and your certificate already on hand. So, prior to your visit to the LASRERA office, be sure you have your CAC certificate.
- Valid Means of Identification: In the LASRERA office, you will need to present a valid means of identification. This could either be your Driver’s licence, your National ID or your Passport.
- Office Address: You will be asked to provide your office address. So basically you should have already made arrangements for an office space where you would operate from. This office space will need to be in Lagos state and not a nearby state.
- Qualification: Your educational qualification is also an issue. You will need to have a minimum of a Senior School Certificate, to be given a licence.
The Agency’s Policies
Now let’s take a look at some of the policies the real estate practitioner must adhere to.
- A real estate practitioner must not collect money or make transactions with more than one client on a single property.
- A practitioner must keep updated records of all business transactions carried out by the company and must have a separate client’s account.
- Every transaction must be receipted and every transaction by a real estate practitioner must be remitted to the owner of the property within 14 days if the property is owned by another party.
- A real estate practitioner shall ensure that his clients oblige to all governmental obligations under the law.
- A real estate practitioner must not prepare any legal document in relation to any transactions made between him and a client. The legal document must be prepared by a third party legal practitioner.
There are many other regulatory policies to consider. Our list does not carry every policy there is to know. So we employ you to get more info on these policies by reaching out to the office of the Lagos state regulatory body (LASRERA).
WHAT IF YOU ONLY WANT TO BE A REGISTERED AGENT OR CONSULTANT?
The truth is being a real estate agent or consultant is also very lucrative. One good thing is you do not need all the above qualifications or licensing requirements to be able to work as an agent. Also, with little or no investment, you can make lots of money from sales of just one property. There is a whole lot of money in the real estate business even as an agent if you do it right. Today, thousands of people are already into real estate business and many are making lots of profits from it. You can be one of them. Just to give you an idea of what you can make.
A colleague of mine registered as an agent with our company, and within 4 months in the business, she earned a total commission of N2.9million. That’s basically an amount of money many of us won’t make from a full-time job.
Sometimes when you make sales in this business it even overwhelm you. A consultant got a client who was interested in buying property. Guess how many plots the client ended up buying. 70 plots of land in Ibeju Lekki Lagos. Each of those plots were sold for 7.5 million Naira and 70 plots of land was above 500million Naira. You can calculate how much his commission for the 70 plot of land will be at 15% commission.
Yeah… just what you’re thinking. He has turned into a different person from that moment. A millionaire! More than 80 million Naira in commission from just one transaction, one client.
So let’s talk about how you can become a realtor in lagos.
1 Join a reliable real estate company network. You will be one of their registered consultants or agents. The good thing is you can be registered in more than one company and push their products. Click here to join one of the most recognised Real Estate companies in Lagos. It is free to join.
2 Visit the company’s office and see if they offer free training and get to know their schedule for inspection. If you registered with us, send us a message and visit our offices for training and learn how to sell real estate properties in lagos. Again, the training is free.
3 Visit the companies and follow them for inspection. When you go for inspection, take pictures and make videos to show to your prospective clients.
4 Start putting to practice the things you learned from your training and getting clients for your properties.
With these five steps, you can literally start your real estate journey and become successful if you put in the effort.
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