This article will give you tips on how to start your real estate business in Kenya.
Real estate development is a lucrative investment option for entrepreneurs who don’t want to invest in something they are unfamiliar with.
Kenya’s economy has been on the rise, and now maybe one of the best times to start this business as there are still many undeveloped areas that you can cash in on.
How to start a Real Estate Business?
The following tips will guide you on how to start a real estate business in Kenya.
Before starting any business, you must do your research and find out if this field is lucrative and your target market. You can conduct surveys or talk to experienced entrepreneurs who may have started something similar before for more information.
2. Have a strategic business plan
Once you have done your research, now is the time to draft up a business plan. This will include details of how you will start the business, management structure, capital requirements, and other things related to starting this type of business.
A business plan will guide you on starting a business and answer some of the problems or questions that may arise while running this type of business.
3. Build a unique brand you can be proud of
Having a unique brand that people identify with is essential to succeed in any business. Many real estate businesses that have been successful in Kenya, like Nyayo Estate and Brookside Investments, started as small-scale ventures and eventually grew into large corporations due to the trust they built for their brands.
4. Legally register the business
You must get your business legally registered before starting the operations. The registration will give you legitimacy when dealing with clients or investors and help identify who owns the company if anything happens that requires legal responsibility.
5. Raise the required capital to start the business
Many investors even 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 may vary depending on factors like:
- The number and size of properties that you want to buy for your project
- How much each plot is going to cost
- The size of the office that you want to rent.
You may start this business with as little as Kshs100,000 if you are looking for low-budget properties. You must plan how much capital will be required before starting the real estate business in Kenya.
6. Market your brand and the business
Once you have registered your business, you can now start marketing it. This includes creating a website for your business or advertising through social media platforms like Facebook or Twitter. You can also put up posters around town to inform people about what type of property you deal in and how they can contact you if they are interested in buying any of them.