This article will give tips for starting your real estate business in Kenya.
Real estate development is a lucrative investment option for entrepreneurs who don’t want to invest in unfamiliar areas.
Kenya’s economy has been on the rise, and now may be 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 in starting a real estate business in Kenya.
1. Research
Before starting any business, you must research and determine if this field is lucrative and what your target market is. For more information, you can conduct surveys or talk to experienced entrepreneurs who may have started something similar before.
2. Have a strategic business plan
Once you have done your research, now is the time to draft a business plan. This plan will include details of how you will start the business, management structure, capital requirements, and other things related to creating this type of business.
A business plan will guide you in starting a business and answer some problems or questions that may arise while running this business.
3. Build a unique brand you can be proud of
Having a unique brand that people identify with is essential to success. 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
It would help if you got 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 create 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 is each plot 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 look for low-budget properties. It would help plan how much capital it will require 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 process 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 with and how they can contact you if they are interested in buying any of them.
