These days, real estate is considered to be one of the most profitable and growing businesses. In Cameroon today, you can make a lot of money by starting a real estate business, whether as a real estate agent or investor.
Starting your own real estate business is a good carrier option that comes with many difficulties and challenges. The market is well-established, with tough competition from numerous new and established players.
However, do not be intimidated by the competition; instead, focus on building a unique brand that stands out.
What is Real Estate?
Real estate is a property or a vast collection of properties. Conversely, the real estate business is the process of buying, selling, or renting a property, building, home, or land. Real estate agents assist homeowners, businesses, and investors in buying and selling all four types of properties.
The real estate business can be divided into loan servicing, residential and commercial properties, etc.
Examples of residential real estate include undeveloped land, houses, condominiums, and townhouses; examples of commercial real estate are office buildings and retail store buildings; and industrial real estate includes factories and farms.
Real Estate in Cameroon
Real estate in Cameroon is a serious business. As a matter of fact, one of the longest-standing industries in Cameroon is the real estate industry. The industry has become a gold mine over the years, and many intelligent entrepreneurs have tapped into it and are making tons of profit.
Cameroonians always need residential apartments, office buildings, and commercial outlets. They look to buy or rent buildings and structures of their choice, and they sometimes need to consult a real estate agent or expert before making their choices.
How to start a Real Estate Business in Cameroon?
However, one should have good knowledge and information to succeed in this industry.
This essential guide will equip you with the knowledge and information you need to acquire to start your own wildly successful real estate business in Cameroon.
Develop a strategic business plan
You need to strategically plan your business to conquer this market. Real estate investing is like any other career in which you can only start on a whim with a specific business plan.
A business plan is vital for any real estate investor, and one of the best pieces of advice you’ll get in the housing market is to start out small and plan, plan, plan! This step is crucial if you’re planning on becoming a real estate investor for the long term. In this case, you want to strategically grow your real estate investment portfolio.
Build a Unique Brand
Brand credibility is essential in building a successful business in Cameroon, especially when it has to do with the investment of millions of FCFA. Branding is about creating a perception of your business in people’s minds.
To turn your real estate business into a trustworthy brand, you must give your customers more than enough value for their money and build a relationship by engaging with them personally.
Also, set your real estate business apart by investing in premium branding identities such as logos, websites, adverts, and more.
Legally register the business
Suppose you want to take this business to the highest level possible. In that case, you must legalize its existence by registering the company with the Ministry of Small and Medium Size Enterprises. Writing as a Business Name is enough if you can’t afford to register it as a Limited Liability Company.
Also, watch out for the rules and regulations guiding professional real estate bodies in Cameroon to ensure you are not operating against the law.
Raise the required funds or capital
If you did your business plan research well, you must have known the minimum amount required to get you started depending on the scale you choose to begin. If your savings and financial capacity are not enough to start, you can source for alternative funding.
The real estate business is very capital-intensive and requires huge investments. If you need more, you must seek investors. You can look for equity investors that can give you enough leverage at the start and accelerate growth.
Execute the Plan to Start the Real estate Business
The last step to starting a real estate holding company is execution. Execute everything that you’ve developed in your business plan. A good number of Cameroonian businesses in most regions in the country fail due to feebler execution. Execution comprises your day-to-day activities in the industry. This includes closing deals, marketing, networking, client orientation, human resources, etc.
Conclusion
Starting a real estate business is not for the faint of heart. So, to be successful in the real estate business, you must be prepared to face the challenges.
At a personal level and as a business owner, nurture your ambitions and become a goal-oriented and organized person. Know that the real estate sector is about more than achieving instant success. Instead, it is a long game that requires a lot of patience.
Read also on the best real estate companies in Cameroon.
