How to start a real estate business in Zambia
Do
you want to learn how to start a real estate business today in Zambia? If yes,
then this article is for you. It’s very easy to start a real estate business in
Zambia.
The
real estate business sector in this part of Africa has witnessed huge growth
over the past decades. In Zambia, the demand has become so high, due to the rising
population and increase in Economic Growth.
The
Zambian government is also putting a great effort to support the real estate
sector in the country. However, there are very few players in the real estate
business here.
This
calls for a great opportunity for young Zambia, to venture into this business
sector. The good news is that the real estate business is very broad and not
all sectors within it require you to own properties before you make money.
As
many persons migrate from rural areas to urban areas, coupled with the influx
of migrants to Zambia, the demand for services from real estate agencies in
Zambia has become too high. In this article, we are going to show you the
step-by-step guide you need to take to start a successful real estate agency in
Zambia.
Step 1: Conduct a feasibility
studies
One
of the very first steps anyone takes before starting any business is to research
the business. This also applies to real estate business ventures in Zambia.
The
goal of a feasibility study is to help you understand the market demand and
supply for the real estate business in Zambia.
This
feasibility study simply involves you identifying who are the major real estate
players in the market. What do they do best? what are their strength and
weaknesses? where are they located most? Where are they lacking? What pricing
strategy do they employ? What promotional strategy are they making use of? Etc.
Also,
in conducting the feasibility studies, do not forget to check the laws
governing the operation of real estate in Zambia. Knowing all legal
requirements ahead of business operation will help you plan the business well.
Step 2: Choose your real estate
niche
The
second step towards starting a real estate business in Zambia is to decide which
niche within the real estate sector you want to venture into.
You
can decide to operate as a real estate agency, where you simply connect
property owners to buyers, simply link landlords to tenants, or simply act as a
real estate consultancy agency.
You can still narrow your niche down to make it more specific and focused. For example, if you want to start a real estate agency (connecting landlords to tenants) you can still narrow your niche to focus only on apartments and studios. This implies that you only link customers who need a studio or apartment only.
Read: 7 Best Real Estate Companies in Zambia
Step 3: Choose a good business name
After
deciding the niche you want to start your real estate business, the next
crucial step to follow is to choose a good business name for your real estate
business.
This
is a very important step you should not skip. Choose a name that is unique,
easy to pronounce and easy to be remembered by everyone who comes across your
business.
There
are many ways to name a real estate business. The first easy way is to name the
business after your family name (Banda real estate Ltd), the second way is to
name the business after the niche (Oak Tree Real Estate Zambia) and the last
way is to name your business based on the geographical location in which it
operates (Lusaka Rental Apartments).
Step 4: Write a business plan
With
a suitable business name in mind, you can move to the next step, which is
writing down a detailed business plan after how you want to operate the real
estate business in Zambia.
In
writing the business plan, don’t fail to include key aspects such as cost analysis,
market analysis, customer segments, promotional strategies you will employ,
legal requirements you will need to follow and identifying any possible risk
that can be associated with the operation of your real estate agency.
Step 5: Set up and Register your
business
If
you have very limited capital, you can set up your real estate business at
home. Use a spare room that is near the road, and set up an office table and a
chair, a billboard, and office computers. If you have enough capital, then you
can then rent office space at a very strategic position within the city where
potential customers can easily locate you.
After
setting up your business, you will need to meet all the legal requirements
according to Zambian law on setting up a business. Get a legal agency or any
real estate legal consultant to assist you with this procedure.
Registering
your business puts you an upper hand in the real estate market. It will also
help to increase the trust of the public in your services rendered.
Read: Top 7 Home Construction Companies in Zambia
Step 6: Build a Great Team
Set
up a great team for your real estate business. At the start, you may want to
keep the business small in size and manage it as a family business. But as time
goes by, you will need to scale the business to reach more clients and
different locations.
Thus,
you will need to build a solid team that has the same vision as you and works hand
in hand.
Step 7: Build a great website
Every
business today needs an online presence. This is very crucial, especially for a
real estate business.
Build
a great website that can enable you to advertise or display your business
online. With over 19.5 million inhabitants of Zambia, more than 60% have access
to the internet. So, a website will be a good start for you to reach many
clients who live far away from your business location.
Do,
not use your business number as that on your website. Get a contact number that
is purposely meant for your business.
Step 8: Promote your real estate
business
Step
8 is the most important step you must do at all times. Learn to promote your
business with everything you have at your disposal.
From
using your website, social media handles etc, promote your business, especially
at the online level.
You
can also employ the traditional promotional strategy which is the use of cards,
t-shirts, billboards and signboards etc. to promote your real estate business.
Also,
don’t ignore the power of word of mouth, talk to your friends, family members
and neighbours about your business, they will help market the business to
people they know.
Read: 10 Best Transportation Companies In Zambia
Step 9: Network with other real
estate agencies
The
last step you should always do at all times is to network with others. Learn to
network with others individuals or similar real estate business agencies within
or out of your niche.
Networking
will help to increase your market share, it will also help to build important
business deals.
One
successful way to network and partner with others is to share your business
cards during seminars, workshops, etc. Also, at important events such as
weddings, funerals, worship services etc. This will connect you to lots of people
who might one day be your potential clients.
Conclusion
To
summarize, the real estate business in Zambia is a very profitable business
niche you can start today in Zambia.
It
has very few players that are rendering such services to the high population of
the people of Zambia. This implies that many individuals can be engaged in this
business sector. It's one of the only businesses that does not require a
university degree.
To
be successful in this business, you must carefully identify a niche, select a
suitable business name and location, prepare a decent business plan, assemble a
fantastic team, and implement powerful marketing methods.
If,
you find this article useful, do not forget to share it with your friends and loved
ones. Meanwhile, if you have any questions or suggestions, please drop them in
the comment section below.
