Many people have a long-life dream of dipping their toes in real estate. Some spend years saving, especially as they see real estate as a capital-demanding industry. Many don’t know how or where to start their real estate investment journey. If you’ve been considering becoming a part of the real estate business in Kenya, you don’t have to wait until your retirement. You can start with small capital, grow your portfolio, and enjoy a financially stable and comfortable life. Here is a glance at where and how you can get started.
Understand the basics
When you think about the real estate business, what comes to mind? Many people have a limited perspective and only see rental properties. The real estate business is an extensive industry encompassing buying, selling, investing, or managing properties. You don’t necessarily have to save up millions to get started. You can start easy, such as an employee in a real estate management company, scale up to an agent with relevant training, start buying and selling, or become a developer or investor. It is relatively easy to break into real estate following your situation and aspirations with such a basic understanding. The bottom line; understand the basics and establish where to start; this is whether you have a significant capital base or start from scratch.
Pick a niche
What are your strengths? For example, if you are handy, you can start by flipping properties; this means buying cheaper houses, mostly as-is, improving them, and selling at a profit. The real estate industry is extensive, and curving a niche as you get started, leaning to your strengths, can help. If you are great at marketing, a real estate agent course can help you unlock the industry. If you have capital and an eye for lucrative opportunities, investing could be your go-to, like buying a stake in a real estate company. The bottom line; pick a line that matches your situation, from the financial considerations, experience and expertise, and your goals.
Make a plan
While one of the most lucrative industries, success in real estate doesn’t happen by luck or overnight. It requires patience, persistence, and staying on track; this is easier if you have a solid plan rather than flying blind. Consider your skills, capital, time, and experience; they can help you devise a strategic plan that’ll ease you with little friction and help scale your progress to the next level. A projectdriven by realistic goals is your recipe for success. You won’t be following the crowd, like investing in a trending line only to realize little or no profit as you dive in without knowledge or clear expectations.
Crunch the numbers
Like any business undertaking, numbers are at the heart of your quests. The number helps you pick a profitable venture. For example, do you know where to settle in Kenya? Why are more people buying land in such areas? What are the projections for the demand and growth of the area? Whether you are buying raw land, renting and developing vacant space, buying built properties, or working as a real estate agent, such consideration can be the difference between a profitable and a frustrating endeavor.
Do you need a license to ensure you are operating legally? Your business significantly relies on reputation. Getting the relevant licensing and registration doesn’t only keep you away from falling into the wrong hands of the law. You also inspire confidence as you interact with other players such as buyers, sellers, investors, and financial institutions like lenders. It adds a professional touch to your business, making growing and maintaining productive relationships easier.
In the modern digital age, many people are leveraging social media and online presence to bootstrap their real estate business endeavors. While a productive approach, you still need to research and learn the market dynamics, have a strategic plan, and ensure you are in line with the law. With the above pointers, you’ll become a part of the real estate business in Kenya in no time, thrive, and build a bigger and more profitable venture.