Starting a real estate business in Ghana is one of the best opportunities in Ghana available to anyone seeking to generate cash flow.
Owning properties has become a money spinner in Ghana lately. Opportunities to make money in real estate abound for a very keen and enthusiastic investor.
This is because a lot of people have begun to understand that need for shelter ranks top among human needs, many people are going into real estate.
A lot of young and bright minds are now carving out a career for themselves in the real estate industry.
A career in real estate can be both rewarding and challenging because while some people earn six- figure salaries, others, just a few thousand per year.
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While it can be a great career choice; challenging, flexible and exciting, the profession should not be for everyone because there are certain levels of knowledge you need to have before you get started in real estate business. As a real estate agent, you are essentially working for yourself.
Although, there may be a few jobs available that pay an hourly rate, a typical real estate agent works strictly on commissions generated from the sale or rental of a residential or commercial property.
Just as you would before starting any business, you should make sure you have the right character traits to work for yourself before becoming a real estate agent.
At least the ambition to earn a living via real estate must be high. Then you have to organise yourself to know the branch of real estate you should delve into.
There could be challenges, obstacles and distractions but you must be focused knowing you are always on your own so you must be on your toes with ears sharply open. You must however persevere even if starting out could prove a little bit rough and rocky.
Above all, you must develop manners of approach, friendly relations; you must mingle among peers and above peers including associations, clubs and societies that cut across class.
To develop a career and make money in real estate, you must set your own schedule and work strictly with it. You will also need to be organised and ambitious enough to actually work at your business every day.
Organization skills are important because you will be dealing with contract deadlines, client appointments and follow-ups with other professionals in the field.
Below are part of the aspects of real estate you can easily make investments thereby making your own earnings without any hassle. Once you start to flourish in the business, you can easily enlarge your portfolio or simply launch big from the start:
This suggests acquiring of land and immediately resell for profit gains. Land flipping is one of the smartest investment options in the business and usually, requires little to no effort whatsoever.
With your money and an understanding of the real estate business and you are good to operate. You will require a tangible sum of money if you are aiming to generate hundreds of millions nonetheless you can begin on a low-budget by purchasing a single plot and expand to buying tens of plots and acres of lands and consequently continue trading year-round.
OPEN SPACING LEASING
Open space leasing operates in a simple, easy and unique process. Acquire an investment property in a fantastic location then lease it on the market for makeshift use.
You can either lease it to churches or establishments that need to build a makeshift outlet like a car wash and mechanics.
They will be paying for a periodic rental fee but at the same time, the property continually appreciates for prospective future trade.
It is exactly like borrowing money for an individual and being paid double interest nevertheless getting your money back.
REAL ESTATE AGENCY
This one is the common and easiest of them all. Real Estate Agency is not necessarily an investment per sec but service rendering. This is how it operates.
You go around and seek out properties to let and for sale, advertise and market your service and help secure clients for the property owners.
You get to be paid a certain percentage as commission based on the price the property is sold or rented. You can begin with little or no money and if you are smart enough, you will quickly evolve to become a giant real estate investor.
Property development is the category where the top players in the industry are mostly found.
They acquire landed properties in nice locations, develop it into luxury apartments, commercial structures, and a lot more and then trade at very high profit margins.
Say you decided to invest 200 million in developing a property, you should plan to sell for double that amount.
Build a house and put it up for rent, make profits all through the calendar month for a lifetime. That is precisely how this operate there is however much more to it.
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However, just like any business has its gestation period, so do you, as one who wants to make a money in real estate should bear in mind that most real estate agents don’t make huge commissions during their first year.
It takes time to build a client base and get accustomed to how the business works. If you go in thinking that it is something you will try out for a few months, then give up if you are not earning lots of money, real estate might not be for you.