How to start a real estate business in Cameroon (2023)PHCS
Table of Content
- Definition of is Real Estate
- Career opportunities in the Real Estate business in Cameroon
- Different Types of Real estate Business in Cameroon
- Major cities to start Real Estate Business In Cameroon
- Websites that offer Real Estate business in Cameroon
- Steps to take in starting a Real Estate Business In Cameroon
- Concluding Remarks starting a Real Estate Business In Cameroon.
The real estate business in Cameroon has become one of the growing sectors of investment among many elegant youths in the country. In the past, many Cameroonians do not venture into this sector of business because of the high risk involved with its dealings.
However, with the increased influx of youths from the rural areas to the urban areas such as Douala, Limbe, Buea, Yaoundé, etc. in search of a better lifestyle, work, and the pursuit of career goals in life such as education.
There has been an increased demand for housing services, land properties, and a need for increase provision of better infrastructures.
Even though starting a real estate business in Cameroon, one is faced with several challenges such as high cost of finance, government policies, distribution of properties by hoodlums, poor tenants’ attitudes, and the unpredictive nature of natural hazards (such as floods, landslide, etc.), the real estate business has been made easy with the advent of the social media and online presence such as blogs and websites.
In this article, we are going to look at what real estate business is all about, the type of real estate business in Cameroon, how to start a real estate business in Cameroon, and examine the opportunities available with regards to starting a real estate business in Cameroon.
What constitutes a Real Estate Business in Cameroon?
The real estate business in Cameroon entails the buying, selling, and management of the landed property. The real estate business in Cameroon is one of the most profitable and secure investments whose values increase over time.
Different Types of Real estate Business in Cameroon
a) Land buying and selling real estate business in Cameroon
The buying and selling of raw land is the most common type of real estate business in Cameroon. This involves buying vacant land from a landowner at a particular price and selling it to another person at a higher value. This type of activity is very lucrative as land is one of the investments whose values always go up over time.
b) Residential Real Estate Business in Cameroon
This involved the flipping of houses from one used value to another. It involves the provision of houses for renting. This includes apartments, studios, villas, duplex, and single rooms houses for residential uses.
c) Commercial Real Estate Business in Cameroon
This includes the flipping of commercial structures in business zones. This includes car parks, rental space for restaurants, retail businesses, gas stations, and office space buildings.
d) Industrial Real-estate business real estate business in Cameroon
This is a type of real estate property where industrial activities or business activities are been carry out.
Career Opportunities in Real Estate Business in Cameroon
In this section, we will examine the various career opportunities available when one ventures into a real estate business in Cameroon.
1) Real Estate Agent (Real Estate Broker)
A real estate agent or Real estate Broker is one of the major career opportunities available in the real estate business in Cameroon.
Real estate agents (brokers) are licensed individuals who play the role of middlemen between buyers and sellers of real estate, acting as representatives during a real estate business negotiation.
When a deal is successfully made, the agent or broker receives a commission that ranges from 1-10% or more depending on his initial agreement with the party involved.
To become a successful real estate broker in Cameroon, you will need to have good communication skills, negotiation, and networking ability.
2) Real Estate Legal Consultant
Another career opportunity available in the real estate business in Cameroon is to become a real estate legal consultant.
A real estate legal consultant is an individual with good knowledge of the laws abiding by the functionality and operation of the real estate business in Cameroon.
A real estate legal consultant gives legal advice to those with issues or questions about topics like bankruptcy, easement, sale, and foreclosure.
A real estate legal consultant or Attorney is responsible to prepare and draft a written document or agreement or review documents about a real estate deal.
To become a successful real estate legal consultant in Cameroon, you will need to have good communication skills, negotiation, and legal know-how of the law-abiding the operation of real estate business in Cameroon.
3) Real Estate Blogger
Blogging is another major career opportunity available in the real estate business in Cameroon. If you have good writing skills, with sound knowledge of the real estate business world, starting a blog will be a major career opportunity for you.
Blogging has been a rare career in the Cameroon atmosphere, starting a blog in real estate will be a profitable and wisest thing to do.
4) Real Estate Developer
Unlike the real estate agent, real estate legal consultant, and real estate blogger, the real estate developer is another career opportunity that requires lots of finance in the real estate business in Cameroon.
As a real estate developer, your major role is to buy underdeveloped properties and restructure them into developed structures used for commercial purposes such as commercial centers and accommodations.
Major cities to start Real Estate Business In Cameroon
7 Websites that offer Real Estate business in Cameroon
Steps to take in starting a Real Estate Business In Cameroon
Step 1: Conduct proper research on real estate activities in Cameroon
The first step you should take before embarking on to real estate business in Cameroon is to carry out proper research about the business.
This involved having a general knowledge of what defines a real estate business in Cameroon, the law binding the operation of real estate business activities in Cameroon, the risk involved, and knowledge of the major actors (players) of this sector of business.
Carrying out good research will enable you to avoid the pitfall that arises in the long-run operation of the business.
Step 2: Choose Your Real Estate Business Niche
Base on the knowledge of the research you have to carry out, you will be in a good position to determine which niche of real estate business in Cameroon fits your calling. picking the right niche involves deciding whether you want to be a real estate broker or a real estate legal agent, or a real estate blogger or real estate developer.
Step 3: Write a business plan
With proper research conducted and knowing what real estate business niche you which to operate in Cameroon. The next fundamental step is to come up with a business plan or business plan for your business.
The business plan or canvas should be able to provide insight into how the business will operate, identify the various services you will render, the value you will charge for each service, have full knowledge of who your competitors will be, carry out a detailed market analysis, on how you will get customers, makes sales. etc.
If you have a well establish business plan or business model canvas, you are more likely to succeed in the business and best of all attract investors and sponsors.
Step 4: Register your business
Taking your business idea or activities to the next level means you have to register your business. Registering your real estate business in Cameroon will give your business legal recognition in the eyes of the public.
You could speed up the registration process by hiring a real estate legal attorney who has full knowledge of the legality of the running of the real estate business in Cameroon.
Step 5: Have an office space for your business
Having an office space is the most vital key to success in starting a real estate business in Cameroon.
Office space increases your visibility and trust to the general public.
Office space also serves as a meeting ground for you and your clients. It should be noted that while office space is very vital, it also may not be necessary for real estate bloggers whose major tool of work is a personal computer.
Step 6: Built a solid team
At the beginning of the business, you will be able to handle all tasks alone. However, as time go, by your number of clients will increase, and so do your revenue.
You will need to scale the business to meet the needs of all, thus building a solid team will be of great importance.
Step 7: Have a website
The long-term success of running a real estate business in Cameroon is to have an online presence. This involves creating a website or a blog. This does not only improve your credibility but also shows how serious you’re taking your business.
An online presence increases your visibility to investors and potentially high-paying clients in the global real estate market.
Step 8: Advertise your business
Your business is now fully registered and running with a great team in place to attend to the needs of your clients. The next potential step you have to take when starting a real estate business in Cameroon is to advertise your business.
Advertise your business both at the local and international levels. use a local medium such as Newspapers, radio media, TV media, booklets, t-shirts, signboards, etc. Extend your visibility to the international real estate market using website advertisement means such as paid ads, SEO, etc.
Concluding remarks on starting a Real Estate Business In Cameroon.
As a concluding remark, the real estate business in Cameroon is a gold mine for those aspiring to venture into this sector of business.
As there are currently few players in this sector of businesses that are currently operating and serving only about 5% of the population.
An investment in the real estate business in Cameroon, will not only create jobs for yourself and those around you, but it will also ease the living standards of the citizens of Cameroon and thus increase bring about an increase in economic growth.
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