Starting
a real estate business in Kenya is something that may not be as easy as it
sounds. However, once you get the right tips about it, you can be sure of
making quite a profit as there will always be a demand for property.
We
have already covered how to come up with a unique business name and performing
a company name search Using eCitizen.
We even detailed how
to conduct a business name search in Kenya.
Obtain
KRA Pin
After
registering your company, you can log in to the Kenya Revenue Authority
Portal to obtain a pin. This pin is very important because it will enable
you open a bank account while also helping to keep your personal and
business transactions separate.
Register
with Estate Agents Registration Board
Armed
with company name, visit the Estate Agents Registration Board(EARB),
which is a regulatory body for estate agency practice in Kenya. EARB is charged
with the responsibility of registering estate agents and ensuring that the
competence and conduct of practicing estate agents are of a standard
sufficiently high to ensure the protection of the public. In case you
missed it, we have detailed a
separate process of registration with EARB.
Establish
A Web Presence
Create
a real estate website and start building your brand all over the
internet. The website should also include a professional email
address. It will look much more professional to communicate with real
estate prospects and clients using an email address like
yourname@yourbusinessname.co.ke than your personal Gmail account. Additionally
set
up social media accounts on popular social media platforms like
Facebook.
Create
promotional materials
Once
your website is live, create promotional materials with
your website and office details. These materials include business cards and
flyers Consider colors, images, fonts, and a
logo in order to create a cohesive look for your brand.
Hire
an assistant and get your Taxes right
Find
someone to help you stay organized, run errands and sort your taxes
on time. An assistant can help you to record and organize your day-to-day
business and real estate transactions, keep your bank accounts balanced,
produce simple reports, and assist with keeping your financial records in
order. In case you do not have ability to hire, read about Real
Estate Taxes in Kenya, taxation
of rental income and capital
gains taxes in real estate.
In
case you want these services but do not want to hire a full-time staff, we have
a solution for you! We shall provide you with a trained real estate assistant
to help you pay your bills, maintain filing, run your errands to the lands
office, take clients for site viewing, pay your bills while
freeing you up for more important tasks. Just give us a call on 0726982982
Secure
Office Space
An
office is not necessarily required but is good to have so
that you are accessible to clients. If your capital is limited, you can get a
virtual/shared office then later move to your own office.
Start
Selling
Now
that you are all set up, you are ready to start. You will need to decide
on a niche to focus on for starters. This could be plots for sale, letting of
apartments or selling houses among other ideas you may have. We have already
created guides on daily
habits of successful real estate agents, networking
as a real estate agent and how
to create trust. With this knowledge, you will be unstoppable!
So
don't hold back. Spread your wings and fly!
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