Do you have an empty space or a home with no use and you are in Kenya? Well, you’re making a mistake because there are ways to turn an empty space into a lucrative business space. When you’re in the real estate business in Kenya, you don’t build houses to stay vacant. But due to a number of factors including migration from rural to urban/urban to rural migration, your houses may remain vacant for a while.
Instead of crying that the real estate sector is oversaturated, there are ways to make money from those empty spaces you have. You need to do a few things as listed below:
1. Learn how to market your homes/empty space.
A lot of would-be realtors have empty vacant lots because they don’t care to make use of marketing. And marketing includes traditional marketing like the use of billboards and brochures plus business cards.
2. Create a website for your empty space/vacant house.
Start a website
3. Find a niche for your real estate business.
4. Utilise social media and learn how to use social media for your real estate business.
5. Stop relying on property managers to market for you your business.
6. Don’t get into real estate if you’re copying another realtor.
7. Be original by learning the new real estate trends so you don’t have vacant lots.
8. Keep learning about real estate and have a lot of fun.
Keep engrossed in real estate magazines, attend seminars and webinars on real estate. Learn about the emerging trends in real estate. Have fun while at it because learning isn’t fun sometimes. Be in the know and don’t stop updating the now info lest you risk getting stuck.
9. Be patient.
It takes a lot of guts to want to sell houses and a lot of guts to market your houses. Sometimes, you feel like you have a lost battle. Every business has its own challenges and highs and lows and that of real estate no matter how lucrative isn’t spared of the highs and lows. Sometimes, your location stinks, or the migration issue where people seek more urbanised houses. Don’t give up because taste varies. And lessons are always great for business.
Rent out space as storage
Turn into an Airbnb
Rent it out as a Warehouse
Commercial Space for Businesses / Shop to Let
Movie Shooters/ Producers
Co-Workingpace for Freelancers or Start-Ups
As a Staging for Realtors, Interior Decorators