My Candid Opinion on The Real Estate Business in NigeriaKehinde LAWAL
A big brother of mine named “Ife” recently reached out to me as regards my view about the real estate business in Nigeria. He wanted to attend an interview for the position of sales director in a real estate firm and needed expert opinions.
Below is the fact I shared with him concerning the opportunities, challenges, and techniques to acquire new clients. I used Ibadan as my case study.
Current state of the real estate business in Nigeria(Ibadan)
I think the real estate industry in Nigeria generally is still in its early days.
Taking Ibadan for example, I see it has a promising city for real estate business, and this as a result of:
- Good governance in the state. People are saying that the governor has listening ears, and I concur with them.
- The recently completed railway infrastructure that connects Lagos to Ibadan in about 45 minutes. This will be mind-blowing when it’s fully functional.
- The city is fast developing.
- People who see Lagos as congested see Ibadan as a better alternative. I think this just the reality, and I’m not shading Lagos for Ibadan.
Another opportunity I see in Ibadan for those who want to start a real estate business is that we have a few fully completed estates in Ibadan(I currently know of Alalubosa, Aerodrome, and Iyaganku estate). Others are still under construction or nonoperational (you may correct me if I’m wrong). And I see this as an opportunity to sell estates/properties to as many interested buyers as possible because the market is not yet congested.
Challenges in the real estate industry
The major challenge I see is getting a high net worth client that would pay at once or in few installments. I believe this can be solved by employing online marketing, content creation, and proper branding and positioning in the market.
Just by doing this, you would attract the right client… The deep pocket client.
Another challenge is marketers not being truthful and upfront with clients concerning fees and charges on their properties. In particular, hidden fees like development or commission on future resell of lands. Such can mar the relationship between the client and the estate company, thus it must be clearly stated before the client embarks on initial payment.
As regards acquiring customers, the following could help:
- Consistency in sharing banners and fliers with people. I know everyone struggles with this; sometimes we’re just on and off. You shouldn’t be. Try to post your asset daily.
- Creating content that enlightens people about the land. Yes, create content. You shouldn’t just tell people to buy, buy, and buy. Share quality and educating content, share memes, and share your sales banner.
- Attending events where you can meet high net worth individuals. You need to get good at networking. To get big clients you need to go out there and get their contact. They will not just come to you by chance.
All in all, I see the real estate sector in Nigeria, Ibadan, especially as a long-term game. Someone needs to consistently promote him/herself, the estates he has to offer, educate people on why they should make the investment now, and also provide exceptional customer service.
Above are my little views at the moment. To the expert realtors reading this, kindly let me know in the comments below if I missed any particular points.
I look forward to hearing from you.
Thank you and God bless.
And until next time, keep learning.
PS: You may contact me on WhatsApp (+234 810 185 0909) if you’ll like to make inquires about land in Ibadan.