The Benefits of Property Well-Managed: Unlocking the Potential of Your Investment

May 18, 2023

Introduction:

In the world of real estate, a well-managed property goes beyond just a physical space. It represents a haven of comfort, security, and convenience for residents, as well as a lucrative investment opportunity for property owners. By delving into the advantages of effective property management, we can uncover the immense value it brings to both tenants and investors.

Enhanced Tenant Satisfaction:

When it comes to renting, tenant satisfaction is paramount. A well-managed property ensures prompt maintenance and repairs, creating a comfortable living environment. Responsive communication channels foster trust and satisfaction between tenants and landlords. By prioritizing tenant needs, property managers can establish positive and long-lasting relationships with their residents.

Increased Property Value:

Preserving and enhancing property value is a top priority for any investor. Regular maintenance and upkeep play a crucial role in maintaining a property’s aesthetic appeal and functionality. Well-maintained common areas and amenities attract potential tenants and buyers, leading to increased demand. Proactive management also ensures compliance with regulations, safeguarding the property’s value over time.

Optimal Occupancy Rates:

Empty units can be a burden for property owners. Effective marketing strategies and thorough tenant screening are essential for attracting high-quality tenants and minimizing vacancy periods. Accurate rental pricing, based on thorough market analysis, allows owners to maximize their rental income. By striving for optimal occupancy rates, property managers can ensure a steady cash flow for investors.

Streamlined Operations:

Efficiency is key when it comes to managing a property. Utilizing reliable property management systems automates tasks and streamlines operations. Effective financial management ensures timely rent collection and expense tracking, simplifying the accounting process. Transparent record-keeping also simplifies audits and financial reporting, providing peace of mind for property owners.

Proactive Maintenance:

Prevention is better than cure, especially in property management. Regular property inspections help identify and address maintenance issues promptly, preventing them from escalating into costly repairs. Implementing preventive maintenance programs can extend the lifespan of property and minimize unexpected expenses. By staying ahead of maintenance needs, property managers can ensure resident satisfaction and minimize disruptions.

Legal Compliance:

Navigating the complex landscape of regulations and laws is essential for property owners. Knowledgeable property managers stay up to date with changing regulations, ensuring compliance with local, state, and federal laws. Adhering to legal requirements minimizes legal risks and potential penalties for owners. Detailed documentation and record-keeping also simplify compliance processes and provide evidence of due diligence.

Risk Mitigation:

Protecting your investment should always be a priority. Comprehensive insurance coverage shields property owners from unforeseen events and potential financial losses. Diligent tenant background checks reduce the risk of problematic renters, minimizing potential issues. Implementing emergency response plans and security measures enhances resident safety and mitigates risks associated with property ownership.

Time and Stress Savings:

Owning and managing a property can be time-consuming and stressful. Professional property management relieves owners from day-to-day responsibilities, allowing them to focus on other aspects of their lives or investments. Access to a network of reliable contractors and vendors simplifies property maintenance, ensuring quality services at competitive prices. Additionally, 24/7 emergency response provided by property managers minimizes stress and guarantees swift problem resolution.

Conclusion:

Investing in professional property management unlocks the true potential of your real estate investment. From ensuring tenant satisfaction and increasing property value to streamlining operations and mitigating risks, a well-managed property offers peace of mind and optimal returns. By prioritizing effective

Property Management, Real estate Investment

4 Reasons Why Property Management is Essential for Real Estate Investors

by Ibukunoluwa Adepoju

May 11, 2023

Property management is a crucial aspect of real estate ownership. It involves the day-to-day operations of a property, including maintenance, tenant management, and financial management. Property owners can either choose to self-manage their properties or hire a professional property management company. In this article, we will explore the benefits of property management and why it is essential for real estate investors.

One of the primary benefits of property management is the convenience it provides. Property owners can hand over the responsibility of managing their properties to a professional property management company, allowing them to focus on other aspects of their business or personal life. Property management companies handle everything from rent collection to maintenance and repairs, minimizing the stress and workload on property owners.

Another benefit of property management is the expertise and experience that professional property managers bring to the table. They have a deep understanding of the local real estate market and can provide valuable insights on how to maximize the value of a property. Property managers also have access to a network of trusted contractors and vendors, ensuring that any repairs or maintenance issues are promptly addressed. Read more

Tenant management is another critical aspect of property management. A good property management company will handle tenant screening, lease agreements, and rent collection, ensuring that tenants are reliable and responsible. Property managers can also handle tenant complaints and evictions, minimizing the potential for legal issues. Read more

Financial management is another crucial aspect of property management. Property managers can help property owners set rental rates that are competitive and reflective of the local market. They can also handle accounting and financial reporting, ensuring that property owners have accurate and up-to-date financial information.

In summary, property management is essential for real estate investors looking to maximize the value of their properties while minimizing their workload and stress. Professional property management companies bring expertise, experience, and convenience to the table, handling everything from tenant management to financial reporting. If you are a property owner, consider hiring a property management company to help you get the most out of your investment.

Real estate Investment

Understanding Property Yield in Real Estate Investment

by Ibukunoluwa Adepoju

April 2, 2023

If you are planning to invest in the real estate market, you must have come across the term ‘yield.’ Yield is an essential concept in the property valuation process that determines the profitability of an investment. It is a ratio of the annual rental income generated by a property to its value or price. In this blog post, we will delve into the details of what property yield is, why it is crucial in property valuation, and how it affects the prices of investment properties.

What is Property Yield?

In simple terms, yield refers to the percentage return that an investor gets from their investment property. It is a measure of the rental income generated by the property as compared to its market value. Yield is calculated by dividing the annual rental income by the market value of the property and then multiplying the result by 100.

For instance, if a property generates an annual rental income of $50,000 and has a market value of $1,000,000, the yield would be 5% [(50,000/1,000,000) x 100]. Therefore, the yield represents the percentage of the property’s value that the rental income generates.

Why is Yield Important in Property Valuation?

Yield is a crucial factor in property valuation as it provides insight into the risks and prospects of an investment property. Lower yields indicate less risky investments, whereas higher yields are associated with more uncertain and risky investments. Generally, investors prefer lower yields as they offer a more stable and predictable income stream. However, this may not always be the case, as lower yields may also reflect a less attractive location, higher maintenance costs, or other drawbacks.

In contrast, higher yields may indicate properties in prime locations or those with high rental demand. These properties may generate higher rental income but may also come with higher risks, such as higher vacancy rates or lower long-term rental growth prospects. Therefore, investors should carefully evaluate the risks and prospects of an investment property before making a purchase decision.

How Yield Affects Property Prices?

The relationship between yield and property prices is inverse, i.e., as yields increase, prices decrease, and vice versa. For example, if two similar properties generate the same annual rental income, but one has a higher yield of 6% compared to the other’s yield of 4%, the higher-yielding property will have a lower market value.

The reason for this inverse relationship is that yield reflects the expected future income stream of the property. As the yield goes up, it indicates a higher risk or uncertainty associated with the property’s rental income. This, in turn, makes the property less attractive to investors, leading to lower demand and hence, a lower price.

Conversely, as the yield goes down, it indicates a lower risk or uncertainty associated with the property’s rental income. This makes the property more attractive to investors, leading to higher demand and hence, a higher price. Therefore, investors should carefully consider the yield of an investment property when making a purchase decision to ensure that they get the best value for their investment.

In conclusion, property yield is an essential concept in property valuation that determines the profitability of an investment property. It reflects the risks and prospects of the property and affects its market value. Therefore, investors should carefully evaluate the yield of an investment property before making a purchase decision to ensure that they get the best value for their investment.

Uncategorized

7 Processes of carrying out real estate due diligence

by Ibukunoluwa Adepoju

September 15, 2021

Due Diligence explained

Due diligence, according to Investopedia, is an investigation, audit, or review performed to confirm facts or details of a matter under consideration. In the real estate world, due diligence requires a buyer or an investor to embark on a fact finding journey by critically examining the legal, physical, environmental, financial and economic conditions of the property, and confirming every information supplied by the seller or his agent before agreeing to transact with the seller. Due diligence is primarily done to establish ownership of the property and to ensure that the property is free from all encumbrances.

Effect of one not carrying out real estate due diligence

In Nigeria and most developing countries of the world, it is difficult to establish ownership as there are obstacles to legality of landed properties ownership. This is connected to the fact that the property market is imperfect, and the system of gathering real estate data is inadequate to give adequate information about the property market. Many people, while investing in real estate have in some cases acquired landed properties from those (scammers) who have no legal interest in the subject properties; some acquired properties that fall under compulsory acquisition by the government while some bought unprofitable properties. All these happened because they failed to carry out due diligence on the subject property. It is therefore important to do some background checks before investing in real estate.

Things to look out for when carrying out real estate due diligence

On your fact finding journey, it is important that you have a checklist of what you need to look at before buying properties. While the list is exhaustive, the following are crucial and form the basis for carrying out property due diligence.

Physical Features of the property

This involves you to inspect the property physically, checking the state of the land or building. In case it is land, you need to know the topography, dimension of the land, flood zone verification, drainage systems and other land components. In case it is a building, you need to physically inspect the structural elements such as the foundation, wall, and roof. Also, you need to check the utilities and mechanical systems such as plumbing and HVAC. Doing this will help you to know what the property looks like; what level of repairs is required (if it is an old building) and to eventually determine whether you can commit your funds on the property.

Legal Conditions

The legal condition of any property states the interest an owner has in a property, and to the extent to which an owner can exercise proprietary rights. When investing in landed properties, you must ascertain that the property genuinely belongs to the vendor i.e. the seller. Therefore, you will need to conduct a title search, this is done by collecting the title documents available on the land and confirming the authenticity at the appropriate places such as the land registry in your state.

Also, you need to chart the land to ensure that the subject property is not subject to compulsory acquisition i.e. lands that are earmarked by the government for public uses. The implication of acquiring such properties is that the government may acquire it from you in the nearest future thereby, losing your investment.

To ascertain authenticity of an interest in property, you may need to consult any of these professionals; a legal practitioner, land surveyor, and an estate surveyor and valuer

Economic condition of the property

The economic condition of a property is usually concerned with the economic value of a property, this is what the property can be exchanged for in the open market (usually the actual price of a property) between a willing seller and a willing buyer in an arm’s length transaction where both parties act knowledgeable and without compulsion. Therefore, while buying any property, you need to determine the economic worth so that you don’t pay higher or lesser than the actual value of the property. To do this, you need to engage the service of an estate surveyor and valuer, a professional who determines the value of an asset.

Financial condition

In case you are buying an investment property, you need to ascertain that the property is profitable. To do this, you need to collect the financial statements that shows the income and expenditure on the property for example collecting financial statements showing the rent collected from tenants, and the amount expended on outgoings, or collecting the financial records of a filling station, hotels and other investment properties to determine the rate of turn over.

Environmental conditions

The environmental conditions of the surrounding areas of the subject property must be thoroughly examined, you don’t want to invest in an area where your investment is adversely affected by environmental pollution, bad water, erosion and other environmental hazards.

Process of real estate due diligence

Making enquiry

When you have identified a property you like to purchase, you need to make an inquiry from the property owner or their agent to confirm that the property is available for sale. In some cases, ‘for sale’ banners are placed on properties while in some cases vendors would like to sell their property discreetly, either ways, it is important to make enquiry about the market availability, status, price, title documents and other necessary information you need to know about the subject property.

Physical inspection of property

Once you confirm the market availability of the property, it is necessary that you inspect the property to be sure that it is what you want and are willing to commit funds on.

Valuation of property

After you have inspected the property and you are satisfied with its condition, it is important that you engage the service of an Estate Surveyor and Valuer to help you determine the fair market value of the property, this is to ensure that you are not overpaying for a property but rather help you in negotiating price with the vendor, thereby increasing your chance of buying the property cheaper than it is advertised.

Letter of intent

At this stage, you write a letter of intent to the vendor to express your intention of buying the property, you may include an amount you are willing to pay for the subject property based on your idea of the fair market value. Also, in your letter of intent, you need to request for the title documents available so as to aid your title search.

Receiving offer letter

Offer letter is written to you by the vendor or his agent, stating his willingness to sell, the sales price, condition of the property and title document.

Conducting title search

This is the core and a critical aspect of real estate due diligence. At this stage, you confirm every information supplied to you by the vendor; the documents to request for includes certificate of occupancy (C of O), deed of conveyance/ governor’s consent, original purchase receipt, deed of assignment, survey plan and other title that may be available on the subject property. These documents will then be confirmed at the land registry, ministry of town and physical planning. This is to ensure that the land is not subject to compulsory acquisition by the government and to establish that the land truly belongs to the vendor claiming ownership title to land.

Contractual agreement

Once you have ascertained that the title to land is genuine, you may now pay for the property and enter into a sales agreement with the seller, as well as ensuring that title to land is transferred to you.

Final word

Although the process of carrying out real estate due diligence might be complex and critical, it is indeed a crucial stage in any real estate acquisition, therefore, you must ensure that no stone is left unturned while purchasing a property in order to have peace of mind and safeguard your investment.

Moses Ibukunoluwa Adepoju.

[email protected]

Uncategorized

5 THINGS TO DO BEFORE BUYING LANDED PROPERTIES

by Ibukunoluwa Adepoju

August 11, 2021

A decision to invest in landed properties is one of the most important and significant investment decisions one could ever make in one’s life time! For many people, especially the low and middle income earners, the cost of acquiring landed properties forms 60-80% of their lifetime income while only few who fall into the high income earner category can purchase landed properties without feeling the strain in their purse, therefore, before investing your hard earned money on landed properties, it is necessary that you put these five things at the back of your mind so that you will not lose your lifetime savings.

Have a Plan

Like they say, ‘he who fails to plan, plans to fail’, planning forms the basis of any successful investment, to buy or invest rightly, you must plan rightly, your property investment goals should be well planned, written down, clearly state your goals and how you want to achieve them; this involves determining the proposed location, knowing who to buy from, having a fore knowledge of the amount you will need to purchase a piece of real estate in your desired location, having an idea of the return on investment and the duration of recouping your capital, understanding the risks associated and how to minimize it. What you are doing at this stage is to put together the elements that will make your goal of land acquisition achievable.

Determine the location

Location is a major thing to consider when buying land or landed properties. It is true that every land has value irrespective of their location but it is truer that the value of lands situated in areas with potential growth appreciates faster than those without potential development. If you are not planning to invest in agricultural estate, you may not buy lands in the rural areas except it is an area where development is tending towards. The goal is to identify lands situated in areas with growth potentials.

Put your finances together

Capital is key to the success of any investment

The money required in acquiring lands and buildings is usually huge, so, you must understand where to get funds required in financing your real estate investments; such fund may come from your personal savings, mortgage financing, returns on other investments and other sources of income. What matter most here is that you know where and how to get legitimate funds to buy your dreamed property.

Carry out your due diligence

Be sure the information you are supplied is correct

Before committing your funds to any property, ensure you have a clearer understanding of who the owner is, this can be done by asking questions from people in that area, know the title documents available on the land, also, you need to know the predominant land use base on town planning laws and zoning codes; is it for residential, commercial or industrial? Get to know if the land is not subject to compulsory acquisition by government. All these can be done by verifying the information supplied at the ministry of lands and town planning offices. Doing these is just to determine the authenticity of title to land. Even when you are buying from abroad, have someone do these for you; a professional, close friends and family can always be of help.

Engage the service of a professional/ trusted estate agent

Getting a trusted agent or professional in the proposed area will not only save you time and stress of searching for properties available for sale, it will also help you in getting genuine properties as well as ease the perfection of title documents. Professional estate agents have vast knowledge of the market, as well understands the nitty gritty of carrying out title search and perfecting title documents, they also give advice on the type of use you can put your land into based on their knowledge of the market, and can help you to negotiate and get the best deals.

The list of things to do before buying land/ landed properties is inexhaustible, however, taking the above steps will help you to minimize the risks that comes with real estate investment.

Property Management

RENT COLLECTION IN THE FACE OF ECONOMIC DOWNTURN

by Ibukunoluwa Adepoju

March 18, 2021

The Issue
In Nigeria, most sector of the economy has been gravely affected as a result of the impact of covid-19, as such many business organizations have not been able to generate income as anticipated in their revenue projections. This made some companies to lay off their workers, some engaged in pay cut while some had no choice than to keep owing salaries for up to three months.
Also, the inflation rate rose by 13.6% from 14.23% in November, 2020 to 16.47% in January 2021, this is traceable to the pandemic, lingering boarder closure, decrease in the supply of dollar, corruption, political instability, insecurities among others. These have made many Nigerians to struggle to meet basic human needs; housing, feeding, clothing, security, etc.
Just like other sectors, the property sector felt the heat of the economic downturn as many tenants couldn’t fulfill their obligations as signed in the tenancy agreement made with their landlords, on another hand, some landlords as well as some property agents increased the rent passing on their properties, also, there is an increase in construction cost which made property prices to be on a high side. This astronomical increase in the price of properties and rent passing on them without a corresponding increase in the income of business organizations and households has made it very difficult for landlords and their agents to collect rent on both commercial and residential properties.
The way forward
In times like these when property owners and their agents strive to demand for rent and tenants struggle to pay, there is a need to find common grounds between the parties involved to ensure that landlord-tenant relationship is not strained; landlords not being owed and tenants fulfilling their rent obligation as and when due. Landlords and tenants should be willing to shift grounds and accommodate new arrangements in rent collection and payment. Dolapo Omidire, a real estate researcher and director of Estate Intel once noted that Lagos property market is predominantly a landlord market whereby landlords have total say on their properties without tenants objecting them.
In Nigeria, rent collection is on a yearly basis, landlords and their agents must be willing to collect rent on short term basis; daily, weekly and monthly. Although some property owners have started considering this option especially in cities like Lagos, Porthacourt, and Abuja, yet, it is still relatively low. Considering short term rent payments may be a game changer as it will help landlords to get their rent on time and help tenants to reduce the burden of yearly lump sum rent.
Also, people especially young professionals can start contributing funds together to pay for house rent so as to reduce the rent payable by an individual, for example let’s say the rent of a 2-bedroom apartment is N500,000, two young professionals can secure the apartment by contributing N250,000 each, by that rent burden, they will be able to pay for subsequent rents.
Property agents should start investing on digital platforms that can help them to monitor performance of property portfolios, fast-track payment methods, maintain landlord-tenant relationship, and increase their level of productivity.
Conclusively, every party involved in the payment, collection, and remittance of rent should understand themselves, the economic situation, and must be committed to fulfilling their part of the tenancy agreement with upmost sincerity and should always settle issues amicably.

Ibukunolwa Adepoju

Property Development

THE PROBLEMS AND PROSPECTS OF REAL ESTATE MARKET

by Ibukunoluwa Adepoju

September 24, 2020

The real Estate Market is a decentralized market where real estate goods are being traded. The real estate market comprises land and everything attached to it (below and above) or simply put, land and buildings and market participants; buyers and sellers of land and buildings. The real estate market is wide and requires someone with the knowledge of the market to get the best deal either when selling or buying. The wideness of the market provides numerous opportunities to all the market players; Investors, buyers and sellers.
As wide as the market is, so are the problems. These problems include: quackery, bottlenecks in registration of title, illiquidity (a condition where sellers find it difficult to sell properties on time), omo-onile’s problem, inadequate property data or information, unfavorable government policies, etc. These problems poised a lot of issues that need to be addressed by stakeholders in the sector, especially the professionals. Possible solutions should be proffered and plans should be executed. It is important to note that problems cannot be solved at the surface level of occurrence but by critically examining the causes, identifying possible solutions, putting in place a workable plan and implementing such plans.
Wherever problems abound, opportunities abound more. This means that the problems of the real estate market create opportunities especially for the professionals who can solve these problems creatively. As a professional; real estate agents, builders, quantity surveyors, etc. it is required that one identify these problems and proffer solutions to them. It is also required that one understand the techniques to be applied in solving each problem. Solving these problems innovatively creates value which in turn provides money.
In this era where there is fierce competition among professionals especially real estate marketers, every professional needs to step up their game by employing necessary tools and leveraging on the latest technology, understand the dynamics of digital marketing as well as observe the trend of innovations in the real estate industry. They need to invest more on technology (internet), artificial intelligence, etc.
Professionals also need to solve problems creatively by updating their knowledge of the market through constant studying, researching, making use of research findings, attending relevant trainings, mastering negotiation skills and engaging in other personal development programs that can help them to add to their skill sets. Professionals who are well celebrated and those who have reached the zenith of their careers are those who have solved major problems in their fields. The decision to become a successful and celebrated real estate professional lies in the desire to solving problems, creating value and equipping oneself with the right knowledge and techniques required.
Real Estate Professionals should deliver their services with high responsibilities and selflessly and focus more on strategic ways of solving problems rather than relying on the traditional methods. It is also necessary that they focus on specific areas of interests i.e. professionals should not be jack of all trades and masters of none. Value creation should be the goal and not money creation; whenever value is created, money is released or simply put value creation brings money. They should also see problems as great opportunities and means of creating value.

News

The Nigerian Real Estate Market Post-Covid-19

by Ibukunoluwa Adepoju

September 24, 2020

The beginning of the year was welcomed with discussions about the economy and real estate market outlook by experts in the real estate sector. Many analysts predicted that the real estate market will experience a boom. These predictions were based on assumptions that there will be improvement in the economy. This includes the perceived increase in oil revenue due to projections that the oil sector, which is Nigeria’s major source of revenue is trading above the Federal Government budget benchmark of $57 per barrel as well as plans by NNPC to produce 2.5M barrels per day(bpd) by H1 2020, improvements in GDP growth driven by the agriculture, telecommunications and service sectors among others.
However, we are in a period where the whole World is facing the reality of an unexpected and unprepared for pandemic (COVID-19) which has caused Nations to focus on life sustaining means while general focus is shifted from improvements in the economy. The effect of COVID-19 Pandemic has caused the Nigerian Government to declare a total lockdown in most affected states; Lagos, Abuja and Ogun. Similarly, other states such as Osun, Rivers, Oyo and others restricted inter and intra state movement to flatten the curve of the Pandemic.
This total lock down has affected virtually every sector of the economy negatively; individual earnings, company revenues, and the government were gravely affected during this pandemic. To curtail the impacts of the Pandemic on the nation’s economy and to stabilize the economy, the Federal Government released several relief packages in form of grants, food stimulus, loans, tax waivers, subsidies, etc.
My opinions on the Nigeria real estate market post-COVID-19 are premised on the assumption that COVID-19 Pandemic would end in few months’ time, as well as the glaring impacts that COVID-19 would leave in its wake on lives and businesses.
Residential properties would continue to be in demand as it remains one of the basic human needs. It is expected that rental value of residential properties will be static and remain at current rental value. It is also expected that tenants would seek reduction and instalment payments of rent as there would be need for them to maintain balance in generating income. There will also be pressure on property managers to collect rents from tenants as Landlords expect rent remittance, therefore they must brace up to face this challenge.
On commercial properties, business owners would need to restructure their operations to stabilize their cash flow thus making them to downsize their office sizes as internal positions would be reviewed. Rental values would also remain static and remain at their current rates, tenants who are gravely affected would vacate properties while those who are not gravely affected would continue to meet their obligations.
There will be a decrease of foreign companies’ start-up in Nigeria as there will be the need for them to focus on the development of their companies in home countries.
There will be a decrease in the demand for office spaces as COVID-19 Pandemic has revealed that many business can be run remotely, meetings can be done leveraging on video conferencing applications such as Zoom and Webex Meet, and businesses can generate income through digital technology.
The Retail businesses have also been negatively affected as many experienced low or no patronage since retail business thrives on high return through high patronage and how they efficiently manage their
resources. Any business that is able to overcome this difficult time may be the greatest winner of all.
It is expected that properties used for events, fashion and make-up, fast food, bars and restaurants would recover quickly as people crave outdoor entertainment even during the lockdown.
On international travels, there would be lingering restrictions for a long period of time, even after the pandemic has been eradicated. This indicates that properties used for hospitality and tourism such as tourist centres, hotels, etc. would still feel the impact long after the pandemic, especially when their target clients are not domestic.
It is projected that there would be a decline in the purchase of property as individuals and companies take stock of their positions after the crises.
There will also be an increase in construction cost due to the devaluation of the Naira, since the Nigerian construction industry depends heavily on importation of raw materials and equipment. Financial institutions lending rate would also increase, thereby affecting developers negatively to access debt financing of projects. Therefore, developers will need to strategize on how to fund construction projects, market developed property to bring sales so as to recoup capital on time.
Government’s capital expenditure on construction projects will reduce and therefore, the expected contribution from the construction industry to the GDP will invariably fall as fewer construction projects will be commissioned.
There will be an increase in the demand for lands for the purpose of agricultural production and storage as the pandemic period has revealed the importance of self-sufficiency in food and local production.
Revaluation of assets would be done generally, while new valuation would be based on how quickly the commercial banks are able to bounce back from the cause.
The Pandemic will leave us with a lot of memories even long after a cure has been found. Individuals and businesses will resume their businesses and operations with a sense of new beginning and opportunities.
The Real Estate sector will continue to be a good store of wealth and purchase prices would continue to improve.
Ibukunoluwa Adepoju is a real estate consultant and researcher, he can be contacted for real estate consultancy service via [email protected] or through this Phone number: 08139723429

Uncategorized

Where to find good properties in Nigeria

by Ibukunoluwa Adepoju

September 22, 2020

Getting a property in Nigeria seems to be strenuous for first timers who are in need of one either for purchase or for rent in Nigeria. This is unconnected with the nature of the Nigerian property market which is characterized with little or inability of property data, the imperfect knowledge of the property market, quackery, ‘Omo-Onile’s problem among other problems. However, these problems should not be a barrier to getting your dream property in Nigeria.
Having a clear understanding about where to get the right property will help you minimize the risks involved when investing in the property market as well help you to get the value for your money. If you are investing in property for the first time or you have been investing for a while without the knowledge of where to get the right properties, this article will guide you on the best ways to do this.
When investing in/renting properties in Nigeria, you need to look at the following options to guide you rightly:

A Trusted Real Estate Agent
When you come across a trusted real estate agent who render his service with high level of integrity as well as respond to his client with higher sense of responsibility and devotion, you can be rest assured that you’ll get the right property as well as security of capital. A real estate agent is skilled at screening potential choices of properties for you because of his vast knowledge about the local property market as well as several instructions he receives from property owners to sell or let their properties. Therefore, consulting him will give you a range of options you can pick from.

Directly from the Owner
Sometimes, owners of properties places for sale banners on their properties. To get such properties, you need to search the proposed neighborhood for properties with for sale banners. Advantages of getting a property directly from the owner includes getting a good bargaining with the owner especially if you are good at negotiating prices, reduction in the cost of acquiring properties as the estate agent is being eliminated.

Online
The internet of things has made searching for properties easier, with a click on your phone or PC, you can get information about available properties, price ranges and contact details of the owner or the real estate agent.

Unlisted properties (Not so usual suspects)
Sometimes, some properties are up for sale by owners but are neither listed online nor a for sale banner is placed on them. This is usually because the owners don’t want people to know they are selling their properties. Getting this kind of information is sometimes difficult; you can only get information about such properties directly from the owner or close friends or relatives. To get this this kind of property, you may need to work up to owners to make enquiry if they are willing to sell, some of the things you may watch includes vacancy or occupancy rate, there is higher tendency that if a property is vacant, it may be up for sale even if not listed in the market, when an apartment is owner occupied, the owner wont be willing to sell.
Conclusively, no matter the method you use in searching for properties, always ensure that you conduct your search rightly, do the title document verification before you pay for the acquisition of a property; always seek the help of your legal advisers as well as professionals.

Ibukunoluwa Adepoju

The Benefits of Property Well-Managed: Unlocking the Potential of Your Investment

4 Reasons Why Property Management is Essential for Real Estate Investors

Understanding Property Yield in Real Estate Investment

7 Processes of carrying out real estate due diligence

Effect of one not carrying out real estate due diligence

Things to look out for when carrying out real estate due diligence

Process of real estate due diligence

Final word

5 THINGS TO DO BEFORE BUYING LANDED PROPERTIES

RENT COLLECTION IN THE FACE OF ECONOMIC DOWNTURN

THE PROBLEMS AND PROSPECTS OF REAL ESTATE MARKET

The Nigerian Real Estate Market Post-Covid-19

Where to find good properties in Nigeria

Recent Posts

Recent Comments

About Exponent

Instagram

Subscribe to get best deals and insights.