THE PROBLEMS AND PROSPECTS OF REAL ESTATE MARKET

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.