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By Maduka Nweke, [email protected]
Stakeholders in the real estate sector have advocated for lease-to-own scheme, which they say can help in solving the problem of housing deficit in Nigeria which has been exacerbated by economic austerity.
They said that a lot of factors have made shelter very hard to acquire, especially the federal government’s inability to declare a state of emergency in the sector, which has made it impossible for the nation to accommodate its teeming population.
Stakeholders say shelter has gone out of the reach of many Nigerians and they urge the government to take issues about property and accommodation very seriously because most investors and developers no longer see any reason to sustain their business in the sector as the cost of building materials has skyrocketed.
An industry expert, MI Okoro, told Daily Sun that the notion that substantial capital is a prerequisite for investing in the sector has long been a prevailing belief, yet, the evolving landscape of the market, the impact of the economy and innovative strategies has debunked this myth.
“There are creative avenues aspiring investors can explore, circumventing the need for excessive funds while still making a mark in the real estate world and expediting the path to passive income. Nonetheless, without the government extending the authority, it may just mean white elephant projects because it would lack the necessary enforcement.
“Lease-to-own would have been the best but salary in Nigeria is not regular and substantive to support it.
‘The prospect of investing in real estate without a bottomless bank account might seem daunting. However, numerous unconventional yet effective methods exist for individuals eager to dive into the realm of property investment without the luxury of significant financial resources.
“The real estate landscape is constantly changing and navigating a challenging market demands adaptability and strategic shifts. As the economy creates hurdles, real estate professionals must reassess their business practices to not just survive but thrive.”
In his contribution, Mr. Kunle Awobodu, an advocate of standard building onstruction and former national president, Nigerian Institute of Building (NIOB) and Building Collapse Prevention Guild (BCPG), said that in a fluctuating economy, understanding market dynamics is paramount.
He said: “Dive deep into local market trends, identify emerging niches or areas showing resilience, and specialise accordingly. Analyse data to anticipate shifts and tailor your services to meet the evolving needs of buyers and sellers.
“This focused approach can help you target the right clientele and capitalise on market oppourtunities. Stand out for being an expert. The digital realm has become the primary arena for real estate transactions. Strengthen your online presence through a robust website, engaging social media platforms and targeted digital marketing campaigns.
“Utilise high-quality visuals, virtual tours and compelling content to showcase properties effectively. Embrace technology-driven tools that facilitate remote interactions and transactions. Share your expertise of the local market in a dependable and easy to digest format. Adapting to digital trends can significantly expand your reach and client base.
“In a tough economy, offering diverse services beyond traditional buying and selling can be a game-changer. Consider property management, real estate consulting, investment guidance or rental services. Develop creative solutions such as lease-to-own arrangements, seller financing, or exploring off-market properties.
“Providing unique, value-added services can differentiate you in the market and attract clients seeking innovative solutions. Amid economic challenges, fostering strong client relationships becomes indispensable. Communicate transparently, empathise with their concerns and provide proactive guidance.
“If Nigerian workers receive commensurate salaries that are also consistently paid, rent-to-own would make a great model to shelter all the citizens. Tailor your approach to meet their changing needs, whether it’s adjusting pricing strategies or offering flexible terms. Embrace adaptability, staying open to new ideas and swiftly adjusting strategies based on market shifts. Your ability to navigate uncertainties with clients can strengthen trust and lead to referrals. Stay consistent. Being a stable and consistent presence amongst your contacts will differentiate you from the competition.”
According to Mr. David Obodoeze, a property developer, while a challenging economy presents obstacles, it also offers oppourtunities for growth and innovation in the real estate industry.
He said: “Embrace these changes by analysing the market, enhancing your digital presence, diversifying services, and focusing on client relationships. By making these strategic adaptations in your daily business practices, you position yourself not only to survive but to excel in a tough economic climate. Stay resilient, stay informed, and remain flexible in your approach. When others are backing away, you stay the course. Embrace these changes, and let them fuel your success in the dynamic world of real estate.”
“Lease-to-own would have been the best but salary in Nigeria is not regular and substantive to support it. The prospect of investing in real estate without a bottomless bank account might seem daunting. However, numerous unconventional yet effective methods exist for individuals eager to dive into the realm of property investment without the luxury of significant financial resources. The real estate landscape is constantly changing and navigating a challenging market demands adaptability and strategic shifts. As the economy creates hurdles, real estate professionals must reassess their business practices to not just survive but thrive.”
