In the realm of luxury real estate, innovation isn’t just a trend; it’s a necessity. Today, as technology continues to permeate every aspect of our lives, it’s also reshaping the landscape of property development. From smart homes to sustainable design, technological integration is not only enhancing the luxury living experience but also redefining what it means to own a premium property.

Smart Homes, Smarter Living: Gone are the days when luxury simply meant marble countertops and expansive square footage. Now, discerning buyers seek homes equipped with the latest smart technologies. From automated lighting and climate control to integrated security systems, smart homes offer unparalleled convenience and peace of mind. Developers are embracing these advancements, integrating them seamlessly into their designs to appeal to tech-savvy clientele.

Sustainable Solutions: Luxury no longer equates to excessive consumption. Today’s elite homeowners prioritize sustainability and eco-consciousness. Technological innovations have paved the way for green building practices, such as solar panels, energy-efficient appliances, and smart water management systems. These features not only reduce environmental impact but also lower operating costs, making sustainable luxury a win-win for both homeowners and developers.

Virtual Reality and Augmented Reality: The advent of virtual reality (VR) and augmented reality (AR) has revolutionized the way properties are marketed and designed. Potential buyers can now take virtual tours of properties from the comfort of their own homes, immersing themselves in lifelike environments before making purchasing decisions. Likewise, developers utilize AR technology to visualize designs and streamline the construction process, resulting in greater efficiency and cost savings.

Blockchain and Cryptocurrency: As the world becomes increasingly digital, so too does the luxury real estate market. Blockchain technology offers unprecedented security and transparency in property transactions, reducing the risk of fraud and ensuring smooth, efficient transactions. Moreover, the rise of cryptocurrency has opened up new avenues for investment in luxury properties, allowing buyers to diversify their portfolios and conduct transactions with greater flexibility.

Artificial Intelligence and Machine Learning: The integration of artificial intelligence (AI) and machine learning is transforming the way luxury properties are managed and maintained. AI-powered algorithms analyze data to optimize energy usage, predict maintenance needs, and enhance the overall living experience for residents. Whether it’s personalized concierge services or predictive maintenance alerts, AI-driven solutions are raising the bar for luxury property management.

To conclude, technological integration is not just a trend in luxury property development; it’s a fundamental shift that is redefining the very essence of luxury living. From smart homes to sustainable design, virtual reality to Blockchain, these innovations are shaping the future of real estate and offering unparalleled opportunities for both developers and homeowners alike. As we look ahead, one thing is clear: the intersection of technology and luxury is paving the way for a new era of sophisticated, sustainable living.

A prime property should offer an exclusive lifestyle to discerning investors/buyers who understand the immeasurable advantages of an enhanced lifestyle in relation to great Location, expansive amenities as well as infrastructure to serve its inhabitants.

The housing units or types are usually fewer and less clustered/lower density. This exponentially increases productivity and longevity leading to better quality of life.

Prime Properties are usually bespoke and exclusive and usually un-affordable to the general working or emerging class, however therein lies its appeal to the high net worth clientele who typically can afford them and see the value more clearly. Read more “Prime vs Emerging Urban Properties. What Are The Differences and Benefits?”

I loved living in Ikoyi as a child. Growing up in the leafy suburbs of Glover Road under the sponsorship of the Federal Government of Nigeria (Judiciary arm) gave humble civil servants an opportunity to live in what was a good quality decent, clean, environmentally safe and convenient family oriented and yet not necessarily affluent neighbourhood. As a young girl, I’d make my hair (shuku or threading just under a tree by the corner of 2nd Avenue or Club road police barracks Ikoyi.

We would sneak to Ikoyi club as teenagers after home lessons, stroll under the tree lined Lugard Avenue and Cameroun roads to our friends homes, whose parents were mostly civil servants. Some lived in apartments like Mulliner Towers, others 1004 and similar blocks. Most however like our family lived on half to full acre plots usually with a main house of at least 4/5 bedrooms, a 2/3bedroom chalet and multiple boys quarters as we called them then. In our case, the house had to be extended to accommodate the almost family of 20- Father, mothers and children (not counting cousins or domestics – our next door neighbours had almost the same size of family too- so much fun growing up almost as a village in Ikoyi )… And there was lots of grounds enough to park numerous cars even though we had only 2 cars if I recall (odd number and even number as per Lagos law then where you could drive odd number cars on certain days as a way to reduce traffic).

Now, I look at Ikoyi and shrug. I recall, Corona, Federal Home Science school, I recall Ikoyi club suya too- and the Ikoyi hotel comic book shop. I recall great roads. Taken for granted.

The new Ikoyi is different in many respects. Many barely motor-able roads. Forget jogging safely. Heard of a few affluent victims of accidents while jogging. Never mind the security threat or the double lane high streets now in the middle of million dollar residential villas and luxury apartments.

The Intelligent Real Estate Marketing Training has been re-scheduled for Thursday, the 15th of September, 2016. Registration is currently on-going. This training is for Real Estate Developers, Real Estate professionals and brokers, Real Estate Marketing and Sales Executives, anyone planning to get into real estate developments or struggling to achieve results in a tough and changing market place.

Do reserve your space today. Call 08096000027 or email nkechi.chikwendu@fineandcountryng.com

Renting upmarket properties has traditionally been the preserve of multinational corporates and large size local companies, however, as the economy continues to contract, with signs of recession looming, companies and families are reviewing their residential requirements and adjusting to the rapidly changing markets.

Most corporates have dramatically reduced their residential budgets, and are now focused heavily on good quality, well maintained but just as importantly well priced residential properties. The days of bloated budgets are over, with most companies looking at issues of proximity, security, total cost of renting which covers the full service cost and professional fees. In addition, dollar denominated rentals which were a norm are now being hit, with most corporate tenants negotiating proactively to benchmark against the official rate.  Sensible landlords will have to become more sensitive to the market demands to attract good quality tenants and go the extra mile in maintaining a well kept property at reasonable costs to ensure they don’t have a high turn over or worse long vacancy periods.

A new group of tenants who stand to benefit, are families who are now transiting from larger homes to renting either for the medium or long term as a stepping stone to buying a home in prime areas or for lifestyle reasons. This trend carries a number of benefits from its lower ownership expenses, to flexibility and predictability. In a cosmopolitan city such as Lagos, finding a suitable home to rent which provides all the amenities a good quality lifestyle, in a location that is central to  schools, hospitals, entertainment centres, financial institutions, religious centres, and at an attractive rental charge can be a herculean task.

 View from the top floor of 1 Cooper Miramar Residences

However, the growing stock of over priced rental properties which in most cases do not offer any special features has given new entrants which address a growing market gap for well priced, efficiently managed and well finished prime properties an edge over their nearest competitors.

The Cappa D’alberto built and newly refurbished 1 Cooper-Mirama Residence, which is strategically located on 1 Cooper road in Ikoyi, and offering a  superb collection of 18 units of 3 Bedroom apartments with a sprawling executive penthouse apartment across 10-floors with panoramic views of the Ikoyi metropolis.

Special care has been taken to ensure that tenants are well indulged and have no worries with the presence of  a highly efficient facility management services which ensures maintenance of all facilities such as;

• swimming pools for children and adults,
• fully fitted gym,
•  uninterrupted electricity supply with 900KVA standby generators,
• fully fitted kitchens with all the necessary amenities
• Extra large living rooms and bedrooms with modern finishings, which are particularly positioned to provide excellent lighting and ventilation.

The prime address, along with the sensible value pricing and superb presentation of the property, makes a significant difference in today’s market place. Extra security has also been taken into  consideration with the provision of modern security devices as well as 24-hour  security personnel.

1 Cooper- Mirama Residence is being presented to the market as arguably a superior address, most efficiently priced and presented prime residential accommodation on the Island and ideal for families of high profile local executives and expatriates.

ICONIC… 

Brand new, ready-to-lease, the fifteen floor Nestoil Towers is a world class commercial building centrally located in the business district of Victoria Island at the intersection of Akin Adesola and Saka Tinubu streets.

Sitting on a land size of 3900sqm on 15 floors, the Nestoil Tower is an iconic structure with 9904sqm leasable commercial spaces.

INNOVATIVE  …

UNIQUE ADVANTAGES OF NESTOIL TOWER

• Iconic edifice in a fantastic location
• Grade AAA office facilities
• Excellent road network that networks Ikoyi, Victoria Island and Lekki districts.
• Panoramic view of Eko Atlantic City and the Atlantic Ocean which provides a serene, therapeutic environment for work.
• Residential apartments to provide flexible accommodation as maybe required by corporate guests, executives and expatriates.
• Restaurant
• A helipad for quick and convenient access to the building by air.  We had our first helicopter land on Nestoil Towers  here
• A combination of the best companies in real estate have been engaged to deliver on this premier Grade A office towers:
• A reputable contractor- Julius Berger. has built some of the most prestigious residential and commercial properties on the Lagos Island.
• A design firm with a solid record of accomplishment ACCL – known for outstanding contemporary design and best in class architecture

INTERNATIONAL STANDARDS….

FEATURES

• Raised Floor for underground cabling, and flexible configuration of office spaces. Available on all leasable Office Floors;
• Double Glazed Curtain Wall Systems to minimize solar heat gains;
• Plug And Play Internet Facility;
• Borehole and Water Treatments;
• Dedicated Transformer with 2 units of 1.3mVA and 1unit of 910kVA Generating Sets;
• Total of 4,110 Square Meters of Premium leasable Office Areas available;
• Flexible floor plate from 231m2 to 810m2
• Kitchenettes and storage rooms available per floor
• 8 restrooms per floor (including disabled toilets).
• 4 passenger lifts/Elevators.
• Car Parking Facilities for over 225 cars on 18 split levels;
• A Helipad.
• Restaurant/Café/Coffee Room, etc.

The Nestoil Tower Grade A offices can rival any other commercial development in the world. It is for the best businesses

For more information on our commercial portfolio, please contact 08096000021.

Brick buildings have been around for a long time and is a trusted building material that lasts for centuries. The Oakwood Residences located on Cooper road, Ikoyi is being constructed using bricks. The classic brick design is been incorporated in the building exterior with a contemporary twist.

Oakwood Residence, Ikoyi made with the latest bricks technology  is currently under construction. On offer are contemporary, 4 Bedroom apartments and 5 bedroom penthouses with facilities such as a fitness centre, swimming pool, spa, standby generating set for uninterrupted power supply and efficient security systems.

Using bricks for construction has plenty benefits top of which is the attractive look it gives to building.

1. Genuine clay brick is made from natural materials and are significantly stronger than concrete bricks.

Bricks today are subject to much more stringent manufacturing processes than used in the past, which results in a more consistently performing end-product.  While it is still possible to purchase hand-made brick, it is also possible to buy the type of architectural brick that meets extremely strict product specifications.

Culled from home-designing.com

2. Brick offers superior protection over other wall cladding materials

Bricks provide superior shelter in Fire Protection, High wind protection, and Superior moisture control. Bricks are made from non-combustible materials and is an excellent cladding choice to resist or confine fires. They help minimize mold growth, wood rot and infestation by insects.

3. Brick looks better, for far longer and with less maintenance, than other building materials.

Brick offers lasting value.  It does not rot; dent, or necessarily need to be painted, and it will never tear or be eaten by termites. It looks better with age and also absorbs noise.

4. Brick is naturally energy-efficient.

Brick is a building material that has exceptional “thermal mass” properties. During the hot weather, your brick home stays cool while during the cold/rainy seasons, brick walls store your home’s heat and radiates it back to you.

5. Brick is the most sustainable green building material made.

Given the significance buildings have on energy consumption, brick should be part of a comprehensive green strategy because today’s brick includes:

• Inherently Natural Ingredients.
• Countless Recycling Options.
• Minimal Waste.
• Brick is the first masonry material that can attain a “Certificate of Environmental Claims” from a third party source.
• Environmentally Friendly Manufacturing Processes.
• Low Embodied Energy to Manufacture Brick.

In a volatile economy, real estate provides a safe hedge and store of value against inflation. In addition, the opportunities to negotiate great deals are more rampant than in a stable economy.  Real estate is an integral part of our personal, professional lives, the economy and is the secret to long term wealth creation. Women can no longer afford to shy away from investing in real estate.  There is a growing trend in women climbing and staying on the property ladder. This saying could not  be more true as over 70  female professionals and entrepreneurs convened at the Wheatbaker hotel on Thursday, 12th of  May, 2016 for the inaugural edition of “The Finer Wealth Series”

 L-R: Subu Giwa-Amu, CEO of Brookstone Investment and Properties Limited; Nimi Akinkugbe, CEO Bestman Games Limited; Udo Maryanne Okonjo, CEO/Vice Chair, Fine and Country West Africa; Ibukun Awosika, Chairman First Bank of Nigeria Limited; Abosede Osho, MD Land of Promise Limited; and Idowu Thompson, Group Head, Private Banking, First Bank of Nigeria Limited at the First Bank Private Banking, Fine & Country Finer Wealth Series  recently

This initiative of  Fine and Country International WA which was supported by First Bank of  Nigeria Private Banking was aimed at connecting and building  a community of women to build their confidence for real investments through informative sessions in order to create wealth and impact lives and the nation as a whole.

The key note address was presented by the chairman of First Bank of  Nigeria Limited, Mrs. Ibukun Awosika who educated the guests on the anatomy and mindset of wealth creation through real estate investments. She unearthed the value of real estate investment by sharing her personal experiences in accelerating the real estate ladder through quality investments. She stressed the need for women to embrace delayed gratifications and lifestyle adjustments by focusing less on satisfying immediate wants and developing a mindset of long-term wealth building. Real estate investment according to her is not about the individual personal preference but about the value the investment brings. You can invest anywhere in real estate and do not have to like the location of your investment as long as it yields high value.

Mrs. Ibukun Awosika, Chairman First Bank of Nigeria Limited giving the keynote address at the Finer Wealth Series

The CEO of Fine and Country, Mrs. Udo Okonjo shared on the importance, value and benefits of investing in real estate and how the involvement of women can greatly impact the economy positively in the long run.

Mrs Udo Okonjo discussing the theme of the event “Climbing and staying on the real estate ladder”

Some of the issues that currently affect real estate investors according to her include poor access to finance, limiting government policies/ regulations, and high cost of land. Some of the proposed investment strategies include;

• Buying land and hold for capital appreciation
• Buying wholesale and selling retail
• Upgrading old buildings and sell for a premium
• Developing new building for rent or sale
• Investing in bank repossessed properties

The Finer Wealth Series was also sponsored by Giant Beverages, Glitters, and Blue Mahogany.

The Finer Wealth Series is an ongoing series with the next edition holding in Abuja later in the year.

Udo Okonjo, Ibukun Awosika and Fmr. deputy Governor of Lagos State, Princess Sarah Sosan

Aishah Ahmad of Diamond Bank, Nimi Akinkugbe of Bestman Games, Uche Pedro of Bella Naija, Osayi Alile, Fadeke Adepetun

Subu Giwa-Amu, Toyin Bakare, Fadeke Adepetun

First bank of Nigeria Private Banking team

Toyin Bakare, Taiye Aluko, Ivana Akaraiwe and Bose Osho

Toyin Bakare, Udo Okonjo and Bukky George of Health Plus

Fine and Country team

Why Now is the Best a Time to Invest.

(A practical guide on how to create real estate wealth in a slow market.)

Recently an old client shared a story about how he had bought a property at the height of the real estate downturn. Less than a year later when the market started regaining momentum, he had a property that was essentially worth three times what he had paid, and even received numerous offers. He refused to sell, subsequently building his dream home on the more than two acre property in a choice part of Ikoyi. In future, this investor will extract more layers of value from the same property by developing a multi unit luxury apartment block. Even in today’s sluggish real estate market, you’d be hard placed to find that same sort of value in a similar location. His story is not unique. Investors understand that money is made during tough market times. We have definitely seen an increase in investors specifically looking for “Discounted Properties” and where better to find these than the prime residential market in Ikoyi and Victoria Island where many sellers are getting more realistic.

BENEFITS OF BUYING DISCOUNTED PRIME PROPERTIES NOW.

1. FEAR FACTOR : Every investor in what ever asset class knows that the real gains are to be made when the market is sluggish, when the ‘average, sensible and mostly fearful investor’ is holding back investment decisions. Most serious investors know this is the best time to pick up bargains in all real estate categories, especially prime residential real estate in Ikoyi and Victoria Island and indeed in several other locations. However, if you can afford it, it makes sense to go for the top of the cherry sticking to prime locations or as close to it as possible at this time because that’s where the deals are to be had mainly.

2. CAPITAL GROWTH. SOLID ASSET . Appreciation tends to happen faster and at a higher margin in prime real estate especially when you buy at a discount. Buying at this time in the economy essentially guarantees you immediate capital growth if done right. You could buy it to use as an owner occupier, therefore having a great asset and collateral if needed in future. Alternatively, you could invest as a buy to let investor. Many multinational corporates and top executives who make up the bulk of tenants in this space continue to require good quality rental properties but their budgets have largely been adjusted downwards, so by buying at a discount, you can attract them with a good value market related rental unlike those investors who over capitalised and have a tough time adjusting to reality. Always do the math to see that the numbers stack up and there’s a real discount and upside.

3. MOTIVATED SELLERS/INVESTORS : To supersize your returns, look for motivated sellers in the current market who want to move their property stock because of high interest rates and slow sales. There are also opportunities for buying off investors who bought at the early stage of an off plan project and who may no longer be in a position to complete due to change in financial circumstances. Where the transaction was denominated in dollars, it may also be possible to negotiate a further discount with both the seller and the buyer for cash investors and end up with an exciting investment property with high rental yields and immediate capital appreciation. These type of opportunities present a gold mine for the investor with a keen eye and ear to the ground. Even if you already invested in a project, which is still under construction, if you have holding power and perhaps an ability to buy more, this might be the time to ask your broker for more opportunities. You never know. (We have a couple of these types of opportunities on Fine and Country’s books currently and it’s interesting to see how keen investors are to find great deals.)

4. SAFE HEDGE AND STORE OF VALUE AGAINST INFLATION : For those with mid to long term funds, investing in real estate is a great bet and a good protection against inflation and low deposit rates. With the equities and bond market going through its own upheavals, and rising inflation, it’s clear that this is not the best time to leave cash in the bank, unless it’s emergency funds, or short term funds as real estate is fairly illiquid. That said, it’s probably best to invest in a discounted property opportunity with a large upside and take a short term loan in an emergency situation rather than erode the value of your money daily by leaving it in a low yield investment that gives you a negative return against inflation.

5. FOREIGN CURRENCY ADVANTAGE : And a word for those with foreign currency….wow, do you really need convincing? Now is definitely the time with your currency (USD and GBP at an all time high, why not look for Naira denominated transactions and get real value especially if you have long term ties/plans to Nigeria and can either use the property or lease it.).

Possibly the biggest reason to invest now is that when everyone is playing it safe, the big boys and girls come out to play, picking up the best deals, creating massive wealth, the proverbial rich get richer while the safe stay well, safe and jumping back on the band wagon when everyone else is, and usually paying too much when the market rebounds.

NO MONEY? NO WORRY! BE CREATIVE WITH FINANCING.

Here are 3 quick tips if you are thinking of looking at discounted property opportunities but don’t have enough immediate cash.

• FLEXIBLE PAYMENT TERMS . Remember that real estate investment is really about terms. Are you able to close quickly or do you want to put a deposit and negotiate a longer time to pay, and in some cases without incurring interest whether for off plan or already completed properties. Don’t be afraid to ask questions. Get the best payment terms possible.
• CASH IS KING : Remember that cash is king. Your ability to conclude with full payment upfront could make a massive difference to the discount you get.
• PARTNER/LEVERAGE : Remember that you may not have all the cash, but you could partner with another/other investors to take advantage of discounted properties, if the opportunity is really great. You might even consider a bank loan if your future cash flow supports it and the opportunity is really great.

GET REAL. PERSPECTIVE MATTERS.

Finally, everything depends on how you view things. Your perspective makes all the difference. You can see the sluggish real estate market as a reason to stall, stay safe and miss opportunities or you could seize this market opportunity to grow your real estate wealth. As two great biblical investors I know (Joshua and Caleb) said,” Let us go up at once and occupy, for we are well able to overcome the land. It is a very good land”. The question is which land, which real estate will you take over this season.

KEEP CALM AND BUY REAL ESTATE.
Udo Okonjo
Ps. Are you interested in exploring some discounted opportunities? Check out this great top grade investment buy or contact us with your specific requirements.

Commercial real estate according to Wikipedia refers to buildings or land intended to generate a profit, either from capital gain or rental income. Commercial real estate includes office buildings, strip malls, restaurants and any other real estate in which people conduct business. Investing in commercial real estate just like any other business decision, has its risks and benefits. There is the need for expertise and careful strategizing before a well informed decision can be reached on whether or not to purchase or lease a commercial real estate.

There are some basic steps to take before you purchase a commercial real estate and they are outlined below;
1. Analyze the risk and benefits of purchasing commercial real estate:
When making the decision to purchase a commercial property, it is important to take into consideration the potential risk and benefits that a purchase may hold for your business.
Some of the risks/benefits involved in investing in commercial real estate are as follows;
• Buying in to commercial real estate may be more beneficial than leasing if you are buying to maximize return on investment.
• Owning your commercial property adds to your asset appreciation over time, which means that your company’s equity grows.
• It is critical to buy commercial properties in the right location. The right location ensures that your business is at the heart of select target audience and is easily accessible by your clients, key suppliers, and associated businesses. The right location also conveys a certain kind of impression to your target audience which in turn benefits your business. It is also important to note that the locations that are “hot” today might not be so tomorrow and vice versa.

• Buying of commercial real estate when the finances to do so is not readily available can lead to loss of liquidity.
• If you intend to put up your commercial real estate for lease, it is important to understand that leasing is not always the best option for cash flow. Tenants can default with their payment date, or even out rightly decide not pay at all, and if you are depending on the income it can turn out to be very disappointing.
• The income that a piece of commercial real estate produces is directly related to its usable square footage which leads to higher yields.

2. Seek advice from a team of experts:
When considering the option of buying a commercial real estate you need knowledge and experienced advice before you go ahead with the purchase to enable you make the right decisions. Your team should be properly selected based on their track records and working styles. The team should consist of a Real Estate Professional who specializes in commercial real estate to help select suitable properties in preferred location within the budget and also facilitate negotiations between buyers and sellers; an Attorney to conduct due diligence on the property, prepare formal offers, reviewing all documents, and ensure contracts are sufficiently detailed, and structured to your maximum advantage; an Accountant to help figure out what your business can afford and analyze the tax and operating budget benefits; an Insurance Agent to insure your assets; a Business Advisor to provide solid perspective and advice in the financial process; and/or a Mortgage Broker/Lender to provide finance if required.

Overview of Victoria Island, Lagos

3. Choose the property wisely:
Some of the things to take into consideration when choosing the right commercial property for your business include location, accessibility, sale/lease price, size and layout of space, type of building, construction, available facilities including administrative support and meeting areas, car parking, security, opportunities for expansion, and lots more. Once you have shortlisted the commercial property that best suits your requirements, work with the owner on the right price.

4. Get financing for the purchase of the property:
Make sure before you apply for any mortgage (if needed) you already have the down payment covered, as well as proof of income to cover the monthly payments. Commercial properties generally attract a higher down payment than residential properties.

At this point, you need to have your lawyer explain every detail of the sales/purchase agreement (SPA) so that you know exactly what your rights and obligations are.
Commercial real estate like residential properties is also affected by the law of demand and supply. There is no one-size-fits-all strategy for purchasing commercial real estate. That decision must be weighed by individual businesses and their specific requirements and goals. Investing in commercial real estate is a long-term affair and it is important you get it right from the start.

Following the highly successful REFINED INVESTOR SERIES which held in November 2015 and feedback from stakeholders, Fine and Country International (W.A) in collaboration with the Institute of Real Estate Excellence (IREE) are pleased to invite you to participate in this mid-year Training/ Conference specifically designed for Real Estate Developers and Investors.

Target Audience? 

• Real Estate Developers – Niche, Mid size to Premium Developers and Individual investors looking to Position, Create and Sustain substantial profit from their developments in a challenging market.
• Anyone responsible for creating and delivering results in a Real Estate Organisation.
• Anyone planning to get into real estate developments or struggling to achieve results in a tough and changing market place.
• Top real estate professionals and brokers.

Please contact Nkechi Chikwendu on 08096000027 or nkechi.chikwendu@fineandcountryng.com for more information and to confirm your attendance. Also visit here for more information.

People increasingly value properties that offer “extraordinary moments and experiences.” That, we can confirm, admirably and accurately describes Eden Heights when it is fully completed later this year.

With unique features such as its Asian theme spa,  fully fitted fitness centre and entertainment room, Eden  Heights  offers 1-4 bedroom apartments and 5 bedroom penthouses (180ft in the sky on two floors). These units are 80% SOLD OUT

Fully fitted gym and Asian theme spa

Traditionally, there are a few ways to make serious money as an entrepreneur. They include business ownership; securities investment and speculation; and, perhaps the most personally rewarding, real estate entrepreneurship. As the market continues to buckle with  decreasing purchasing power and investments losing their value, there is need for a hedge against the effects of devaluation. Like gold, real estate tends to retain its intrinsic value even during periods of inflation. It holds its value and purchasing power during inflation.

Fully fitted kitchens and well designed en-suite bedrooms

Early investors are already befitting from their investment in Eden Heights as its growth has exceeded inflation and beaten the currency function risk with 50-75% increase from the initial off-sales price.  The rental prices currently have a higher yield leading to an increase in the Return on Investment (ROI).

With contemporary and modern technological features, Eden Heights is both a dream home and an astute investor’s top choice. It is also in close proximity to leading schools, financial institutions, business districts, restaurants and entertainment centers.

To view its well designed show apartment or for more information on this development, please contact us on 08096000024 or 08096000049.

Iconic, Innovative and of International Standards are some of the words that describe the Nestoil Tower

This sixteen floor development  consists of office spaces, multi-storey parking, recreational facilities and world-class security features strategically located at 41-42 Akin Adesola Street, Victoria Island, Lagos.

The open plan commercial space at Nestoil Tower. Constructed by Julius Berger, Nestoil Tower is of quality build and maintenance is guaranteed.

Its strategic location at the intersection of Akin Adesola and Saka Tinubu streets with unmatchable accessibility, convenience and to top governmental organizations, financial institutions, 5 star hotels, recreational centres, leading schools and the Eko Atlantic makes the Nestoil Towers easily accessible and in the heart of the commercial business district.

The view of the Eko Atlantic from the 8th floor of Nestoil Towers

Constructed by Julius Berger, Nestoil Towers has attained the LEED standard Certification (Silver) making it an energy efficient and environmentally friendly development and also an indication of Nestoil’s commitment to a culture of innovation and environmental consciousness.

The presence of a helipad makes for quick and convenient transit for any location directly to your work place.

FEATURES OF NESTOIL TOWERS

• Raised flooring and dry wall partition systems in all office spaces  to allow for flexible configuration of office spaces.
• Dedicated, state-of-the-art restroom facilities(with special consideration for the disabled) for every general office space in line with the British Standard Code.
• Central  canteen facility for the entire building
• Covered roof terrace which may be used  for top executive to host private functions.
• Special facilities for people with disabilities.
• Automated Access Control facilities  throughout the apartment levels in order to maintain very high level security
• Central atrium with water features to enhance the ambience of the Residences. • Ducted cold water chillier air conditioning system
• 24hr Security and electricity with 3nos. generating sets and 2.5mVA dedicated transformer
• Generous car parking space

The Nigerian real estate industry experienced a breakthrough at the start of the year with the launch of the Nigeria Mortgage Refinance Company (NMRC). This has brought a welcome change to the industry that has a housing deficit of about 17 million units (with additional 2 million units added each year) and would significantly improve access to housing finance this year.

What is Mortgage refinancing?
A mortgage refinance refers to applying for another mortgage to replace an existing mortgage on a property. This situation is common in times where there is a fall in mortgage rate. For example, if mortgage rates happen to be lower at the present moment than when the home was originally financed, or if the homeowner decided upon an adjustable rate mortgage accompanied with a lower interest rate than the current rate, the monthly payment will actually go down. Even an interest rate reduction of one-half of a percent can make a difference in the payments that is quite noticeable.

Type of Mortgage Refinance
Depending on your situation, different types of home mortgage refinance will be better suited to address your needs. Common ways to refinance your mortgage include:
Fixed Rate – With this refinancing option, the homeowner is given a fixed rate interest amount. This gives them peace of mind, because they know that ten or fifteen years down the road, their interest rate is going to be exactly the same as it is now.

Adjustable Rate Mortgage – The opposite of the fixed rate mortgage, the adjustable rate would allow individuals to experience seriously low rates. It’s a bit of a gamble, but if interest rates go way down, individuals will be able to enjoy the break. There is always the risk that the rates will increase, though.
Cashing-out Equity with Refinancing – This option allows individuals to cash out their equity and use it for major purchases, improvements, bills, etc. Individuals who decide to go this route can often still choose from a fixed or adjustable rate mortgage and can sometimes increase the term of their loan, making payments smaller and more affordable.

Creative Terms – Some companies offer creative terms for refinancing, such as interest only refinancing and more. The refinancing company should work with each individual to determine what kind of creative terms would best benefit their situation.
Mortgages are refinanced as it;
• Shorten the term of the loan
• Lowers interest rate and payment
• Provides an opportunity to refinance from an adjustable rate mortgage to a fixed rate loan
• Provides an opportunity to cash out home equity

Understand the Reasons for Refinancing
Homeowners often have different reasons for refinancing. Some simply seek to reduce their rate of interest. However, that may not always be to their advantage, as the related fees may end up being more that the gains from the rate reduction. In order to make the best decision, it is important to have an understanding of their reasons. It could be for consolidation of debt, home improvement, or for a major purchase. It could also be for other personal or financial reasons, perhaps taking a loan for cash to purchase a car. Some purchases may be used for deductions on interest payments on the tax return. It is always wise to consult a tax attorney, accountant or financial planner prior to making those decisions.

Benefits of NMRC
The foremost objectives of the NMRC is to bridge the funding cost of residential mortgages by promoting the availability and affordability of good housing through increased access to liquidity and longer-terms funds in the mortgage market.

Mortgage financing through NMRC would also extend maturities for Nigerian home-buyers to as much as 20 years. This means that a longer period of payment would result in a lower amount in repayments on a monthly basis.
The NMRC is also expected to help push down the interest rates for mortgages in Nigeria, from 20 percent currently, to 13 – 14 percent, helping to make mortgages more affordable for prospective home buyers.

What to be aware of when refinancing
Borrowers need to be aware that some mortgage companies may include pre-payment penalties in the loan contract. Offered as a clause in the contract, they may require a penalty payment if the property is refinanced or sold prior to a specified date. While most lenders do not insert penalties for pre-payment in the contract, there are some less than reputable lenders who impose excessive penalties – sometimes as high as 85% or six months of interest on the original balance of the loan. It is important to learn what penalties may be in the contract prior to signing. Employing the services of a professional real estate consultant would ensure that your interests are protected.

The importance of documentation in real estate cannot be over emphasised. It is important to note that 75 – 80 % of real estate business is legal and these legal transactions cannot be void of documentations. Before any real estate transaction can be said to be successfully concluded, all documents have to be up-to-date and duly signed by relevant parties.

In Nigeria, all land within a state (except those vested in the Federal Government or its agent) is owned by the Governor of the state, who holds land in trust for the people and has power to allocate as far as urban areas are concerned; while the rural areas is allocated by the control of local government authorities. The current land ownership system became operative after the promulgation of the Land Use Act, Cap 202, Volume 11, Laws of the Federation (1990). Prior to this law, land ownership was primarily based on settlement, conquest, sale, gifts or larches and acquiescence.

It is important that as an investor in real estate or as a real estate firm you should know what governs land ownership and the legal documents used in conveying title for land ownership in the state, where your business is located or where you intend to invest in.

What types of documents are required in a real estate transaction?

Some of the documents required in real estate are as below;
• Certificate of Occupancy (CofO)
• Letter of Allocation
• Registered Title – Deed of Assignment/Sub-lease/Indenture
• Land Certificate
• Governor’s Consent
• Deed of Assent (Registration By Administrators/Executors of an Estate)
• Power of Attorney

All these documents should be duly registered at the appropriate registry.
Before the advent of a Certificate of Occupancy, other documents such as a deed of conveyance, deed of gifts etc, also existed as proof of land ownership. Holders of such documents have statutory right of occupancy and remain valid provided they have been converted to lease hold which is subject to the Governor’s approval.
In land ownership for example, a registered document is usually obtained by customary occupants of a land registering such land at the Land Registry. This is usually done before ownership of the customary land can be transferred to another owner. After that, a deed of assignment is prepared and issued to the new owner who is expected to get a Governor’s consent for the Deed. Upon the grant of a Governor’s consent, a landowner can proceed to request for a Certificate of Occupancy (CofO). It is important to note that a C of O in its self is not sufficient to claim ownership of a property without a Governor’s consent.
The importance of knowing what title documents cover for land ownership in your state, guides a buyer when carrying out due diligence on a property. All verifications of title documents are done at the State’s Land Registry.

Other documents that are needed in a real estate transaction include but are not limited to;
• Sale/Purchase Agreement – This is another important document which contains the terms and conditions governing the sale and purchase of a property. This document serves as a guideline for the transaction between a buyer and seller. It covers purchase price, type of title, the date the agreement would become unconditional, any deposit the buyer must pay or cost that must be paid if the seller defaults. This document protects both the buyer and seller from any breach of contract as referrals can be made to this document, which serves as a binding and a legal contract once it is executed.
• Reservation form: This is usually presented to a prospective client in order to confirm the prospects commitment in a property and to reserve a property within a given a period of time, which the prospect is expected to make further commitments to buying or leasing the property. This document helps protect the interest of the prospective client and helps save the company’s productive time from non-committed prospects. It evaluates the level of interest a client has in a property.
• Receipt of payment: This serves as evidence that monies or other forms of consideration have been exchanged between the buyer and seller.

Why it is important to have accurate documentation in real estate?
1. Title documents when verified give the buyer confidence to use the land without fear.
2. Title documents that have been verified are legal documents that are admissible in a court of law in the event of any dispute that may arise in future.
3. Title documents also serve as a form of collateral which an individual can use to access loans from financial institutions.
4. For the real estate marketing firm, having all necessary title documents gives the firm the edge over their competitors as prospective buyers have confidence in your property listings. It creates a trust level between you and your client.
5. Documentation plays a pivotal role in ensuring that the real estate firm keeps track of its progress and list of clients, take note of flaws if any, in previous transactions and enable the firm measure its sales progress by the years.

It is important that both parties read all documents carefully and fully understand the full content of the documents before signing. It is strongly recommended that professional legal advice is sought prior to entering into any contractual agreement.

The Nigerian real estate market is very dynamic with constant changes and evolving trends and has experienced significant growth in recent times with the availability of various financing structures. It is fast becoming the frontier of investment in Africa leading to an improvement in housing supply and increase in effective demand and transactions hence the importance of negotiations. Having interest in real estate is great but being able to elevate the interest to actual sales can be done through negotiations. The “art of negotiation” is not just a simple isolated exchange, but rather a continuing effort. Negotiations can make or break real estate deals so being a skilled negotiator is very important to buyers, sellers and especially real estate consultants.

Negotiating is an art, one that requires both experience and knowledge. All real estate transactions are unique as both buyer and seller want the best outcomes that favour them or at very least represents a fair balance of interests as nobody wants to feel cheated or slighted. Success in real estate, whether it is buying or selling a house, comes down to negotiations and getting the best deal possible. The strategy for negotiating the purchase of a home is always based on facts – the current price in the real estate market, the seller’s requirements, amenities in the property, and its comparative value to similar properties in the location. In getting the best negotiations, you have to develop a strong bargaining position which can be gotten from having in-depth knowledge of the property. A strong bargaining position can also be derived from the ability to answer the following;

1. Do you understand the market?

At various times we’re in a “buyers” market, a “sellers” market, or a balanced market where housing supply and demand are roughly equal. In a buyers’ market, supply outstrips demand so the buyer has more control of the negotiations. The reverse is the case in a “sellers market” where demand outstrips supply and sellers get the price that is being offered or even more. However, in a balanced market, this is where the real negotiations take place as there is an equal supply of homes and buyers. Counteroffers are rampant on this phase and transaction closure takes longer than the other markets as both sides feel no urgency and personal priorities reign

2. Do you know what to leverage on?
Leverage means everything when it comes to negotiations and both the home seller and home buyer should be aware of where they stand before stepping in to the bargaining process. For example, if the home buyer knows that the home owner is desperate to sell for whatever reason, the home buyer has a lot of leeway in the negotiation process. On the other hand, if the home buyer is one of many vying for the home, the home seller then gains the upper hand.

3. Is there available finance?
The available finance for the real estate purchase is very important as a pre-qualified buyer with known financial capacity increases the chances of the transaction taking place and represents less risk to owners than a buyer with unknown financial capacity. Also, the lower the current interest rates at a particular period of time, the larger the pool of potential buyers. More buyers equal more potential demand, and more closed transactions.

4. What is the Comparative Value of similar properties?
This plays a lot in the transaction as cost of similar properties can be used for negotiation purposes and this could be to the benefit of the developer and buyer. Similar properties could cost significantly less than the property for sale, but with the addition of value enhancers like recreational facilities, amenities could be used during negotiation to get the premium prices demanded by the seller and vice versa.

5. Do you have the right expertise and knowledge?
Employing the services of an experienced real estate professional (for both the buyer and seller) ensures that each side is sufficiently represented and gets the best deal possible from the transaction. The best real estate agents have tremendous expertise when it comes to market value in particular areas and are very knowledgeable. Experienced brokers see opportunities where laymen might not and can extract the absolute best value from any transaction.

During negotiations, never take an adversarial or even aggressive posture in your interactions with real estate agents, buyers or sellers. Doing the opposite actually works better bearing in mind the main reason you are having the negotiations which is to solve your real estate needs as a buyer or seller. All information released during negotiations must be delivered at the right time, place, and manner and designed to improve your position in the transaction.

A real estate advisory is a document that contains detailed information on a property or development along with its estimation with regards to its location, price, budget, current and future returns, etc that guides an investor in making the best decision for investment or reinvestment purposes.

Real estate is an important asset and investing in it has always been a favored and major source of wealth creation. Astute investors choose to invest in real estate because apart from its financial benefits, it satisfies an unnamed urge to hold and possess property. But as is always the case, any financially rewarding field is always mined with unscrupulous, fly-by-night operators and much hype. This is where real estate property advisors play an important role in navigating the minefield that is real estate.
The importance of getting the right advisory before making any real estate investment cannot be over emphasized but firstly we would need to examine who a real estate advisor is.

Who is a real estate advisor?
He/she is a certified professional and an ‘insider’ of the real estate business with hands-on real estate experience in dealing with investments of real estate funds. He/ she is aware of the shifting and fluctuating world of real estate and is in a unique position to guide an investor by analyzing different scenarios, formulating strategies and applying proven methodologies. Real estate advisors work in all fields of real estate be it commercial and residential sales, rentals, property acquisition and development etc.

Why do you need a real estate advisor?
• They help you make sustainable real estate decisions that are rewarding and open a stream of continuous income due to their broad knowledge on profitable and value added properties and investments in real estate and assets.
• They help propose efficient investment plans which are executed with effective minimized cost, and they later increase the investment value with the help of operational and financial management.
• They explain all procedures and workings of the real estate industry in a simplified manner. His/her knowledge of the laws and regulations governing real estate is an added advantage.
• They link you with the right agents, brokers, lenders, appraisers and inspectors.

What are the duties of a real estate advisor?
The duties of a real estate advisor will include but are not exhaustive of the following:
• Research – The real estate advisor is expected to provide economic research and regional research of whatever project he has been commissioned to do. The economic research will give an overview of the current state of the Nigerian Economy, the money market and the Real Estate market with full details on the major sectors in the economy and also interest rates that may affect any transactions. The regional research will be more focused on the city and the area of the city the property is located.
(To be continued in the next edition)

We know there’s no such thing as a free lunch, and that if it sounds too good to be true, it probably is. Simply put, trust must be earned and you are only trust worthy if you are accountable. that is where the LEED certification comes in.

LEED stands for Leadership in Energy and Environmental Design. Among business professionals, LEED certification is becoming the new standard by which grade A commercial developments are judged. Building a LEED-certified building demonstrates a commitment to good environmental practices.  It holds businesses accountable for what they say is true.

Nestoil Tower in Victoria Island, Lagos has attained the LEED standard Certification (Silver) and it is the first mixed use development in West Africa to achieve this.

Buildings that LEED’s strict guidelines have been shown to have numerous benefits to employees, public image and a company’s bottom line.

Happier Employees
LEED-certified buildings have large windows, open spaces, and are generally built with employee or occupant comfort in mind as much as energy savings. Besides offering increased sunlight, LEED buildings also have significantly higher air quality and more comfortable work space for employees. By making work a place where employees feel comfortable and happy, productivity will also increase.

Community Benefits
Having a green building that is recognized by LEED certification is a dramatic and public way of demonstrating a strong commitment to green practices and improving the environment. LEED-certified construction projects also stimulate the local economy, since one of LEED’s best practices is utilizing local materials and labor wherever possible.

Lower Operating Costs
This is perhaps the most obvious benefit of LEED-certification, and it ranks high on the list of any corporation considering new construction. LEED-certified projects do typically have a higher initial investment because of the need for stricter standards for construction, materials and labor, but this initial investment can be recovered in short order. Various studies have been done to measure increased efficiency among LEED buildings, but the largest of these studies was conducted by the New Building Institute in 2008 and found an average decrease in energy consumption of approximately 24 percent. This sort of savings can easily translate into millions of dollars per year.

Public Image
Green technology is a popular way of improving public image, and for good reason: people want to know that local businesses are committed to good environmental practices, and nothing demonstrates this commitment like LEED certification. Although many companies consider LEED certification purely for the environmental benefits, the improved publicity and public image are another reason to consider LEED-certified construction.

Marketing is a very important aspect of any business especially real estate and when done right has the potential to lead to great success (closed transactions). In order to carry out successful marketing, one must have effective ways of reaching their target audience. There is however a general notion that for marketing to be effective, it has to be cost intensive. Expensive marketing does not necessarily translate to increased sales.

Most companies or individuals trying to market property developments usually have a marketing budget. A marketing budget is an estimated projection of costs required to promote a business’ products or services. A marketing budget will typically include all promotional costs, including marketing communications like website development, advertising and public relations, as well as the costs of employing marketing staff and utilizing office space. Marketing budgets ensure that your marketing plan or campaign is realistic.

There are several ways of marketing real estate. A relatively cost efficient and effective way of marketing a property is through the use of the internet. Over the years there has been an increase in internet usage in Nigeria leading to an increase in the number of Nigerians are searching for properties to buy or lease online. Thus it is of great importance that real estate companies ensure they have some sort of online presence. The internet is also an inexpensive form of marketing when compared to other mediums like renting a billboard for instance. The use of the internet is flexible and can be customised so that adverts of property developments are directed solely at the target market.
The internet can be used to market properties in the following ways:
Company Website
This is one of the most cost efficient and effective ways of connecting with your target market. The website should be straightforward and simple to navigate through. It should also have sufficient information about any development being marketed and should answer most questions clients might have. Steps should also be taken to have the pages optimized so that it will rank high in clients search engine results. This is a great way to reach the target market without blowing your budget.

Social Media
A large number of Nigerians are active on social media sites such as Facebook and Twitter. This is a fantastic way to reach your target market. After conducting research on the general pattern of usage of social media by your target market, you can ensure steps are taken so that you are reaching them directly. For instance you can try and get relationships with Face book pages frequently visited by members of your target market and get your company and developments introduced creatively on your Facebook page. Social media can be used as a marketing tool without blowing your budget.

Online Newsletter
Periodically, newsletters can be sent to clients in a company’s data base to build relationships. It can also be used as a tool to attract new clients. The newsletters may contain information about new and old property developments on offer. This is an efficient way of marketing because you can ensure that the newsletters are being sent purely to your target market and it costs next to nothing to do this.
Apart from using the internet to market property developments, other cost efficient methods of marketing a development are:

Creative Pricing Strategies
Nigerian properties in certain areas are very expensive. There are also not many effective ways of raising funds externally to buy a property. Therefore, in order to attract people to your development, you can create pricing strategies. These are innovative financial structuring schemes that are tailored to suit the needs of clients, and are a valid and effective method of adding real value in a changing world of property market dynamics. Some of the schemes that have worked well in the past are;
• Flexible payment plan options by paying in instalments, especially when purchasing a development over long periods of time
• Offering buyers the option of renting a home at a minimum monthly rent, along with a specified deposit and a three-five year lock-in period, with the option of buying the rented home at a later date and other creative strategies. This marketing strategy should however take into account the developer’s financial ability, cost and source of funding.

Referrals
In certain Nigerian social circles, most people know or know of each other. Hence people within a company’s target market may be acquainted with each other. This means that existing clients can use the process of word of mouth to help market the real estate company and its products to similar people like them who are within the companies target market. Thus it is important that excellent services are provided at all times and on-going relationship is maintained with them even after the business relationship has ended. A good client relationship is important because it is just as easy for them to blacklist your company and the properties you offer if you have a bad relationship with them.

The Refined Investor Series which held on November 27 at the Civic Centre is still being talked about widely in the industry.

Refined Investor Series is a real estate thought leadership event targeted at economic influencers, industry leaders, real estate developers, astute investors, and real estate/property enthusiasts. The theme of the event was “Building The Future: Where Do Skyscrapers Come From? Aimed at exploring the past, present and future of Nigeria’s skylines, and  HOW, WHO, and WHAT should shape it to attract the right local and global investors.

Our speakers at the event: Mr Jim Ovia, Mrs. Nnenna Obiejesi of Nestoil Towers, Mr. Pierre Edde of Eko Atlantic, Mrs. Yinka Ogunsulire of Orange Island, our very own Mrs. Udo Okonjo from Fine & Country West Africa, Mr. Idowu Thompson of First Bank Private Wealth, Professor Fabian Ajogwu S.A.N. and a host of other industry leaders and economic influencers gave compelling presentations on the Real Estate industry and the path to building an exciting future in Nigeria.

From L-R Pierre Edde, Development Director of South Energyx Nigeria; Udo Okonjo, Vice Chair Fine and Country West Africa; Nnenna Obiejesi, Executive Director, Nestoil Limited; Jim Ovia, Chairman Zenith Group & Quantum Luxury Properties; Yinka Ogunsulire, Managing Director, Orange Island; Frank Aigbogun, Publisher Businessday Newspaper at the recently concluded Refined Investor Series hosted by Fine and Country in collaboration with the Institute for Real Estate Excellence.

Some of the notable facts from the event include the following below;

1. Real estate sector is the 6th largest sector in the Nigerian economy with Lagos state covering 37% of real estate activity in Nigeria (according to the National Bureau of Statistics). The sector contributed 7.57% to the GDP in the third quarter of 2015

2. It was gathered that approximately 61.58% of real estate establishments in Nigeria are owned by individuals, sole proprietors who are personally liable for the full cost of the properties and have absolute control.

Udo Okonjo, Vice Chair Fine and Country West Africa and Nnenna Obiejesi, Executive Director, Nestoil Limited.

3. Nigeria attracted $3.96 billion (about N780.12 billion) in real estate development in 2014, which represents 11 percent of the total sum of $36.4 billion expended on infrastructure construction projects in the country.

Jim Ovia, Chairman Quantum  Luxury Properties and Zenith Group with Nnenna Obiejesi, Executive Director, Nestoil Limited and Yinka Ogunsulire, MD Orange Island.

4. The best solution for African cities (many of which are creaking under the weight of growing populations and rapid urbanisation rates), is to channel the growth into new satellite sites as they are properly located, developed, planned, serviced and managed. New urbanism is the most significant trend in African real estate today. New urbanism is the concept of creating new urban communities within our existing cities to cater for the growing population and the “emerging class” such as the Orange Island in Lagos.

Catherine Bickerstheth, Director Strategic Educational Advisory Services; Onari Duke; Yinka Ogunsulire, Managing Director, Orange Island; 

5. Real estate is a flexible, tangible and stable investment that can be adapted to suit most financial situations.

6. The Nigerian Real Estate sector is valued at N6.5 trillion, and estimated to grow at an average of 10% annually for next few years.

 George Chidiac, The One Eko Atlantic; Pierre Edde, Eko Atlantic; Onyema Okonjo, Giant Beverages

Continued from the last edition
Having pointed out some of the benefits of off-plan purchase, we would now consider the downsides of it.

• The most likely is the possibility of delays in completing or delivery of the project. This would affect home owners who want to move in immediately

• One has to commit to their purchase early on, put a non refundable deposit down, sign contracts and exchange usually within a relatively short period of time and then wait however long until the house is built. Because you are buying off-plan, you cannot see what you are buying and therefore do not know what the finished product would look like in reality. Buyers based their purchase on past record or reputation of developers, or word of mouth.

• There is tendency for developers to use sub-standard, low end materials for construction and finishing. Off-plan buyers run the risk of getting low quality products after investment.

• There might also be the risk of the property not been constructed because of financial problems encountered by the developer. Problems like this tend to make the purchaser loose time and other possibilities for investment.

• Many financial companies would prefer to provide funding to properties they can see visibly unlike the off-plan option, thereby reducing the financial options for buyers.

• For some developments, the developers make specific arrangements with banks for exclusive mortgages, although not all developments have this option. It is always wise to exercise caution and get competitive quotes from other mortgage suppliers before simply accepting the developer’s option.

• During the time until your property is built and ready to be handed over, there is a possibility of a change property market which could lead to an increase or decrease in the prices of houses. This means that in many cases, your new home could be worth more than the price it was bought. However there is always a chance that the property prices could crash and decrease so when the keys are handed over to you. This is not so much of a problem as the property can be kept for a while until property prices increases. However if you were looking to buy off plan properties as an investment and sell on soon after purchase, this means that you will probably not get the right price and be able to cover your costs so you may have to consider renting it out. It may not be possible to always predict whether the price of an off plan development will increase upon completion. For example although economic recessions are thought to reduce property prices, the price of Nigerian properties were on the rise despite the economic meltdown.

HOW THESE CONS CAN BE MITIGATED
The cons highlighted can be mitigated by implementing the following below;
1. Potential buyers should question the number of sales being reported by the developer. There are situations whereby developers communicate a fast sales rate of their projects which is in reality far from the truth. Buyers should always ask the tough questions, get conviction as well as proof before committing funds.
2. Check that you have all the information of the developer and their track records. Ensure that the fixtures, fittings and finishings promised in the display and printed material are guaranteed.
3. Investors must seek advice from an experienced solicitor to ensure there are no loopholes or ambiguities in the sales contract. All loopholes should be brought to your attention so you are aware of what you are getting into.

Even though much has changed over the years as a result of the improved dynamics in information technology and other factors, the actual art of selling real estate remains the same. No matter how bleak the real estate market appears to be, some people keep selling properties. There would be always be tons of real estate professionals who provide the same services you offer. Regardless of your profession be it banking, consultancy, journalism, copywriting, etc, there will be competition. Therefore it is imperative that one stands out. As a real estate professional, you can’t expect to stand out from the crowd using the same marketing strategy everyone else does. In order to stand out, you have to try different approaches. Below are some approaches which we would be highlighting in this discourse.

• Focus on your company’s brand and position your firm as experts

In real estate, branding is very crucial as it demonstrate credibility, improves the firm’s reputation ultimately leading to the closing of the sales. Building a brand that can stand firm as an expert in the industry does not take a day to create. It takes a combination of various factors such as paying attention to details, providing excellent customer service, excellent marketing presentation, properly trained personnel etc. It is essential that real estate practitioners acquire the required, relevant skills and knowledge to practice real estate. Currently, the Nigerian real estate industry is filled with non-professionals who practice real estate activities giving rise to cases of theft, wrong allocation of properties, deceits and misrepresentations thereby portraying the noble industry as one replete with dubious people which should not be the case. The success in real estate is – and always will be – about honesty, integrity, knowledge, professionalism, connections, timing, personality, and excellent customer service.

• Target Your Market More Precisely

Targeting one’s market is very important as it enables the real estate professional channel resources, time, and strategies to a focus-driven direction as opposed to channelling them to various contested aspect of the market. It enables the professional provide specialized solutions to target clientele rather than dealing with a broad, diverse market and at the same time ensure that the target market is large enough for business to be highly profitable. When a real estate professional is clear about whom his products and services really cater to, he then attracts more clients and even charges more fees because of his specialization.

• Adapt modern marketing tools

Marketing strategy tools such as hosting open house events, client referrals and pairing with the right company and the right realtor are tried and tested tools which are still very important to real estate transactions. The advancements in technology in recent times have also helped to bridge the gap between real estate agents and prospective clients. The internet plays a significant role in the real estate industry and has made online property search more popular and convenient to property buyers as they can browse the internet round the clock. The rise in popularity of smart-phones and internet connected devices has made it easier to access web information from any place in the world without the need for a home or office computer. Property listings can now be sent via emails, text messages and websites to target market instead of just relying on the print media thus ensuring that the brand and the product are always in the consciousness of the target audience.

• Get the right price
Competitive pricing is the most important part of any property sale, especially in a tough market. Everyone likes a good deal and when your pricing is right, the property is as good as sold. When homes in the area aren’t selling well, the best strategy is often to compare recent sales on similar properties in the area, and try to sell it a little bit lower than the market price. This saves you time, gives you a quick sale, and ensures you make a profit as not many resources would be needed to promote a fantastic product with a competitive price. Great pricing is king.

• Use professional imagery to sell.
The type of images used to depict houses, villas and mansions should be such that people can experience the fantasy woven around the property without even being there. Great imagery and well-written descriptions can really make a listing stand out and sell out as it encourages people to dream. When these are combined with well thought of and professionally designed videos, 2D, and 3D models, it would be very difficult for a prospective client to resist.

• Build Strong Relationships With clients
It is imperative that real estate professionals build and maintain strong relationships with prospective and existing clients. Building strong relationship ensures repeat clients for future transactions. This can be done by providing excellent, unrivalled customer service, being punctual to meetings and viewings, providing vital information to the clients and lots more Staying in contact with your prospects at least once a week and giving them ideas that they can use continues to demonstrate your expertise and present them in a personal, engaging way. Your prospects are more likely to buy from the person they know the best.

REAL ESTATE TRIVIA
Question
What is considered one of the slimmest buildings ever designed?
Answer
The Carnegie Hall Tower, designed by Cesar Pelli, is only 50 feet wide and 60 stories high.

In the real estate industry, there are several types of properties – residential, commercial, industrial, agricultural and special-purpose. Residential properties include properties that serve as housing or a dwelling, such as single-family homes, duplexes and other multi-family homes in urban, rural or suburban areas. Commercial properties are properties where business or commerce takes place such as shopping centres and malls, office buildings, parking facilities, hotels, motels or theatres. Industrial property is sometimes confused with commercial property as it has a commercial use but requires the use of heavy machinery and large scale manufacturing also takes place there. They include factories, warehouses, manufacturing firms, power plants. Special purpose properties include agricultural properties, churches, cemeteries, schools and government held land.
When marketing and selling real estate, there must be a plan, a style, and a strategy that should be implemented in order to achieve results. With the availability of thousands of agents in the industry –professionals and lay men alike, there is need to master the art of marketing and selling properties.

What is Property Marketing and Sales?

According to the 8th edition of the Oxford Advance Learner’s Dictionary, marketing is the activity of presenting, advertising and selling a company’s products in the best possible way. It is the bridge that links a product to the consumers by understanding the consumers and finding ways to provide products or services that meet their needs. It is the art of encouraging sales of your products through communication to the public by identifying your objective, performing research in the market, analyzing the research, developing a plan of action to achieve set objectives, and implementing the plan. Selling on the other hand is the act of completion of the marketing process whereby there is an exchange for the product with money or money worth. It involves creating a relationship with clients, identifying the client’s needs and wants, providing possible solutions that meet their needs and wants and closing the sale.
Property marketing therefore is the development and execution of strategies which include research, advertising, promotions all ultimately leading to the sale of the property. In today’s competitive environment, businesses of all sizes and structures must establish effective marketing strategies through various marketing tools to ensure successful sales. In real estate marketing, it is difficult to figure out the best strategy that will attract the attention of potential clients to your properties as there are no best strategies. The strategy that would work for one project may not necessarily work for another project.
In selling real estate, there are several essentials that need to be put in place. They are basically known as the 4Ps of property marketing – Product, Price, Place (Location), Promotion.
The ‘product’ is the type of property, development or apartment that is up for lease or sale. The ‘price’ is the monetary value that is placed on the property either for lease or sale and it is often subject to market forces of demand and supply, the design of the property, facilities available in the property, and even the property owner. The ‘place’ refers to the location of the property. In real estate, location is critical as the property in the right location hastens sales. The ‘promotion’ is the actual marketing of the property by the use mediums such as radio, television, print adverts and press releases to bring it to the attention to the target audience, etc. The effective combination of these factors leads to the sale of the property.

In order to drive people to act, the use of marketing materials cannot be over emphasized as people are visually minded and tend to buy what they can see, feel, and experience. All marketing materials should have a call to action. There are a number of options through which real estate can be presented to the public for purchase and they include:-
• Newspapers
• Magazines
• Postcards
• Business Cards
• Billboards
• Referrals
• E-mails
• Advertisements on the internet
• Brochures
• Website
• Television adverts
• Social and Business Networking
Once this happens, there is need to further encourage sales of your properties by giving out proper information about your property and highlighting its unique selling points as prospective clients would need you to justify why they should buy your property and not the other thousands of properties that are available in the market. Information such as the location of the property; the lease or sale price which must be comparable with that of properties having similar features; exciting features and facilities on the property; the tenure on the property; adjoining developments that might be of interest to a potential client such as schools, supermarket, recreational centers, hospitals, etc must be made available to prospective clients.
Marketing is not instant and it takes a while for the strategies to be set in place and promoted consistently to ensure that it remains in the minds of the target audience. It has been observed that longer marketing strategies go a long way in increasing the number your clients ultimately leading to sales but care needs to be taken so that the target audience is not bored and the product gets disregarded hence the marketing needs to be creative, engaging, dynamic and interesting.
(To be continued)

REAL ESTATE TRIVIA
Question
What is considered one of the slimmest buildings ever designed?
Answer
The Carnegie Hall Tower, designed by Cesar Pelli, is only 50 feet wide and 60 stories high.

Interviewing for new housemates is a stressful business.

You want to get all the important information you need without coming across as a control freak or a detective who’s compiling a comprehensive criminal history report on any potential house fellows.

You don’t want to ask too many questions but you want to ask the right ones, so you get the answers you need before accepting a new housemate into your home.

We’ve narrowed down the top five most important questions to ask a potential housemate before they move in.

Guaranteed to get you the information you need without making yourself look like an obsessive weirdo.

Most states have a least one provincial centre which plays host to a seat of academic endeavour. These institutions can make a big difference to the local economy and are attracting Gen Y investors and others who want to get a foothold on the property ladder.

Regional universities typically cater for out of town and overseas students, providing lots of benefits to the local property market. Many students decide it’s better to live off campus and universities are also big employers, resulting in a steady stream of tenants.

Listed here are some examples of regional cities where university campuses play a prominent role in the local market.

Something often overlooked when deciding to renovate is the reality you may have to live somewhere else for part of the process.

A major renovation, extension or build means your home may temporarily have no running water, flushing toilets, electricity, walls and/or a roof.

This lack of services and amenities may last a few days or half a year, depending on the scale of the works.

So, short of pitching a tent in the backyard, what are your accommodation options during this domestically disruptive time?

Professional renovator Bernadette Janson, founder of The School of Renovating, has lived through two major home renovations.

The first experience was while her four children were quite small, which created safety issues.

By the second time her children were teenagers: “They saw it less of an adventure and more of an inconvenience putting a strain on relationships,” she says.

“My advice to anyone considering living in a property while renovating is to avoid if at all possible,” says Sydney-based Janson.

“The more complex the renovation, the more difficult it will be. I have lived through two structural renos and both times found it extremely challenging.”