Demand for high-end residential, commercial properties Lagos and Abuja is increasing - Expert Realtor, Adebiyi Adenike
In 2021, after facing issues with the network marketing business she was running, a Nigerian woman, Adebiyi Adenike, turned to real estate, looking for a legitimate, sustainable, and easily understandable business. Since then, she has found success as a real estate consultant, specializing in residential, commercial, and luxury properties. She has facilitated successful real estate transactions for clients both in Nigeria and abroad, helping them achieve exceptional returns on investment. In this interview, she shares her strategies for providing exceptional customer service, staying up-to-date with market trends, determining property value, promoting properties to attract buyers or tenants, negotiating on behalf of clients, and ensuring a smooth transaction process. extracts from the interview below
● How did you get started in the real estate industry and what motivated you to become a realtor specializing in residential, commercial, and luxury properties?
In April 2021, I began my journey in real estate after facing issues with the network marketing business I was running. While many people were looking for an investment opportunity that would bring returns without much effort, they didn't understand that network marketing required building a team of product users. Despite my efforts to explain, people still didn't grasp the concept and often became inactive once they registered. I knew I needed to find a legitimate, sustainable, and easily understandable business, so I began searching until a friend suggested real estate. The idea immediately appealed to me since real estate offered the potential for good returns with minimal risk as long as one dealt with a reputable consultant/company. I am now happier and more at peace working as a real estate consultant, knowing that I am helping my clients secure their investments while also building my own success.
● Can you share some examples of successful real estate transactions you have facilitated, highlighting the outcomes achieved for your clients?
I have had a couple of successful real estate transactions for clients both in Nigeria and the diaspora, but let me tell you about two of the ones that give me the most joy. You see, there is a client I practically dragged to buy a property we launched sometime around April 2022. As a matter of fact, I had to go to the office on a Saturday to facilitate the transaction so that my client wouldn't miss out on the pre-launch price. Can you guess what the pre-launch price was? Let me tell you: 6 million naira!!! We sold a plot for 6 million naira last year, and guess what again? The same property, I mean the same land, is currently selling for 15 million naira per plot. Barely one year after, my client is enjoying a 9 million naira return on investment on one plot of land.
There is another client who reluctantly deposited 50,000 naira for one plot of land, and he said to me, "Madam, I'm just doing this because you are the one marketing the land to me. You know I trust you, but I've had horrible experiences with land purchase in the past." He entrusted everything in my care. He didn't even inspect the land. The day I finally took him to his land, ohhhhh, he prayed for me, and he told me his only regret is that he didn't pay for two plots.
● What strategies do you employ to ensure exceptional customer service and satisfaction for your clients?
I ensure that I keep my clients informed throughout the entire process of buying or selling a property and respond promptly to their inquiries through effective communication. I also approach every client according to their unique needs and preferences by taking the time to understand their individual requirements and customize their service accordingly. I don’t take my learning for granted; I keep myself updated with the latest trends and developments in our industry, which enables me to provide informed guidance to my clients and help them make well-informed decisions. I also ensure that I am 100% honest with my clients. I do not hide any information from them about any developments that may impact the sale or purchase of their property and provide realistic expectations.
● How do you stay up-to-date with the latest market trends and changes in the real estate industry?
To stay up-to-date with the latest market trends and changes, I make sure to attend events and conferences, and I also utilize the online space by reading real estate publications. Additionally, I embark on regular site inspections.
● What sets you apart from other realtors in terms of your approach and services?
On what sets me apart from other realtors, I would say it is my knowledge and expertise of the products I bring to my clients, my marketing strategies, and my negotiation skills to secure the best deal for my clients
● Can you provide some insights into the current real estate market conditions for the areas you specialize in?
The real estate market in Nigeria, in terms of residential, commercial, and luxury properties, is experiencing a strong seller's market due to an increase in demand resulting from government policies, foreign investments, infrastructure development, and population growth, which has led to a need for more housing options.
● How do you determine the market value of a property, and what factors do you consider in the pricing process?
I conduct comparative market analysis, which involves comparing the current property being valued with similar properties that have recently sold in the same area. I also take into consideration the size, age, location, market trends, competition, and condition of the properties.
● What is your preferred method for marketing and promoting properties to attract potential buyers or tenants?
I believe in networking. The money you are looking for is in people's pockets, so I believe the more I network with the right set of people, the more sales and progress I can make. I also believe in online marketing and leverage social media platforms such as Instagram, Facebook, WhatsApp, and blogs to promote available properties.
● How do you negotiate on behalf of your clients to achieve the best possible outcomes in real estate transactions?
Prior to negotiation, I carry out thorough research on the property, the property developer/company, and the market.
● What steps do you take to ensure a smooth and hassle-free transaction process for your clients?
I make sure that all necessary documents are properly organized and well-kept to avoid any delays or confusion during the transaction process. I pay close attention to the details of each transaction to ensure that nothing is missed. This includes reviewing contracts and agreements, checking for any errors or omissions, and ensuring that all parties involved are in agreement.
● How do you handle challenges or obstacles that may arise during the buying or selling process, and what is your track record in resolving such issues?
I handle challenges by keeping my clients informed throughout the process. I am always 100% transparent with my clients. I work collaboratively with the company and clients to find solutions and reach a successful outcome for their transactions.
● Can you provide some examples of innovative marketing strategies or unique approaches you have used to successfully sell properties?
I leverage the power of video marketing which has become an effective tool for showcasing properties, sharing client testimonials, and providing valuable insights about the market. I use video to create engaging content for social media platforms and email campaigns. I also utilize social media platforms to generate leads, providing valuable insights about the market on platforms such as Instagram, Facebook, and Whatsapp. I go above and beyond to ensure my clients have a smooth and stress-free buying or selling experience.
● How do you assist clients in assessing the investment potential of a property and maximizing their return on investment?
I assist my clients in assessing the investment potential of a property by analyzing various factors, including the property's location, size, condition, and local market trends. I gather data on recent sales of comparable properties in the area, as well as the rental rates of similar properties. This information helps us determine the property's potential for generating rental income or appreciation in value over time.
I also advise my clients on any potential renovations or upgrades that could increase the property's value or appeal to renters or buyers. For example, adding additional bedrooms or bathrooms, updating the kitchen or bathroom, or enhancing curb appeal through landscaping could all contribute to a higher return on investment.
Finally, I help my clients assess the risks and potential challenges associated with the property, such as zoning restrictions, tenant turnover, or changes in local market conditions. This enables us to develop a comprehensive strategy for maximizing the property's potential and minimizing any potential risk.
● What resources or networks do you utilize to help your clients find suitable properties that match their specific requirements?
I work with a real estate brokerage firm that specializes in managing and renting out properties to identify potential investment properties for my clients. I leverage my personal network to identify potential properties by reaching out to other real estate agents, property owners, or even neighbors in the area. I also use various online search engines and databases to find suitable properties for my clients. I use social media platforms like Facebook, Instagram, and WhatsApp to find suitable properties for my clients. I leverage these platforms to reach out to my network and advertise available properties. By utilizing these resources and networks, I help my clients find suitable properties that meet their specific requirements and maximize their chances of finding their dream property.
● How do you approach client consultations and determine their real estate goals and preferences?
As a realtor, I approach client consultations with a thorough and personalized approach. I understand that each client has unique goals, preferences, and circumstances. I take my time to listen and understand their needs. Here are some steps I take during a client consultation:
Active listening: I listen to my clients and encourage them to share their goals, priorities, and preferences. I take notes and ask follow-up questions to ensure I have a clear understanding of what they are looking for.
Asking clarifying questions: I ask questions to clarify any details that may be unclear or ambiguous. This helps me avoid making assumptions and ensures that I have a complete understanding of what my clients are looking for.
Providing relevant information: I provide my clients with relevant information about the local real estate market, including recent sales, current listings, and market trends. This information helps my clients make informed decisions about their real estate goals.
Developing a personalized plan: Based on my clients' goals and preferences, I develop a personalized plan that outlines the steps we will take to achieve their real estate objectives. This may include a timeline, budget, and specific properties or neighborhoods we will focus on.
Overall, my goal is to provide my clients with a personalized and comprehensive consultation that helps them achieve their real estate goals in the most effective and efficient way possible.
● What is your perspective on the future outlook of the real estate market in the areas you specialize in?
The real estate market in Nigeria has always been dynamic, and i expect that to continue. We expect to experience steady growth.
One trend we are seeing is an increase in demand for affordable housing, particularly in urban areas. This is being driven by population growth and the need for more housing options for lower and middle-income earners.
There is also a growing demand for high-end residential and commercial properties, particularly in cities like Lagos and Abuja. This is being driven by the need to safeguard against inflation coupled by an increase in both local and foreign investment and the expanding growth of the middle class.
Overall, we expect to see steady growth in the real estate market in Nigeria with a focus on residential, commercial and luxury
● How do you maintain confidentiality and protect the interests of your clients throughout the entire transaction process?
As a realtor, maintaining confidentiality and protecting the interests of my clients is of utmost importance to me. To ensure this, I take the following steps:
Non-disclosure agreement: I have my clients sign a non-disclosure agreement to ensure that any confidential information shared with me remains confidential.
Limited sharing of information: I only share information that is necessary for the transaction and only with relevant parties, such as the other party's agent or legal representative.
Professionalism: I try to maintain a high level of professionalism and ethical behavior throughout the transaction process. I ensure that I do not engage in any activities that may compromise the interests of my clients.
Communication: I communicate regularly with my clients to keep them informed about the progress of the transaction. I am transparent about any potential risks or challenges that may arise during the process.
Education: I educate my clients on the importance of confidentiality and the risks of sharing too much information. I encourage them to refrain from discussing confidential matters with anyone who is not involved in the transaction.
Overall, my goal as a realtor is to ensure that my clients' interests are protected, and they have a smooth and successful transaction process.
● Are there any additional services or resources you offer to clients to further assist them in their real estate journey?
Other additional services or resources I can offer to clients to further assist them in their real estate journey are:
Referrals to trusted professionals: I can connect my clients with professionals, such as home inspectors and attorneys, who can provide them with additional services and support.
Market analysis: I can provide my clients with a market analysis of the local real estate market, including information on recent sales, current inventory, and pricing trends.
Virtual tours: I offer virtual tours of properties to allow my clients to view properties remotely and safely.
Negotiation assistance: I like to assist my clients with negotiating offers and counteroffers to help them achieve the best possible outcome in their transactions.
Post-sale support: After a sale has been completed, I can continue to offer support to my clients by providing resources and referrals for services such as moving and home improvement.
● How do you stay motivated and continuously improve your skills and knowledge as a realtor in a dynamic and competitive industry
To stay motivated and continuously improve my skills and knowledge, I take learning seriously. I make sure to attend seminars and training to keep up with industry changes and trends. I network with other professionals in the industry to stay informed and build relationships.
I stay up-to-date on the latest market trends and data to better serve my clients and provide relevant insights. I also have mentors and coaches, and I participate in team learning.
Finally, I seek honest feedback from my clients to better understand their needs and preferences and identify areas for improvement.