Experts in the Nigerian real estate industry have said that more regulations and appreciation for all stakeholders in the sector, is important in driving the desired growth in the sector. This was raised at the symposium hosted by HEREL Global in Lagos, tagged: “Establishing yourself in the real estate industry. “
According to Osemudiamen Ogbeide, Head Projects at HEREL Global, he explained that the business of real estate is not just about the construction itself, but spans from the planning process all through to the post-construction of the development.
He listed “the five miles of project management”, which includes the planning and initiation stage, design and engineering, pre-construction, construction and procurement, and finally the operation and maintenance stage.
Osemudiamen also listed some of the various stakeholders that help in ensuring adequate and quality developments in the real estate industry. These consultants include estate surveyors and valuers, engineers (structural, mechanical/plumbing, and electrical), architects, geotechnical surveyors, and land surveyors amongst others.
He noted that one of the major issues in property development in Nigeria is that some developers try to cut some of the listed professionals in the process of developing a property, which ends up affecting the quality of the development.
During his presentation, he explained the importance of ensuring that all the stakeholders play their role in the development of any property. Highlighting that they are professionals and would understand the best practice in their specific areas.
- In the same vein, Olatade Daranijo, Head of Business Development and sales at HEREL Global also highlighted the importance of regulations in ensuring the robustness of the real estate sector. Olatade highlighted the key role that the various stakeholders play in the development of a property.
- He classified how people earn money in real estate and divided them into three distinct categories, which are developers, consultants, and agents/realtors. He noted that for a real estate salesperson to function effectively, they must understand the mindset of the developers because they serve as the link between the developer and the client.
- In essence, the salesperson must be able to speak with adequate knowledge of the property, keying the specifications of the development to the desires of the client. He noted the importance of building trust with clients and making connections.
According to him, some of the qualities that make a good real estate sales professional is the ability to read the room, understanding the mood of the client, integrity, and openness to learning.
What the MD of HEREL Global is saying
According to the Managing Director of HEREL Global, Olaposi Lawore, he opined that the Nigerian real estate sector has a lot of potential, with only a matter of time. He said, “Nigeria’s real estate sector holds so much promise. What we just need is a bit more regulation from the government for the developers.”
“We have so many regulatory bodies for the consultants, but we need more regulatory bodies for the developers because those regulatory bodies will keep us on our toes. In some instances, they may slow down pace, but they actually keep us on our toes. They make sure that from a planning and design perspective, everything is always in tune.”
He stated that regulation is needed to improve the quality of developments in the Nigerian real estate industry.
