3 WAYS TO SUCCEED AS A REAL ESTATE AGENT DESPITE THE ECONOMIC CRISIS IN NIGERIA
Consider this scenario: Mr Kola, a well known real estate agent and surveyor — also known as a ‘Lagos Big Boy’ by his peers — hasn’t closed any major real estate transactions so far this year (2016). He was lucky to close a rental deal but was forced to share his commission with 5 other agents and 2 “relatives” of the prospective tenant that “miraculously” appeared out of nowhere. The financial hits to his pocket is quickly changing his status, and he is quickly running out of the reserve funds he saved up when the economy was more stable. Since he has a wife and 4 children, who will definitely need: food, clothing and school fees, what can Kola do?
In the past year, the fall in the price of crude oil, coupled with the decline of the Nigerian Naira has resulted in the dramatic fall of the number of real estate transactions. Due to a lack of liquidity, many potential customers are reluctant to invest in the sector, whether in the form of buying or selling houses or even land. People are even turning away from executing Joint Venture projects.
Although things may seem bad, Agents and Realtors like Kola can double, or even triple their income if they knew how to identify and execute proper strategy — turning this poisonous atmosphere into paradise. Outlined below are 3 sure ways to close more deals in this economic crisis:
1. ATTACK THE FOREIGN MARKET: Despite the great strides made in the Nigerian real estate industry, the industry is still underachieving, currently operating at about 10% of its potential when it comes to attracting foreign investors and buyers.
Foreign investors who rake in billions of dollars from real estate annually are always open to new markets and and are thus seeking TRUSTWORTHY individuals to provide them access to high potential markets such as Nigeria’s.
Also, millions of successful Nigerians in the Diaspora are willing to take the plunge and invest in the market, but they are wary of conducting transactions using their relatives or friends as a medium to get these property. In other words, they have limited access.
If an agent can position themselves to be the medium, and provide diaspora customers unfettered access to this explosive market, then the agent stands to make a killing.
The million dollar question now is: How do you get to them (the customers in the diaspora) before other agents do? That leads us to the second point which is:
2. PROPER NETWORKING: Many agents neglect proper networking ideals and methodologies, overestimating their immediate network. They believe that “a bird in the hand is worth two in the bush,” forgetting that in real estate : “nothing ventured, nothing vanquished.” These agents feel that they are doing enough, not realizing that there are tons of opportunities wasting away. No matter what technology comes and goes, no matter what regime/leadership is in place, proper networking is and always will be the best, fastest and easiest way to be successful in real estate.
An agent can have a thousand contacts, but are they the right contacts you need? How often do you keep tabs on direct listings and how many agents are aware of your private listings? Are your methods smart and efficient?
Over the years, applications like Whatsapp and LinkedIn has served as the best networking tool for real estate agents but these apps were not built specifically for the real estate industry to maximize its potential.
However, fear not. There is now a platform, built by agents for agents, called “CODED AGENTS.” It is the first of its kind in Nigeria, built to meet all the needs of the real estate industry in an economy and environment as volatile as Nigeria. The platform will instantly upgrade an Agent’s efficiency, eliminating the greatest fear of any respectable real estate agent: lost time. Every second you wait, your client is either losing interest or worse still, spends the allocated money on other projects. The earlier one utilizes his/her network efficiently, the faster they can execute the will of their client and close the transaction.
3. FOCUS: It is only the Nigerian real estate agent that is in a hundred places at the same time. They control properties in Edo, Niger, Rivers and off course Lagos and Abuja meanwhile they live in Kaduna. A stereotypical ‘jack of all trades and the master of none.’ Many times an agent is forced into such an untenable position, due to the grossly disorganized and volatile economy in Nigeria. We do what we have to do to survive, but when you are everywhere then you are nowhere. Do not cut corners. Do your due diligence, and then pick a location and focus all of your energy on that location. Establish a good reputation, and make yourself available to people who establish need at your location. After you have mastered that location, then you can expand your operation in the right way.
In a nutshell, the real estate industry in Nigeria is an untamed, wild beast. Those who dare will conquer, and the lucrative profits are there for the taking. However, you must do all that you can to stand out. A focused, trustworthy and efficient agent with a large network will always have clients, and there is big money to be made. CODED AGENTS can help you become such an agent, so give it a try! www.codedagents.com