Why stress when you can get help? This is the dream of many Nigerians when consulting Nigerian real estate companies. Unfortunately, several people have encountered nightmares instead of help. Such painful and unexpected experiences don’t invalidate the need for real estate companies. Instead, they are a reminder for you to be cautious when choosing a real estate company.
In this post, we will be walking you through the benefits and challenges of working with Nigerian real estate companies. We will also show you how to choose the right real estate company.
What Are the Roles of Nigerian Real Estate Companies?
As you may have observed, the Nigerian real estate market is a broad field with many phases. The real estate market entails activities like buying, selling, leasing, valuation, consultancy, mixed-use developments, commercial hub setup, and so on. In simple terms, Nigerian real estate companies are firms and organizations that oversee the different aspects of property investment.
Some of their major roles include property sales and rental management. They are also responsible for property valuation, property management, and advice relating to property management. You can consider them as your “go-to” guide for successful real estate investment.
Benefits Of Working with Nigerian Real Estate Companies
1. They Help You with Their Professional Expertise and Market Knowledge
Navigating the real estate market alone could be challenging. You stand the risk of making several mistakes, getting overwhelmed, or even getting deceived. Real estate companies are masters in the real estate field. They understand the market trends, high-growth areas, local laws, and legal requirements for property purchase.
They can also warn you about areas with poor infrastructure and security issues. Challenges like these may be difficult to spot when you are just starting your real estate investment journey.
2. They Save You Time and Stress
Real estate investment could be time-consuming. You need to verify the authenticity of a property, research the suitability of the areas, conduct a price survey, and conduct a title search. Working with a real estate company could save you so much time and stress by streamlining the process. These companies work with reputable property vendors. Hence, it reduces the amount of time spent on verification and price survey. It also saves you the stress of going to different places to investigate the seller.
3. They Possess Strong Negotiation skills
Negotiation is an important skill you need in real estate. It gets quite dicey because you need to secure good deals without destroying your relationship with the sellers. Real estate companies have mastered the art of strategic negotiation. They could save you hundreds of millions of naira while ensuring that both parties part ways on a cordial note.
4. They Have a Strong Network of Contacts
Real estate companies have a strong network that will be helpful in your property investment journey. Most times, this team would include lawyers, architects, builders, quantity surveyors, and developers. These contacts could help you speed up your transactions and property purchases. They could also assist you in getting off-market deals that will save you lots of money.
Challenges Of Working with Nigerian Real Estate Companies
1. Absence Of Industry Standardization
Even though there are regulatory bodies and organizations, not all Nigerian real estate companies are registered under them. These days, there are several real estate companies practicing without being licensed to do so. Some of these unregistered companies take advantage of the absence of standardization to perform unethical practices. Consequently, this leads to an unpleasant experience for some clients when they work with certain real estate companies.
2. Communication Gaps
Some real estate companies haven’t mastered the importance of effective and timely communication. Sometimes, the error is a result of untrained and inefficient customer service. At other times, it may be caused by improper dissemination of information from the field officer. Such mistakes could lead to missed timelines, misunderstandings, or frustration.
3. Hidden Costs
As annoying as it sounds, some real estate companies are good at including undisclosed charges in their services. While these fees may be important for administrative and marketing services, clients should know upfront. This will help them plan and prepare their minds for the financial commitment.
How To Choose the Right Nigerian Real Estate Company
1. Verify The Registration of The Company
Working with an unregistered real estate company could cause you to have a bad experience. Before any transaction, confirm that the real estate company is registered with the Nigerian real estate regulatory bodies. Also, confirm that the license is not outdated. This will help ensure that you are dealing with a recognized company.
2. Check Client Reviews and Testimonials
The company is expected to sell itself to you, but they can’t deceive all their past clients into saying good words about them. When dealing with a real estate company, check what other people have to say about them. Check the online reviews, their social media pages, and Google Business listings. These will give you some insights into other customers’ views of the business.
3. Observe Their Communication Style
Pay attention to their responsiveness and detailed explanation of the transaction process. Observe how they answer your questions and respond to your feedback. A company with a commendable communication system is more likely to give a smooth transaction than a company with poor communication.
4. Understand Their Fees and Payment Structure
Request for an overview of the real estate company’s payment structure before the first transaction. Ask questions about installments, service charges, and all expected fees. Use this period to confirm that there are no hidden charges. This will help save you from potential surprises after sealing the property deal.
Conclusion
Real estate companies are a delight to work with. They ease the burden of investment and save you lots of time. Sometimes, clients experience challenges when relating to Nigerian real estate companies. This could be a result of communication glitches and hidden costs. In this post, we examined the benefits and challenges of working with Nigerian real estate companies. We also highlighted points that could help you in choosing the right Nigerian real estate company.
SimplVest is committed to seeing you soar in your entrepreneurship and investment journey. Sign up for our Newsletter today to get helpful content in your mailbox.
