estate – 9japroperty

FHA eyes CBN’s N30bn real estate fund

9japroperty — Mon, 14 Nov 2016 07:32:54 +0000

The Chairman, Senate Committee on Housing, Senator Barnabas Gemade, says the committee will explore the possibility of helping the Federal Housing Authority to benefit from the Central Bank of Nigeria’s N30bn Real Estate Development Intervention Fund.

He said the fortunes of the FHA had been adversely affected by somersaults in government policies coupled with its removal from government funding, which had stacked the odds against the agency and abridged it ability to deliver on its mandate.

Gemade, who stated this in Abuja when he led his colleagues on an oversight visit to the organisation’s headquarters, said the committee would work with relevant agencies to fast-track the restructuring and commercialisation of the FHA.

The Managing Director, FHA, Mr. Mohammed Al-Amin, said there was a need to strengthen the organisation’s ability to deliver on its social housing mandate through special subventions and regular budgetary allocation.

He said the FHA had depended solely on Public-Private Partnerships to deliver houses since government funding for it had stopped.

Al-Amin also pleaded with the Senate committee to facilitate the completion of the ongoing reform process in the FHA by hastening work on the amendment of the law establishing it.

According to Gemade, urgent legislative action is required to fast-track the reform and commercialisation of the FHA, which has been ongoing since 1992.

PUNCH.

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Grenadines Homes boosts real estate sector with N6b The Coral hotel apartments

9japroperty — Mon, 07 Nov 2016 11:20:57 +0000

Despite the construction freeze that accompanied the bursting of the bubble, the nation’s real estate market, especially in Lagos may have begun to peak, with property investors’ and developers’ renewed confidence in the economy.

A new report last week hinted that the property sector has clearly been affected by the unprecedented economic malaise, hampered by rising interest rates (now at 14per cent), global economic instability, soaring inflation and a weak as well as redundancies beyond the oil sector and reduction in property transaction volumes.

But senior officials of Messrs Grenadines Homes are upbeat about the Nigerian commercial property sector, despite analysts’ expectations that the market will remain sluggish. They say the current economic climate is providing opportunities for developers and investors.

The Lagos-based firm is preparing to start construction on its premiere facility early 2017, a high-rise structure combining features of an apartment complex and a hotel in the heart of Victoria Island.Billed by its developers as Lagos’s most luxurious multi- development, The Coral will be a two-twin tower building, set to rise in the Water Corporation Drive, Off Ligali Ayorinde Street. It is flanked by Trinity House Church to the right and Atlantic Resort to the left.

In housing projects, the real estate development company has dozens more in various stages of development and dedicated to reinventing the concept of home ownership in Nigeria.

“We create homes that are at the forefront of cutting edge architecture and its homes represent luxury and high class that suit varying tastes and preferences,” according to the company’s General Manager, Sales and Marketing, Francisca Dyegh.

Specifically, The Coral is a stunning, thoughtfully designed, high specification and beachfront apartments. The proposed 17-floor luxury finished edifice comprises 112 units of two bedroom hotel apartments, sitting on a land size of about 5,000sqm and built up area of about 15,876 square meters.

Each unit has two bedrooms (en-suite), a spacious living room, a dinning section, guest toilet, a box room/ store, spacious lobby, kitchen and a maid room. Every unit has two parking lots.

She explained that the architects have created a development, which connects with its surroundings, offering views across the city landscape and the Atlantic Ocean.

“The Coral is a discrete yet tasteful design, using shading and site specific environmental design, the spaces with-in the building feels light and airy with plenty of natural sunlight, without creating an uncomfortable environment during the hottest months of the year.

“The 17-floor tower is carefully rested on a podium, which is a delight to behold. The three-floor podium is suitable for private gatherings or just lounging with family and friends. It contains a pool deck, a swimming pool, a garden, skylight, a lounge, gym and a kitchen.

The apartments come in two types. In the type A, the unit has a total area of 144sqm, terrace 34sqm; contains family living room, dining section, bedrooms, kitchen, and box room and guest toilet. All bedrooms are en-suite.

The type B consists of a total area of 146 sqm, terrace 21sqm and contains family living room, dining section, bedrooms, kitchen, box room and guest toilet. All bedrooms are also en-suite. But has a maid room in addition to other rooms. All the units range from N76 million.

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‘Real estate is secret to wealth creation in recession’

9japroperty — Fri, 28 Oct 2016 09:21:46 +0000

Nigerians seeking wealth need not look too far. This is because the real estate industry provides the secret to wealth creation for those that can key into it. Besides, the sector is the most viable to get the country out of its present recession, if the right things are done.

These were the views of real estate consultants at a home ownership empowerment programme organised by Pertinence Nigeria Limited- a firm of real estate managers. Renowned realtor, Mr. Olumide Emmanuel, in an exclusive chat with The Nation, explained that for an individual to get to his desired financial destination, the right vehicle must be chosen.

“The real estate is the secret to wealth creation. We want people to understand that getting to the desired financial destination requires choosing the right vehicle; and one of the best vehicles you can choose is real estate and that’s what we are pushing down today: the power of real estate,” he said.

Emmanuel advised Nigerians on the need for a change in their mindset to overcome the challenges of recession. According to him, there is a need to understand the concept of recession and how it affects the individual. This, he explained, is because in spite of the recession, people still earn same salary and income, just that the value is lower.

“The value of what your money can give you in the market is reducing because of the vehicle you choose. You choose the vehicle of salary, somebody else chooses the vehicle of real estate. Now, at times like these, realtors and landlords increase their rent, meaning tenants suffer more and then they enjoy more. So it’s all a function of understanding that what the economy of your geographical location is; it does not have to affect you if you have the financial intelligence and you know how to navigate your way,” he explained.

In similar vein, the Founder of Pertinence Nigeria Limited, Mr. Olorunseyi Sunday, agreed that real estate is the solution to Nigeria’s recession problems, saying that recession is a thing of the mind that could be overcome through a change in the mindset.

Sunday, who spoke at the launch of his firm’s “International Business Mega Summit,” said: “Everything in life is about mentality, it is your mindset. For us, our mindset cannot accommodate recession even though they say there is recession. An entrepreneur should thrive in all seasons. He does not see a dry season. What you look at is how can I take advantage of that season? And that’s what we are doing now.”

Co-Founder and Managing Director of the organisation, Mr. Wisdom Ezekiel, also pointed out the opportunity his organisation sees in recession.

“We see recession as an opportunity. A lot of people see recession as a drawback but we see it as an opportunity because most countries in the world that have become developed today thrived during recession. Recession helps people to start thinking outside the box and that is what it is helping us to do in Nigeria,” he said.

He said recession is actually an advantage if properly managed by all. He explained that when there is recession, people want to invest in something that is tangible- in asset not liability. This, he said, is why real estate will continue to thrive and provide a bailout for the country’s economy at this period.

Ezekiel noted that the launch of the firm’s international presence is a way of contributing to the Gross Domestic Product (GDP) of the country. He, therefore, called for government’s partnership in the real estate industry in order to spur its growth and contribution to the economic development.

To stimulate the market and encourage people to invest even at this time, the firm gave out free plots of land, an all-expense paid trip to Dubai and a two bedroom apartment to loyal customers.

“We are giving because when you give in times of recession, when people have plenty, they will remember you and they would want to come to you; because when they had nothing, you were out there supporting them. So that is the strategy… when seasons like this come, innovation will be what will make you different,” he said.

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6 Facts and Myths about Real Estate Investing

9japroperty — Tue, 25 Oct 2016 15:07:16 +0000

Real estate investing may be a big deal, but the rules governing it are simple. Buying a house or a property should be a very wise and calculative step otherwise you can get into procuring an inappropriate and inadequate house that falls short of your housing needs. This article suggests 6 Myths and Facts about real estate investing that can give you good returns on your investment.

There are many reasons for buying a real estate property, many people buy it for reason of living some other for the sake of business utilities, here are provided some useful facts about real estate investing as culled from mastersinrealestate.org

Go under a reputable real estate company in other to purchase a property without risk: To reduce the risk of losing your hard-earned money to fraudsters while on the verge of acquiring a property, maybe you should go through a reliable real estate professional or company. It makes your real estate transactions and your purchase of property risk free.
Always remember about cash flow: When you are buying a property always remember about your set goals about that property. Buying a property that almost empties your account but with the possibility of giving you high quality tenant, yet low at maintenance, is a far better investment than a property that though cut down low from your pocket yet consumes ample time and money every month on maintenance. That kind of property is hardly worth procuring.
Do not procure Ugly house on a Good Street: There is a misconception that buying a not good looking house in good location can fetch money and wealth. Except you have an excellent contractor and smart money that can turn the value of that house around in comparison to the houses on the street, you can’t possibly make money of it just because it is situated in a cool environment. The value will not change soon as long as the house remains ugly.
Do not consider all real estate as Good Investment: It is always said about real estate investments that they are always good. But buying a property over super inflated rate is never being a good idea. As it would make long time for you to make out investment from that over a longer period of time. And if the market goes down you would be in a very risky situation as respect to your purchase of property.
Learn about the right opportunity in the market: This is the golden rule in real estate market that you should know. Learn about the situation in the market and later on invest according to the prevailing market conditions. But some experts are totally of different opinion for procurement in real estate market; they say, the sooner one procures a property, the higher or better the wealth creation.
Real Estate investment is Simple: Contrary to the popular belief that real estate investment is not as simpler and straight as it appears to be, suffice it to say that is totally a misconception. However, there are certain basic principles that should be followed in order to make real estate a better choice of business. You need to have a proper market research in order to have a good investment or ROI.

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TITLE DEED IN REAL ESTATE INVESTMENT

9japroperty — Thu, 13 Oct 2016 07:32:58 +0000

A deed, as defined in the dictionary is a signed document pertaining to the ownership or legal rights of landed property. Ownership, legal, rights, property, signed are some of the keywords that stand out here.

Like in all other aspects of investment, in real estate business, the seller and buyer must come together, negotiate and either seal a deal successfully or bail out. This is the first step you must take.

What shows you are a landlord or that you have interest in a piece of land are the documents you have on it.

These papers could have been obtained from various government and private agencies like the land bureau, ministry of housing, local, state and federal government agencies, among others

You will agree with me that for you to obtain genuine papers you must follow procedures laid down by the government, real estate firms, professional bodies and all the stake holders involved.

Otherwise, you may end up with a fake title or one with one form of defect or the other.

Documents evidencing title on landed properties are particularly important because land is not a movable asset and like a notable senior friend of mine who also operates within the real estate world will say, land cannot talk.

You cannot buy it and then move it to wherever you consider safe or safer. Also, when your landed transaction enters the legal frame work in Nigeria where there is no freehold land, it cannot really be owned in the real sense of ownership.

You can only have interest in it because the most you can get is clearly defined and restricted to a maximum of 99years lease.

What you therefore can use to represent your interest is the documents that states what interest you have.

Deed can also be defined as a written document for the transfer of land or other real property from one person to another. A writing or instrument under seal, containing some contract or agreement, and which has been delivered by the parties.

This applies to all instruments in writing under seal, whether they relate to the conveyance of lands or to any other matter; a bond, a single bill, an agreement in writing, or any other contract whatever, when reduced to writing which is sealed and delivered, is as much a document as any conveyance of land.

According to www.lectlaw.com, “The formal parts of a deed for the conveyance of land are:

The Premises, which contains all that precedes the habendum, namely, the date, the names and descriptions of the parties, the recitals, the consideration, the receipt of the same, the grant, the full description of the thing granted, and the exceptions, if any.

The Habendum, which states that estate or interest is granted by the title this is sometimes, done in the premises.

The Tenendum, this was formerly used to express the tenure by which the estate granted was to be held; but now that all freehold tenures have been converted…, the tenendum is of no use and it is therefore joined to the habendum under the formula to have and to hold.

The Redendum is that part of the title by which the grantor reserves something to himself out of the thing granted, such as a rent, under the following formula: Yielding and paying.

The Conditions Upon Which The Grant Is Made.

The Warranty, is that part by which the grantor warrants the title to the grantee. This is general when the warrant is against all persons, or special, when it is only against the grantor, his heirs and those claiming under him.

The Covenants, if any, are inserted to oblige the parties, or one of them, to do something beneficial to, or to abstain from something, which if done, might be prejudicial to the other.

The Conclusion, which mentions the execution and the date, either expressly, or by reference to the beginning.”

It is also said that the circumstances necessarily attendant upon a valid document are:

1. It must be written or printed on parchment or paper.

2. There must be sufficient parties.

3. A proper subject-matter which is the object of the grant.

4. A. sufficient consideration.

5. An agreement properly set forth.

6. It must be read, if desired.

7. It must be signed and sealed.

8. It must be delivered.

9. It must be attested by witnesses.

10. It should be properly acknowledged before a competent officer.

In the legal world and when it comes to legal documentations, we have so many type of it.

I will just share a few that we use here as follows;

Contract: this is used to spell out the existence of a contract between two or more parties and the conditions and covenants of the contract.

Assignment: used when assigning the residual of lease tenure to another party

Sublease: used when passing part of the residual lease interest on a property

Gift: used when assigning a property to another party without consideration.

Therefore, my advice here is for you, to seek counseling from lawyers and firms that are versed in the legal technicalities of interpreting this title so you can obtain the appropriate one you need per time.

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Recession: Invest in real estate, firm advises enterpreneurs

9japroperty — Mon, 29 Aug 2016 11:49:05 +0000

MerryBells Corporate Services Limited, an indigenous real estate firm, has advised investors to cash-in on the current economic recession in Nigeria by investing in real estate.

It also stated that after a research conducted by its team of experts in the Federal Capital Territory, it was observed that the demand for low-cost houses was over 75 per cent, whereas about 80 per cent of buildings in Abuja satellite towns were luxurious houses.

The firm’s Executive Director for Admin, Mr. Oluyemi McDickson, disclosed this on the sidelines of a housing promo organised by MerryBells for its clients in the FCT to commemorate its second year of operations in Abuja.

He said, “As a real estate firm that is very much aware of the fact that the Nigerian economy is doing badly now, one thing we tell people is that there is hardly an economy that enters recession that will not bounce back. And one of the things that cushion the effects of a recession is to invest in real estate.

“So, what we are doing presently in our company is that when we observed what the government of Nigeria termed technical recession, we decided to slash down the prices of our properties across board. We started with five per cent slash, hoping that the economy would bounce back in the shortest time.

“But as the recession persisted, we increased it to 10 per cent and for this promo, we slashed down prices by 30 per cent. This was done basically to attract people to invest in real estate notwithstanding the complaints about economic recession, because those who buy into this idea now will rejoice when the economy eventually takes shape.”

On the research conducted in Abuja on the rate of demand for houses, McDickson explained that despite the large number of luxurious buildings in the federal capital, only 25 per cent of the structures were either purchased or rented.

PUNCH.

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‘Nigeria’s real estate market not organised’

9japroperty — Mon, 29 Aug 2016 08:43:37 +0000

The Managing Director of Previs, a special purpose vehicle by James Cubitt Developments, Mr. Peter Coker, has said that the country’s real estate market is highly fragmented, and gets worse from the premium to the mid-market and low income housing cadre.

Coker, who spoke at the unveiling of Previs, a company designed to provide properties to professionals and mid-sized companies, said the demand for home ownership in the country far outweighed supply, and this had created room for quackery.

He said, “With the national housing deficit currently pegged at 17,000,000, it is little wonder that developers are springing up everywhere with all sorts of schemes. Given that there is no real barrier to setting up a development company and no agreed standard for what it takes to be a developer in Nigeria, the market is currently highly fragmented, and gets worse as you go from the premium to the mid-market and to low income housing.

“With such a high deficit and no proper guideline for developers, the government is constantly playing catch-up and is not sufficiently staffed to enforce building approvals and standards. So, many people have lost money and even lives as they have been subjected to various schemes from unseasoned and unprofessional developers.”

He however stated that in recent times, reputable construction and development companies had begun to take an interest in the middle-income housing market, and were helping to set standards for the delivery of housing to this segment.

He added, “The number one consideration when acquiring real estate is not how cheap it is but its potential as a store of value. If you build a cheap house that collapses within a year or two, you lose value; if the house is no longer tenantable within five years, you lose both income and value. Unfortunately, this is what we have been witnessing in the mid-market.

“But being a member of James Cubitt companies in Nigeria, Previs enjoys a heritage of 60 years in the Nigerian real estate market and brings that experience to bear on the home delivery value chain.

“The company aims to set new standards of housing delivery, from design to development, fit outs and facility management. Our developments will be offered on flexible payment plans that will disrupt current models in the market.”

PUNCH.

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Real Estate Law Lagos Nigeria – Nigeria Property Laws Explained

9japroperty — Wed, 24 Aug 2016 10:27:48 +0000

Real estate law Lagos Nigeria – Nigeria real estate law is a combination of so many laws that regulate the real estate industry in Nigeria. These laws are many as you will expect for a nation as big as Nigeria.

Obviously, we cannot consider all of these property laws here. But some important and critical ones are worth mentioning to keep you well informed so you can make the right choices, make the right investment, and make money. It also ensures you don’t make the sort of mistakes that can cost you your real estate investment in the long run.

It is important to note that this is not a legal site and so the laws will be explained in simple terms so the average person can understand them.

The first law that comes to mind is the most popular of them all, “the land use act”.

The land use act essentially states that all land in Nigeria belongs to the government. And that the government only lease the land to individuals or corporate bodies as appropriate for a period of 99 years.

This means that when the government issues a certificate of occupancy or C of O to you for a property purchased, the C of O is only for a period of 99 years. What happens after 99 years?

That question is still the subject of great debate among Nigerians. As it is, the first set of C of O were issued sometime in 1976 when the land use act came into effect. Let’s see what happens when the first set of certificate of occupancy issued by the government expires.

This real estate law is often responsible for the question by potential real estate buyers, “what is the quality of the title on the property?” By that they mean how old is the C of O?

A new C of O has a life of 99 years before the government withdraws it or demand renewal. A property that has a C of O that is 30 years old has a life of only 69 years left.

Some people don’t consider this when considering buying homes for sale in Lagos Nigeria whereas some try to negotiate a lower sale price based on the life of the C of O. This is entirely up to you.

Another real estate law or property law to consider is “the right of way”.

This basically states that “the government has right of way” . . . the right to create roads as appropriate for economic development.

The government has a master plan for every area of Lagos Nigeria. In the same vein, every other state of the federation, as well as the federal government, have master plan for different locations in the country. Each location has provision for road and utilities like pipe borne water, telephone lines, underground waterway, high tension power line, oil pipeline route etc

If you build residential real estate or commercial property on any of these government development areas, the government will eventually pull down your property.

It will be very sad to lose your property, built with hard earned money, because you failed to investigate the ownership of a property as appropriate with the Lagos state government.

A third real estate law or Lagos property law to bear in mind is what I call the “distance to government road rule”.

In effect, this law states that each property owner should leave a distance of at least 30 metres between the walls of his property fence and the road. (Some say its 50 metres. Please confirm from your real estate attorney ).

If you don’t obey the distance to road rule, nothing may happen immediately. The government is usually slow in reacting to such violations.

However, when the government decides to expand the road, your fence will be taken down without apology if you have violated the “distance to road” rule.

Know some more property laws?

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Real Estate Investments & Rent Control Laws in Nigeria.

9japroperty — Wed, 24 Aug 2016 09:57:36 +0000

Continuing increase in population especially in the urban areas of Nigeria has lead to astronomical increase in the demand for affordable housing whilst the supply side remains for the most part underdeveloped and unable to meet growing demand. Attempts by the Nigerian government to increase investments in the real estate side of the Nigerian economy have remained unsuccessful as a result of the following factors:

Expensive, cumbersome and complicated land tenure and transfer of legal title in land procedures.

Expensive cost of funds with high interest rates for construction and mortgages in comparison to the long term rentals expected by an investor in the real estate market.

Rent control legalisation for the mass residential rental market.

High rate of Tenants default in paying their rentals on schedule due in some cases to diminishing purchasing power.

Technical, cumbersome and expensive recovery of possession of premises legislations.

The effort of the Federal Government of Nigeria to address this problem by proposing a Rent Control legalisation has met with criticism as a result of the failure of the supply side of the real estate market and also, the failure of prior and subsisting Rent Control legislations and home ownership schemes to address the problems of minimum housing in Nigeria.

This Alert would provide up-to-date legal information on the last two factors of rent control and recovery of possession of premises which have and continue to challenge and inhibit investments in the real estate market.

Rent Control Law

Rent Control is a residual matter under the 1999 Constitution. As a result, most of the States in Nigeria have their individual Rent Control Laws which for the most part have similar provisions as the Rent Control Law of Lagos State.

In Lagos State of Nigeria, the applicable Law is the Lagos State Rent Control & Recovery of Residential Premises Law, 1997 (\”Lagos Rent Control Law\”).

The Lagos Rent Control Law is intended to mandatorily regulate the rentals that can be charged for residential apartments in certain areas of Lagos State whose residences were at the time of the enactment of this Law not charging annual rental value in excess of N250,000 (Two Hundred and Fifty Thousand Naira).

This Law prescribes the standard rent for each type of residential accommodation in different locations of the State with the caveat that the standard rent shall only be subject to upward review of not more than 20% every three years or at such other duration as the Governor of Lagos State may prescribe.

The Lagos Rent Control Law makes it unlawful for the Landlord or his agent or the Tenant to demand or pay rent in excess of the standard rent. It is also unlawful for a Landlord to demand or receive the prescribed standard rent for a period in excess of six months from an incoming/new Tenant. Equally unlawful is the action of a sitting Tenant offering to and paying the standard rent in excess of a period of three months in respect of any type of residential accommodation to which the Lagos Rent Control Law applies.

Any person who receives or pays rent in excess of the standard rent that is prescribed by Law is guilty of an offence and liable on conviction to a fine of N50,000.00 (Fifty Thousand Naira) or to a term of six months imprisonment.

Agency & Legal Fees

The Lagos Rent Control Law requires that Solicitors and estate agents must not charge more than 5% as Solicitors fees for preparing Tenancy Agreements and 5% as agency fees respectively. Where a higher percentage of fees is charged and received, it shall be unlawful. The penalty on conviction for this unlawful charge is a term of imprisonment for two years.

Recovery of Possession of Premises

Cases of abuses by Landlords in unlawfully evicting their Tenants necessitated the Rent Control & Recovery of Residential Premises Law of Lagos State, like prior legislations before it, to seek to protect all tenancies to which this Law applies.

The protection afforded tenancies by this Law is not intended to deprive a land owner of the fruits of his or her or its investment in real estate.

The protection only requires that a Tenant should only loose his tenancy after due recovery procedure and processes are complied with by the Landlord.

Where there is a default by a Tenant in respect of any aspect of his Tenancy and the Landlord intends to terminate the Tenancy and have possession of his property revert to him the Landlord, a proper notice to quit must be personally served on the Tenant. This is the first and most technical of the procedures for recovering possession of premises.

The length of notice to be given to a Tenant to quit is usually determined by the tenure of the tenancy where no express unequivocal provision is made in a written Tenancy Agreement to such effect. Thus, where the Tenant pays his rent on a weekly basis, a week\’s notice to quit would be valid.

Similarly, where the rental is paid monthly, quarterly, half-yearly or yearly, a month, quarter or half yearly notice as appropriate would be valid to determine the Tenancy.

It is mandatory that the notice to quit must be issued and served personally on the Tenant. It is also mandatory that the notice to quit must be served to expire at the anniversary or expiration of the Tenancy.

Thus, a notice to quit in respect of a tenancy that begins in January of a particular year and expires in December of the same year must be served on the Tenant on or before the end of June of that year so that from 1st July to the end of December of the same year, the mandatory six months notice would have been properly served on the Tenant. This was the holding of the Supreme Court of Nigeria in the matter of African Petroleum v. Owodunni (1991) 11-12 SC 56 @ 71 lines 5-15.

The inability of most Landlords to comply with the technical requirement of serving the statutory notice to quit to expire at the same time with the tenancy drew the displeasure of the Supreme Court in the above cited case where for twelve (12) years, the Respondent Tenant could not be evicted because the notice of eviction was not properly served by the Landlord on the Tenant.

The view of some Solicitors that a tenancy for a fixed term does not require a notice to quit but only a notice of the owner\’s intention to recover possession of his premises is too risky a position to implement should the matter be placed before a court of law for adjudication.

Unlawful Eviction or Recovery of Premises

The frustration with applying the legal process to evict an unwilling Tenant has lead to many Landlords attempting other unlawful procedures to evict such an unwilling Tenant whose tenancy has been properly determined in accordance with the Rent Control & Recovery Premises Law.

The Lagos State Rent Control & Recovery of Residential Premises Law prohibits any form of demolition, alteration, modification, harassment or molestation of a Tenant where the principal objective is the forceful ejection of the Tenant. Contravention of this provision by the Landlord or his agents or privies is an offence which on conviction attracts a fine of N20,000.00 (Twenty Thousand Naira) to N50,000.00 (Fifty Thousand Naira) and a term of imprisonment of three months.

Business Premises

Up-market residences, that are not listed in the schedule of the Lagos Rent Control Law, with business premises are regulated by the Recovery of Premises Law No. 9 of 1976 (\”Recovery of Premises Law\”).

The provisions of the 1976 Recovery of Premises Law are very similar to those of the 1997 Rent Control Law with the distinct difference being that business premises do not have a mandatory chap on what the land owner can charge as periodic rentals. Up market residences and business premises also have a higher rental collection history as opposed to downtown residences. Investors would therefore do well to ensure that all the provisions in relation to recovery of possession of premises are adhered to whenever the situation arises.

Lagos Mediation Centre

The Lagos State Government has established a Citizens Mediation Centre where disputes including those of Landlord and Tenant disputes are resolved through mediation. Where mediation fails or any of the parties refuses to submit to mediation, the parties would be advised by the Centre to seek redress in Court.

Conclusion

The provisions of the rent control and recovery of premises laws in Nigeria have been held more in disobedience than in obedience for many years as a result of the scarcity of new apartments or the maintenance of existing apartments.

The attempt to regulate rental values for properties in Nigeria has reduced the interest to invest in real estate in Nigeria. Research also shows that rent control schemes in other parts of the world that are not indexed against market forces of demand and supply usually do not maintain the minimum acceptable human standards for good housing.

The Nigerian government must review the land tenure system in Nigeria such that the original owners of so-called communal land and private sector investors are able to collectively work towards meeting the developmental goals set for the people of Nigeria.

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10 Things Successful Real Estate Agents Never Do

9japroperty — Tue, 23 Aug 2016 15:37:48 +0000

It’s a fact that most real estate agents are not successful.

Statistics indicate that only 20% of agents are doing 80% of the deals. Yes, read those numbers again!

In other words, with 80% of the agents fighting over 20% of the business, it’s no real surprise there’s such a high agent turnover!

How do the newbie agents stack the odds in their favor?

Besides the importance of selecting the right brokerage to work for, the necessary continuing training, ongoing sharpening of the communication as well as negotiation skills and a healthy dose of ambition, there are a number of less obvious attributes a starting real estate agent must pay attention to!

Now, instead of being told how to do something, how about approaching it from a different angle: breaking the bad habits before creating good ones!

A never-to-do list for successful real estate agents, if you will!

Here are 10 things you’ll probably never see successful real estate agents do:
1. Successful real estate agents never avoid confrontations

The daily agenda of a real estate agent is filled with confrontations in all shapes and forms: whether it be a listing or mandate presentation, contract negotiation, or price counselling, to name but a few, the agent is likely to face opposition.

Exactly why great verbal skills will come in very handy!

Moments of discomfort are a given during confrontations where silent moments can be used very strategically. Successful real estate agents tend to show no fear of loss during these confrontations.

Negotiation is a skill that can be taught. Effective negotiation demands an understanding of both parties’ wants and needs, remaining flexible with a number of options, foreseeing (counter)offers and using the power of persuasion to encourage clients to respond to offers.

Successful real estate agents know that confrontation is part of their daily life. Instead of wasting valuable energy and time trying to ‘wing it’ or worse, trying to avoid it, they actually go out of their way by honing their skill set. Hopefully during the next confrontation, they’ll then be better prepared!

One will need to learn to embrace confrontation. Sometimes it’s as simple as actually asking the question!

Most agents thrive on it as they see it as yet another challenge to overcome before reaching that final stage: the sale!
2. Successful real estate agents never assume perfect circumstances

The old adage goes, “If it were easy, everyone would do it.”

That’s ever so true when it comes to selling real estate. Arriving in a top class car, getting out dressed up in that designer suit, fly through the contract signing without much objection and voilà! It does appear very easy work to take one client through, sign a contract and che-ching the commission!

It couldn’t be further from the truth! Even though the overall basics might appear to be the same, there’s no cookie-cutting method, as each buyer and seller will have their own specific circumstance which presents its own challenges that needs custom attention. Successful real estate agents know that every single close will be unique.

No two deals are alike! Ever!

Are we in a buyers’ market? Or is it a sellers’ market? Does it really make a difference; either situation has particular conditions that aren’t perfect. Just look at MacGyver (yes, I’m revealing my age now), and see how he makes the best of every situation. He’s acting with the information at hand and keeps moving forward!

Approach every circumstance with the right perspective and don’t assume perfection! Successful real estate agents can differentiate between pains of growing and pains of suffering.
3. Successful real estate agents never fall behind the curve

It comes down to one thing: education.

Whether one is referring to reading the latest (e-)books, magazines, articles on real estate-related topics, real estate seminars or checking up on the latest technological gadgets and web tools, successful real estate agents realize this is a continuous learning process and that one needs to stay current on the latest technology. And yes, this sometimes means stepping out of your comfort zone!

Technology has become a major part in most areas of our lives. Just imagine what would happen to your business if you hung on to the fax machine and refused to work via email?! Or how about waiting for those leads calling from those newspaper ads versus social media leads nowadays?

Contrary to popular belief, all these ever-improving tech tools are not narrowing the competency gap between real estate agents, but actually widening it instead! Successful real estate agents know the enormous importance of staying ahead of the curve!

Would it be a bold statement to say that by 2020, the Top Performing 5% of real estate agents will consist of 80% agents who have been in the business for less than 5 years?
4. Successful real estate agents never forget it is a team effort

Unlike what’s being portrayed in shows like Million Dollar Listing New York, most successful real estate agents aren’t looking for the limelight on their special real estate deal du jour.

Once estate agents are too busy servicing their current listing mandates to take on new business, it’s time to expand the team. If they’re already working in a partnership, hiring an assistant is likely the first port-of-call.

Being surrounded by a well-oiled team makes successful real estate agents even more efficient! They give other people credit for their work and shine the light on their team members. They’re great at letting go and spreading the weight among others. Trusting and believing in one’s team work ethic as much as their own.

Successful real estate agents know they can’t be doing everything themselves and acknowledge that delegating and outsourcing less (or no) income-producing activities will free up valuable time.
5. Successful real estate agents never get jealous or resentful

In large brokerage offices, the competition can be quite fierce amongst its agents. Successful real estate agents rise above the day-to-day office rumors and get on with their work.

Why bother hiding from those slightly better agents? Learn from them! Soak up their knowledge.

All that negative energy is too emotionally draining anyway and is much better spent on your own work than resenting the behaviors or actions of others!
6. Successful real estate agents never waste anyone’s time

As busy as most successful real estate agents are and how often their schedule changes at a moment’s notice, they don’t break a commitment. They might postpone a meeting on you but cancelling won’t happen.

Face to face time is never a lost opportunity to interact with clients.

That’s their way of earning respect and building credibility.

The best way to give back would be to mentor a starting real estate agent. Nothing more exciting than handing over some fun/creative assignments and letting them run with it! New talent will rise and eventually assist in putting together important projects.

In the background, successful real estate agents are checking off an extensive list of rather boring assignments, because when you do what nobody else wants to do, you’ve become indispensable!
7. Successful real estate agents never lose track of the bigger picture

Some mistakes were perhaps plainly bad calls and/or even very expensive lessons. Whatever may be the case, one needs to see them as opportunities to learn something new.

Why are the successful real estate agents so knowledgeable? They know the price of their mistakes and don’t plan on making them again!

Experience is a cruel teacher. It gives the test before presenting the lesson.Click To Tweet

Working in teams will bring with it frictions at times, but that’s part of the learning! Successful real estate agents focus on the bigger picture and are quick to point out that those teething problems are stages one needs to cross onto the next big phase.

8. Successful real estate agents never skimp on marketing

Are most new real estate agents aware that the toughest part of the business is finding the business?

Having paid all the license fees, board dues, starter kits etc, the last thing they’re thinking of at this point is spending more money on marketing!

Unfortunately, it doesn’t work that way. As in any other business, it takes money to make money or the amount spent on marketing will be in direct proportion to the amount of business you’ll see. As if it wasn’t already tough until now, the marketing efforts need to be properly focused. How easy is it to spend it on the wrong tools, such as traditional print marketing (weekly newspaper, monthly real estate magazine etc), which have a very low return on investment. The brokerage office itself can do so as it promotes its current stock inventory, as well as draws in new buyer lead for its agents.

Successful real estate agents are quick on the mark in getting their name out as the person to contact to buy or sell from the get-go! As their financial means improve, they make sure to reinvest in marketing themselves.
9. Successful real estate agents never say that something isn’t in their job description

When you arrive nicely on time at your Sunday open house and realize that the floor needs a good mopping, what are the odds you’ll quickly do it? Or the kitchen sink is still filled with dishes – will you make an attempt at cleaning it up?

Just because one’s job description didn’t mention anything about the above doesn’t mean it isn’t part of your job! As basic as it may appear at times, successful real estate agents aren’t lonely wolves. They’ll find opportunities to be useful and add value!

Only when an entire team understands and empathizes in such situations, will it result in people feeling appreciated and being excited in the morning getting ready to work!
10. Successful real estate agents never forget it’s all about doing the basics

How many agents started in the real estate business thinking they’ll have two lives: a personal and professional one?

Guess what? It’s one and the same!

People don’t just want to see your emails. They want to see you work. They like to put a voice and face on that business card you dropped off at their home earlier in the week.

Successful real estate agents know that 20 years of experience is just Year One repeated 20 times! Non-stop time to learn, time to adapt and time to get comfortable with the newest tools and technology. Planning is a big portion of that and it being a business, it’ll require you to put together a detailed business plan with medium-term targets, short-term goals etc!

Benjamin Franklin supposedly once said, “If you fail to plan, you’re planning to fail.”

Consistently and pro-actively lead-generating is a must, even for experienced agents. They can’t just get busy servicing existing clients until all those transactions are closed before starting to look for new business. They will actually block time for a few hours every day to prospect for new clients!

The key is to decide on a system that works for you and stick to it. Real estate truly is a numbers game!

An average estate agent and a successful one differ in the way they view their customers. The former will be focused on getting that one commission cheque in, while the latter will be aiming for repeat or pipeline business.

Make a client happy and they’ll come back again and again. Make a client very happy and they’ll be an ambassador for you to their friends and family!

Having covered the basics correctly, successful real estate agents know more (referral) business will come their way. All it takes is a handful of years in the business to start seeing people call back for your services!

The post 10 Things Successful Real Estate Agents Never Do appeared first on 9japroperty.

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