Numerous individuals are frightened of wandering into Real Estate business in Nigeria. This might be a result of the way that it is capital serious, the learning and data required to wander into it is a very much guided mystery to those in the Real Estate business. Loss of lives and properties while participating in the business is something that is areal hazard in the business in Nigeria. Likewise, numerous individuals are terrified of being cheated or as it is known being misled by the Omo Onile’s.
InterviewStories met a Realtor who happens to profit in this industry authentically. Baruwa Ibrahim happens to be somebody who knows a considerable amount about the business and he educates us concerning how he came to be known as Realtor Baruwa. His adoration for land caused him to procure this name. This is the Interview we had with him
Who is Baruwa Ibrahim?
Baruwa Ibrahim is a goal driven person who is passionate about success and also impacting into the world. I am a property investment consultant, I help millennials, the working class and also high net worth individuals acquire genuine properties with high capital appreciation in appreciable locations.
Baruwa \ibrahimam also the CEO of Right Properties Nigeria. I consult for Novarick Homes and Properties, the developers of the first Solar powered estate in Lagos(Earls Court), Landwey, Veritasi Homes and Properties, Christal Homes e.t.c I also do digital and content marketing for startups and established entrepreneurs.
How and when did you start your venture as a real estate consultant?
A neighbour (Mrs Chioma) introduced me to a real estate marketing group (Billionaire Realtors Group) in 2015, they partner with several reputable real estate companies in Nigeria to help them sell their properties to potential investors. I made my research on the industry and later fell in love with it not because of the commission but because I will be involved in the process of making people’s dreams come true and also using my expertise to make the property acquisition process hassle-free.
When did you start being Realtor Baruwa?
The name realtor Baruwa came when I found my love and passion for real estate. During the course of my research, I discovered that a realtor is a person who simplifies the process of buying properties for the buyer which is my value proposition. And also since been popularly known as Baruwa, I decided to coin the name for myself Realtor Baruwa.
How does one get involved in the real estate business in Nigeria?
There are various ways one can venture into the real estate business.
You can be a developer i.e companies/individuals that develop real estate or a real estate consultant like me, helping interested buyers acquire genuine properties.
Another way is being an investor, whereby you purchase a property either for passive income or capital growth. Advanced ways like REITs (Real Estate Investment Trusts) also exists. I have a lot of articles addressing this topic on my website realtorbaruwa.com.ng.
Is it not expensive to venture into real estate consultancy?
I won’t say it is expensive, basically, as a real estate consultant, you need to invest time and money in gaining knowledge about the industry and also basic marketing skills.
A lot of seminars are being organized to train people to be a good real estate consultant. Some paid, some free. You can start small with less capital intensive marketing campaigns and attending free seminars. Then as your revenue increases, you can opt in for both paid seminars and adopt large reach campaigns.
Which do your customers do more, either own the property you sell to them or resell it as a means of passive income?
Due to the large housing deficit in Nigeria, customers are subscribing to own a home than buying rental properties for passive income. People now prefer to own their home than to rent even if it is within a rural community.
How do we know that your business is not fake?
Realtor Baruwa partners with reputable companies in Nigeria which are registered with the government. Eliminating the fears of buying properties with bad titles, litigations and other encumbrances. Right Properties is a consulting agency that connects the potential investors with these companies and financial transactions are between these two parties.
What tips do you have to first-time property buyers?
They should be on the lookout for two vital things. Which are location and the genuineness of the property they intend to purchase? Proper property search should be done to ascertain whether the property is owned by the seller and also if the title documents are not fake. In the case of investment property, they should investigate if the property has the potentials of value appreciation in a short time.
How much is the least one can have to buy a property?
It depends on the location. My farm area are all metropolitan areas ie areas with projected growth. Lands sell for as low as four hundred and fifty thousand naira(₦450, 000) in Sterling Courts located in Agboowa, Ikorodu, Lagos. In Ogun, Silverton Gardens Simawa sells for seven hundred thousand naira (₦700, 000).
Do you sell land in different states of Nigeria or you have some selected states?
My farm areas are Lagos, Ogun, Oyo, Ibadan, Abuja, Port-Harcourt, Calabar. I also sell for some real estate companies in Dubai. The likes of Azizi, Damac and Vincintoire. A farm area is where/ the location a realtor operates.
What do you stand to gain from being a real estate dealer?
Real estate is a very lucrative business in Nigeria. Everybody in the chain of distribution gets their own share of this wonderful investment vehicle. From the developers to the investors and also we the middlemen are not left out.
Apart from the area of revenues, incentives and emoluments, you also get to build your confidence. Honesty and Integrity are two important traits you must have as a real estate consultant, it will really make you thrive in the industry.
What are the risks that you take as a real estate dealer?
The risk associated with being a real estate dealer includes selling a property with encumbrance to an investor and this can be avoided by doing due diligence on that property which means ascertaining that the seller has the right to sell ie a rightful owner and also that the property has good title documents.
How do more than one person collaborate to buy a property?
This alternative way of asset financing is also referred to as joint venture or Syndication. A real estate joint venture(JV) is a deal between multiple parties to work together and compile resources to develop a real estate project. The key aspects that must be addressed before a JV agreement includes; the distribution of profits among the parties, capital contribution, management and control and also exit mechanism.
Why should people patronize Realtor Baruwa?
Realtor Baruwa delivers a world-class service in securing legitimate properties to potential investors and other interested individuals. I prioritize customer satisfaction and value delivery in all transactions.
Do you buy the land from Omo Onile?
Most of the properties I do market are owned by reputable real estate companies in Nigeria and not Omo Onile.
What problems have you encountered as a real estate dealer/consultant?
The major problem is potential investors, not having trust in you as a realtor. I won’t say it is their fault, probably they have been swindled before or heard stories of how people have been defrauded by unscrupulous real estate agents.
Thanks to the Nigerian government for promulgating laws that deals with any fraudulent land transactions and they are now stringent penalties for defaulters. That’s the main reason I market properties owned by real estate companies and if I want to sell for individuals, I would have done my due diligence.
Real estate education also is very low among potential investors as they disregard the investment opportunities in developing areas with the notions that these areas are not developed yet, waterlogged and have no prospects of development. I wrote an article on Land banking which has been an investment strategy most real estate billionaires around the world have been using.
How can students be involved in Real Estate?
Everybody wants something good, everybody wants real estate.
The main limiting factor is finance and it is more prominent among student as they don’t have a stable source of income that can finance a real estate investment.
Although, there are alternative options to finance the investment. The first one is syndication and it is an effective way for investors to pool their financial and intellectual resources to invest in properties than they could afford or manage on their own.
Real estate Wholesaling is another alternative option of financing. This is done by helping real estate companies market their properties to thier networks in exchange for a commission. The proceeds gotten from this will then be channelled into buying an investment property. A sales commission can either enable you the means to pay in instalments or outrightly depending on the volume of sales and property type.
What are the services you provide for prospective buyers that other realtors do not provide?
What sets me aside from other real estate consultants is that I take my time to align my client’s interest to an investment property. For example, a client might be interested in passive income over capital growth. I will advise this client to purchase a rental residential or commercial property rather than buying landed properties. I also provide and recommend educational materials to my clients to see them through a successful investment sojourn.
Do you accept cash or bank transfer for your transactions?
The financial transaction is done between the real estate company and the investor. And these companies have their banks accounts interested buyers pay into after filling the subscription form.
Have you committed any error that was hard to rectify since you started being a real estate dealer?
I will say no because as a professional you have to make smart decisions.
Not that I haven’t committed any error before, but not the ones that are hard to rectify.
What advice do you have to people with trust issues about real estate in Nigeria?
It is good to have trust issues with a venture you do not know much about.
That’s why I always advocate for real estate education. I do that a lot on my social media handles and website. It is hard to fall victim to fraudsters and other bad outcomes of real estate investment if one is well informed. Working with tested and trusted professionals can also mitigate the risk of loss of investment.
What should all prospective buyers consider before thinking of buying a property?
The first factor they should consider is the location. Location is very essential to every real estate investment because it is the factor that will determine whether your intended investment strategy will thrive or not. Let’s say you are planning to reside in a property with your family, you have to consider if the location has a good school district, recreational places, supermarkets and also of it is accessible.
Another factor to consider is the budget. Can they afford the investment property, if not do they have access to mortgage or other alternative financing options?
Have you ever had to deal with legal issues before?
No, I haven’t. Once you are doing your due diligence as a real estate consultant, there won’t be any legal issues. Even if it erupts, the verdict will be in your favour.
What advice do you have for finalist in tertiary institutions?
As final year students, they should all be thinking of their future and working towards being a 21st-century graduate. They should take an interest in developing vital soft skills, time management and interpersonal skills and also network with industry leaders.
What advice do you have for other students?
I started real estate consulting when I was in 300 level and I can say the skills and networks I have acquired have been helpful. They can also start very early so that by the time they graduate, they are valuable to the labour market. They can invest in Real Estate. If they don’t have access to personal financing, they can access the alternative financing option I talked about earlier. Syndication and real estate wholesaling.
What skills do you have that made it easy for you to manage your business effectively?
Content Marketing and Digital Marketing skills. These are vital skills every entrepreneur of the modern age most have. The world is online, your target market is online. How do you intend to reach them if you aren’t? Other skills I have include sales and prospecting skills.
What skills are you thinking of acquiring to improve your skills?
Basic financial skills like bookkeeping and also managerial skills.
Do you think every successful person needs to participate in politics?
No, we have people that are not in politics that are impacting the world with their philanthropic and innovative activities. So many foundations, academy and NGOs are coming up every day.
How can people acquire funds for their startup?
There are different methods to fund startups. If you can’t bootstrap, approach venture capitalist and angel investors. There are also many grants and funding opportunities online. Prepare your pitch deck and business plan and access those channels
What do you think is the greatest problem that entrepreneurs have?
I will say enabling environment. The business environment in Nigeria is not conducive for entrepreneurs. I will advise the government to pass bills that will create an enabling and conducive environment for entrepreneurs to thrive in.
Do you think every business must have a strong online presence?
Yes. The world is online and almost everybody has a smartphone.
You can reach your target market online either via organic reach or promoted campaigns.
What do you think the government needs to do to encourage more entrepreneurs in society?
Helping entrepreneurs start and thrive is a win-win situation for the government. Local businesses help support the tax base through businesses taxes and through the wages provided to employees. The possibility of workforce expansion and economic growth increases with more entrepreneurs in the country.
How can we contact you?
People can contact via phone /WhatsApp +2347087389600 and also via email – email@example.com, firstname.lastname@example.org
Website is realtorbaruwa.com.ng
You can also follow me on different social media platforms
LinkedIn – www.linkedin.com/in/baruwa-ibrahim-430289142
Facebook – www.facebook.com/ibrahim.baruwa.908
Instagram – www.instagram.com/realtorbaruwa or www.instagram.com/rightproperties_ng
YouTube – Subscribe to our channel ( Real estate demystified)
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