A realtor, Abraham Shodiya, has bemoaned activities of real estate companies collecting money from subscribers without allocating lands to them.
Speaking to journalists, Shodiya, urged realtors to be open in their business dealings with their customers.
Shodiya who is the founder of Way and Life Concepts Limited, however, advised subscribers to embark on background investigation on real estate companies before parting with their money.
He said, There is need to be open in every business. There are challenges and if they have challenges allocating to subscribers they should call for a gathering to address them on what has transpired and the solution and plan to make sure the mess is taken care of, but their not allocating lands to the people and becoming silent or run away is not the solution. Doing that is bringing setbacks to the real estate business.
“Before parting with your money with any real estate agent or developer make sure you do your search to know if the company is registered and is a member of a government registered association. Verifications need to be done when it comes to real estate investment,”he stated.
Talking about the Omo Onile syndrome, Shodiya spoke about the solution to the albatross to the job of real estate. He explained that with his more than a decade experience in the real estate industry, he has been able to not only mastered how to manage the ‘Omo Onile wahala’ but has also learnt how to relate with governments simply by recognising them as a player in the industry.
In his words, “In Nigeria real estate, ‘Omo Oniles’ are also players in the industry but we have to come into understanding with them and so far this has been helping as they don’t come to disturb our customers”.
Shodiya also explained that they have been able to attract new customers and maintain old ones giving people the opportunity to live the real life and being transparent with their customers and their prospective buyers by exposing the nitty-gritty of the business to them to gain their confidence and thereby improving the real estate portfolio of the investors.
On how they handle issues with governments, he expressed his appreciation to the governments of Lagos, Ogun, Osun and Oyo State for their cooperation and the wonderful relationship they’ve been able to establish, he said their is synergy with these governments as they have good relationship with the Way and Life Concepts Limited from their ministry of Lands to the house committee that oversees land issue in the States.
He, however, explained that his company is currently selling to subscribers housing projects in Ogun, Oyo and Osun.
“Way and Life Concepts Limited is currently having housing estate projects available for subscriptions in Shimawa Ogun State, Imota-Ikorodu, Atan-Ota, Ifo and Ibeju Lekki, with a plan to spread the company tentacles to Oyo and Osun State, Shodiya explained.”
He explained further that one of the easiest ways to acquire land and houses in pocket friendly style is how the company fashioned its instalment payment system while giving out heavy discounts to outright payers, he exposed that the company works closely with the clients to come up with a financial plan that will be suitable to both parties.
“We sit down with our customers and make payment plans that will not be difficult for them and us, we also help them build at affordable prices from the foundation level to D.P.C, from D.P.C level to roofing level, from roofing level to external finishings, internal finishings e.t.c. We do this to help our customers in becoming homeowners in the alternative to the cumbersome process of bank loans.
He also said in the case of any investor who dies in course of investment, before the proper handing over of the property to the family who is the next of kin, in his words
“All of our investors have a form with us. In the form there is a column for next of kin, this does not mean the property (s)/investment (s) will automatically be transferred to the next of kin but we will get some other details of the investor through the next of kin after which we shall request for an administrative letter from the concern people of the investor. This letter is supposed to be processed from the court of investment/investor’s jurisdiction. This will help us to do a proper investment handover.” He explained.
In dealing with fraudulent people parading themselves as realtors, Shodiya called for due diligence, according to him “You cannot lose totally in real estate investment especially if you have visited the said property site before or during the period of investment.
We presently have a private regulatory body and Association who will not cover any fraudulent Estate Company. To avoid the repeat of such, investors need to do their due diligence before parting with their money.”
Responding to issues with allocation, he explained that the company allocates in batches, he stated that “For any of our new projects, we allocate in batches of minimum of 50 to 100 allottees while any of our developing projects produces immediate allocation to individual buyers.
“We have had some cases where we had allocated to so many subscribers while they were still paying in instalments, some paid half of the property price, some paid 80 per cent and were allocated. We still plan to repeat such as we kick off our new projects in Simawa, Mowe, Atan-Ota and Ifo areas.” Adebayo revealed.
Our role is to set up every possible means that will make real estate investment convenient for our prospective customers while the role of our customers and prospects is to be up to date in their payment structure as no business will thrive without exchange of money and consistent activities, Shodiya concluded.
