Govt Bureaucracy, Threat To Real Estate Development In Nigeria – Nwaora

Tell us about yourself and how you started off in real estate business?

My name is Tochukwu Fabian Nwaora. I am a 29-year-old entrepreneur and a changemaker from Nnewi Anambra State Nigeria.

I am a Business Management Professional and a marketing expert with over 7 years of experience in real estate development and hospitality management.

I am the Chief Executive Officer at Gianni Capital LLC. I am also an Executive Director at EFAB Properties, First Generation Mortgage Bank, Top Rank h otel chain and EFAB Petroleum.

My love affair with real estate started while I was still in the university, where I was opportune to have accommodation in both on and off campus. I started off with subletting my accommodation that was situated off campus because I was hardly ever there and I ended up earning some real cash over time. It was during that period that I realized the enormous potential that lies in real estate. My academic journey and the fact that my family is well into the real estate business made my journey into the world of real estate a smooth one.

What has been your favorite selling experience?

My favorite selling experience so far is the Rent-to-own housing scheme developed by First Generation Mortgage bank where I am a director. This housing scheme is the first single long term housing scheme ever in Nigeria. The reason why this is my favorite selling experience is that trough this scheme, we rent/sell houses whilst still supplementing the efforts of the government in curbing the housing deficit in Nigeria and thus creating huge social impact in the community where our business is situated.

As the founder and C.E.O of Gianni Capital, How would you rate your impact on the Real estate business in Abuja?

As the Ultra-luxury arm of EFAB Properties, Gianni Capital is carving a niche for itself with a focus on developing properties with state-of-the-art architecture and facilities. Our continuous improvement strategy will ensure that our competitors are kept on their toes as they try to match our standards.

Just to let you in, these are some of our ongoing and already executed projects.

Gianni Capital Residences 1 – Asokoro Main

– 4 Units of 7 Bedrooms Smart home w/ elevator & swimming Pool selling @ $1.1M Per Units = $4.4M Total

Gianni Capital Residences 2 – Asokoro Main

{Under Construction, Finished Q4 2023}

– 10 Units of 7 Bedrooms w/ Cinema, elevator & clubhouse w/ Heated Swimming Pool & salon & other amenities selling @ $1.5M Per Unit = $15M

Gianni Capital Residences 3 – Asokoro Main

{Under Construction, Finished Q4 2023}

– 8 Units of 6 Bedrooms w/ Cinema, elevator & Swimming Pool selling @ $1.4 Per Unit = $11.2M Total = $30.6M

What is your favourite part of working in real estate?

To be honest, I enjoy all aspects of real estate equally as I am well involved in all aspects. From the pre-development stage to the construction stage. from the post development stage to the selling/marketing stage.

Why should one be hired as an estate agent/broker

I think the justification for hiring a real estate agent/broker depends on the needs and goals of the seller or buyer as the case may be. Real estate agents/brokers are adept at navigating the real estate market better than anyone else. They usually have extensive market knowledge, professional networks, negotiating skills, and can save time and energy. For instance, a seller/buyer that needs to buy/sell a particular number of units within a short time line and at a set price would most likely need an estate agent because of the skills that I have mentioned.

Also, for well-structured real estate organizations, the recruitment of estate agents plays an important role in ensuring that the objective of the organizations is achieved.

How do you manage in and out of office tasks?

The nature of the job at Gianni Capital is project based. By implication, our entire system of working is centered around robust and realistic project plans for real estate projects that we undertake. So with an effective project and administrative management system, we can ensure that at any point in time, the tasks performed are in line with the goals of the project.

What type of technology do you use to improve your selling and showing process?

The internet Obviously. Through adverts on various social media platforms, Gianni is reaching a wider market for potential buyers of the real estate properties that we develop.

What qualities do you believe make up an effective real estate professional?

In my opinion, to be an effective realtor, you need to be able to pay attention to details, you need to be very resourceful, you also need to be very knowledgeable and finally, you need to be an excellent negotiator.

What qualities make you a better real estate agent?

I am actually a real estate developer but anyways, I have acted as an agent a few times. So I would say in addition to the qualities I mentioned earlier, I think my biggest quality is the fact that I have tremendous foresight that enables me identify potential real estate opportunities.

What is the way forward for real estate practitioners in Nigeria and how can the government get involved?

I think the way forward for real estate players in Nigeria is the full adoption and/or inclusion of technology in real estate development. The government has a role to play here as it has to find a long-lasting solution to the epileptic power situation in Nigeria which is a barrier to the full utilization of technology in real estate development in Nigeria. Also, the overly bureaucratic nature of governance in Nigeria is an obvious treat to the development of the real estate sector in Nigeria. In Nigeria, getting the necessary documents and documentation for real estate investment and/or development is quite challenging. That has to be fixed before we can even talk about fully utilizing technology in the Nigerian real estate industry.