Sad Reality of Lagos and Real Estate Hustlers.
I don't want to say "It's a Nigerian Thing."
But this hustler's mentality is not getting us anywhere. I have never seen anyone become rich with "jama-jama" as Yoruba's will say; meaning doing anything just to make money.
Few days ago, I got a call from a mentee that a realtor-friend has a "very serious" client who needs a 1,000 sqm waterfront land in Banana Island and would love to inspect the property that same day.
I was reluctant; but I wanted to support. I headed to the various property listing sites and started making calls. After about ten calls, I got two people who responded positive..
Scene 1: We fixed appointment for 12pm, the so called client arrived after 3pm. But the client has now metamorphosed into three agents. Interestingly, the agent who is supposed to take us to the property got angry and left, so we fixed another day.
Also, they changed their request. Now, they want a 4,500sqm.
Scene 2: I stopped talking to the first agent after he requested N60k/$85 to come back for the inspection. I got another agent and we sent letter of intent as requested. Then, he started postponing inspection dates. I discovered a foul play and bounced.
Scene 3: It's inspection day. The so-called clients arrived in two cars with ten people. I knew something was wrong. We got to the property only to discover that the buyer's lawyer has met with the seller's mandate earlier but didn't agree on the price.
Fight almost broke out after the buyer's lawyer requested to start dealing directly with the seller's mandate. I was dumbstruck.
When I saw the lies, desperation, anger and greed among the chain of agents- young and old, I left.
Firstly, why is the buyer's lawyer carrying over agents from one mandate to the other? If you met with an agent who didn't give you what you want, cut them out and move on.
Secondly, Nigerian agents need to be cultured. The Lagos State Real Estate Regulatory Authority (LASRERA) and Real Estate Developers Association of Nigeria (REDAN) need to enforce realtors' licensing, having passed through industry-standard trainings and acculturation.
Thirdly, clients and client's attorney should endeavor to deal directly with an agent with direct access to the seller or the seller's attorney; not a chain of agents.
Lastly, if you're a budding realtor, please don't be another riff raff realtor. It's not every deal you must be a part of. It's not every property you must sell. Don't be too desperate to be ethical. Let's do things differently.
I believe the Nigerian real estate sector can drive the growth of several sectors like Agriculture, Energy, Tourism, Health, Education, among others. But that won't happen with uncouth realtors.
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By: Opeyemi Adesina