You are welcome to another episode of our real estate tour on your favorite real estate platform LASGIDI REAL-TOUR. Today, we will be looking at HOW TO GET YOUR FINANCES READY FOR BUYING YOUR FIRST HOME.
Buying your first home is one of the most exciting milestones in your life. You get to own something tangible and are no longer indebted to landlords. But getting financially ready for this big step can be financially stressful. Follow the guide below on how to get your finances ready for buying your first home.
GET A STEADY SOURCE OF INCOME
One of the first steps towards buying your first home should be establishing a source of income you can rely on each month. You can’t really buy a house without money! Knowing exactly how much you make from every paycheck can help you make a solid financial plan for your house.
If you currently run your own business or work for someone that doesn’t mean you will never own property. But having the same level of income coming into your bank account each month sure makes it easier to plan your finances. When you have varying sizes of paychecks, you might not be able to make your mortgage payments or save up for your down payment as quickly as you thought.
2. CONSIDER WHAT YOU CAN AFFORD
Once you have a steady stream of income, adjust your budget with buying a new home in mind. At first, figure out how much you can put towards your down payment and how long it will take to save that. You should also calculate to see if you’ll be able to afford your mortgage without having to survive on ramen for the next decade.
When buying your first home, you also need to consider where you want to live. This can really affect your financial plan! You’ll be putting a lot of money (and probably years of your life) into this house, so you want to make sure it’s both a good fit for you.
You should also think about how much house you really want and need. Perhaps you’re planning to start a family so you need multiple bedrooms. Or you want a big yard for your dogs to play in. Make a list of “want” and “need” features for your first house, then start shopping.
If just fulfilling all of your “needs” is out of your price range, it’s time to consider a different neighborhood. Figure out which is more important to you, location or extra features of the house, and use that information as your guide as you house hunt.
3. START SAVING!
Now that you’ve decided on the type of house you want to buy, it’s time to start saving for that down payment. It’s easy to feel impatient at this point in the home-buying process, but chill out. Even if you make good money, saving up that much can take a few years. To make it go faster, try budgeting out things you don’t really need like that daily Starbucks or expensive vacation.
n addition to the down payment, it’s also a good idea to start an emergency fund. This should include enough money for living expenses for a few months. When you’re paying a mortgage, money can be tight, so having a little extra in case you can’t work for some reason will make you feel much more at ease. This is especially smart to have if you plan on buying your first home in a new city where you don’t yet have a job.
4. IMPROVE YOUR CREDIT RATING
Having a good credit score is important for a lot of reasons, but buying a home is one of the biggest. Having good credit tells mortgage lenders that you aren’t a risky client and that you will make your payments on time. If you have a bad credit though, you’re less likely to get approved for the loan. And unless you can pay for your house in cash, that’s a big problem!
One way to boost your credit is to fix any bad habits you currently have. If you are the type of person who is always a few days late with loan payments or always goes over your credit card limit, you have to stop if you are serious about buying a home.
Buying your first home is a major milestone! That’s why it’s not to be taken lightly. It might seem like an overwhelming process, but never fear! With the few simple steps, I’ve outlined above, finding your dream house won’t make you want to tear your hair out.
Do you need help getting started with buying your first home, you can reach out to us, We also help you with getting mortgage and we have properties with flexible payment plan as well as a property you can move into and balance the payment over 7-8 years.
Renting a property can be somehow tedious, time and energy consuming but nevertheless one still need a place to call home, somewhere to come and relax after the long day at work. Finding this home may be a little challenging sometimes due to the fact that it might be hard to get your taste.
We have made that less stressful for you by identifying the mistakes you should avoid when making that search for a home you want to rent.
Read them below:
Let’s say you’ve found your dream place (A home you fall in love with) and checks all the right boxes for your dream property. But while it may be tempting to sign above the dotted line right away, you should look at the logistics, the accessibility of the property. What good is your dream property if you can’t reach it? You shouldn’t have to ask yourself how to get there, but rather how fast you can get there. Some houses might be your taste and appealing to you but if it’s not easily accessible for you, you shouldn’t go ahead and get the house.
Long waiting times in traffic can add to stress and end up wasting precious time in your day. Not to mention if you’re a vehicle owner, you would have to factor in money for fuel as well.
2. PRE EXISTING DAMAGE
Moving into a new property, everything is expected to be new and exciting, except maybe for those cracks on the wall or some creaky floorboards. Inspect and document all these tiny imperfections when you move in, as you may be held liable for them later on. Before signing that lease agreement, tour the property with the landlord or the assigned agent and take note of any damages. You don’t have to take responsibility for what you didn’t create. If the house is badly damage even if it ticks all the right boxes for you, you shouldn’t go ahead and pay for it because doing so means you will spend most of your time or money on repair. Therefore, check for all pre existing damages on the property and ask for it to be fixed before you go ahead and rent the property.
3. INTERNET CONNECTION
Irrespective of your budget, you might have to make some compromises when renting a house as you might not find a home which matches all your criteria except the one you build for yourself. But don’t let part of that compromise be poor internet connection as it may turn out into a huge problem. Whether it’s for texts, business calls or internet via a 4G LTE connection, a good cell phone signal is key to living in the 21st century. So, ensure that the internet connection is very stable before going ahead to rent the property.
4. READ AND UNDERSTAND THE TERMS AND CONDITIONS STATED IN THE LEASE AGREEMENT DOCUMENT
After thorough inspection on the property, And the result is the same: the property is perfect. All that’s left to do is sign. But be warned before you go ahead and ink that paper, a lease is a legal contract that binds you to what it says–so make sure you fully understand it, down to the fine print. It also helps to know your basic lease laws to be aware of your leasing rights. For Instance, some houses doesn’t want a pet and some landlords always specify the categories of people they want in their property, don’t because of the fact the property fits into what you are looking for, then go ahead and ignore the rules earlier stated, an Example is lying that you are married when indeed you are single. This should not be the case, With patience and thorough search, you can find a property that matches your criteria.
I hope you have learnt one new thing or the other and that this will help you when you are searching for that your dream home to rent. Thank you for taking your time to read, Do you need a property to rent or buy in Lagos and other part of Nigeria, You can reach us through 09053336333 | 08023343540 | 08100008964.
You are welcome to another episode of our real estate tour on your favorite real estate platform LASGIDI REAL-TOUR. Today, we will be looking at the importance of location when making a real estate investment, Location plays a major role in real estate investment, To ensure a maximum return on your real estate investment, you need to ensure that you are investing in the right property in the right location. This is the reason why you need the service of a competent real estate consultant who have the knowledge of the area you are making an investment in. Sit back and relax and read through the reasons why location is important in Real Estate Investment.
You can buy the right home in the wrong location. You can change the structure, remodel it or alter the home’s layout but, ordinarily, you cannot move it. It’s attached to the land. The best locations are those in prime spots such as:
1.)INVEST IN PROPERTIES WITHIN TOP-RATED SCHOOL DISTRICTS
When buying a property for investment purpose, it is imperative that you take into cognizance schools around the area. Home buyers with children are concerned about their children’s education and often will pay more for a home that is located in a highly desirable school district.
2.) INVEST IN PROPERTIES CLOSE TO OUTDOOR RECREATION AND NATURE
Homes abutting the ocean, rivers, lakes or parks will hold their value because of the location, providing they are not in the path of a possible natural hazard. People want to be near water or visually appealing settings. People will also invest more in areas surrounded by Nightclubs, Children playgound, hangouts spots, beaches and more.
3.) HOMES WITH VIEW
Many homes sell quickly and for top prices because they provide sweeping panoramic views of the city at night, but even a small glimpse of the ocean out one window is enough to substantiate a good location. Other sought-after views include mountains, greenbelts or golf courses.
4.) NEAR ENTERTAINMENT AND SHOPPING
In many cities, you will find that homes located within walking distance of movie theatres, restaurants and boutiques are more expensive than those located further outside of town. Many people would rather not drive if they can walk to nightlife. It is important to ensure your home is close to the central market area, restaurants, cinemas, boutiques and so many other entertainment spots.
5.) IN CONFORMING AREAS
There is a popular saying that the riches associate with the rich. People tend to gravitate toward others who share similar values and their homes reflect it. People will like to buy homes in an area with top notch houses rather than a setting that looks more like a slum with unconforming houses. Home buyers mostly prefer to be surrounded by similar types of properties in age and construction, where people just like them reside.
6.) IN ECONPMICALLY STABLE NEIGHBOURHOOD
Neighbourhoods that stood the test of time and weathered economic downfalls are more likely to attract buyers who want to maintain value in their homes. These are people who expect pride of ownership to be evident. That’s why houses are more expensive around Lekki, Ajah, Victoria Island due to the stability in the neighbouhood, the riches live around these areas, you will always find a buyer for your homes in these axis.
7.) NEAR PUBLIC TRANSPORTATION, HEALTH CARE AND JOBS
Most people do not want to endure long commutes to work, the doctor’s office nor the airport. They prefer to be located close to emergency services and conveniences, so naturally homes in locations that shorten travel time are more desirable.
I believe you have been able to learn one or two things from this topic today. If you are thinking of making a real estate investment and you are not sure about what location is the right choice for you. You need not to worry, we know Lagos and most other states in Nigeria, we are here to make sure you make the right real estate investment decision. We have properties in prime locations such as Abuja, Lagos, Ogun, Oyo, Osun< Imo state and more. Take a look at the list of our properties (Lands and houses) available for sale on the property section of this website. Until another time, when i will be coming your way with another topic on your favorite real estate platform, stay safe and call on us for your real estate investment. I am Ajani Dhikrullah Ololade.
Good day our esteemed clients, followers, prospects, landlords and tenants. I’m here again this lovely day to take you through another important topic on your favorite real estate platform, Lasgidi REAL-TOUR. Like always, we educate you on important things you need to know about real estate. Today, i will be focusing on Landlord and Tenant. I will be taking you through TENANCY AGREEMENTS FOR LANDLORDS AND TENANTS, Many of us might be familiar with tenancy agreement, nevertheless, for the sake of some of us who doesn’t know what tenancy agreement is all about, this article will tell you the important things you need to know about tenancy agreement.
WHAT IS A TENANCY AGREEMENT
A Tenancy Agreement is a contract between a Landlord and the Tenant which sets out the rights and obligations of both the Landlord and the Tenant when renting property.
A Tenancy Agreement is not mandatory, and the fact that a tenancy agreement does not exist in a tenancy relationship does not mean that the Landlord and Tenant have no rights in the tenancy. Both the Landlord and Tenant have something called implied rights in all Tenancy relationships whether or not a Tenancy Agreement exists. However, a Tenancy Agreement is important because it provides further protection for both the Landlord and Tenant, and it expands on the implied rights.
If you are a Landlord about to rent out your property, or if you are a Tenant about to rent a property, it is advisable that you insist that there is a Tenancy Agreement as this will let you know what rights you have and what rights you don’t have.
2. WHO CREATES THE TENANCY AGREEMENT?
In Nigeria, the Tenancy Agreement is in most cases created by the Landlord or their lawyer. As the Landlord is the owner of the property, he/she set the terms on which they want to rent their property and present this to the Tenant.
3. RIGHTS OF THE TENANTS
Tenancy Agreement being a contract between two parties – the Landlord and the Tenant, the Tenant has the right to review the terms of the Tenancy Agreement to determine whether or not the Agreement protects his/her interests. Most Tenancy Agreements are straightforward and easy to understand; however, it is advisable where possible to get a lawyer to review the terms and advise on how they affect the Tenant’s current and future rights. If there is a part of the agreement the tenant is not satisfied or pleased with, He has the right to propose to the Landlord or his representative what he feels in his own interest is best for him and the landlord in return will look into it and if deemed worthy of acceptance, both parties agree to it.
4. THE CONTENT OF A TENANCY AGREEMENT
As a Landlord or a Tenant, you need to ensure that your Tenancy Agreement includes the following terms and information at a minimum:
The names and addresses of the Landlord and the Tenant
The address of the property
The start date and end date of the tenancy
The rental amount
Other applicable amounts including – legal fees, agency fees, security deposits, service charges/fees etc as applicable
The obligations of both the Landlord and the Tenant
An outline of bills the Tenant is responsible for
The above list is not exhaustive and in fact there are more terms that are frequently included in well-drafted Tenancy Agreements. Before renting a property, it is important that a well-drafted Tenancy Agreement is signed by both parties as it is the most important document in the tenancy relationship.
5. WHERE TO GET A TENANCY AGREEMENT
Whether you are a landlord or the agent of a landlord interested in renting our your property. It is important that you create a tenancy agreement before renting out the property. The tenancy agreement can be obtained by consulting a proven real estate lawyer or a competent real estate agent to prepare the tenancy agreement.
I hope you have been able to learn one or two new things you haven’t heard about tenancy agreement. As a tenant renting a property, look into the tenancy agreement and ensure the terms and conditions are clearly spelt out, consult a lawyer if needs be for any terms you might find hard to understand in order to avoid future dispute with the landlord. Until another time when I will be taking you through another important topic, I remain Ajani Dhikrullah Ololade, Your anchor on this platform. Do have a great time and remember to always stay safe.
Hello and welcome to another edition of our blogpost. Trust you are making the best use of the current period and that you are following the laid down guidelines on covid19 by staying at home, wearing a facemask, keeping social distance and using hand sanitizer. We do care about you a lot. If you have been following our previous blog posts. You will definitely know we always dish out the best real estate information on this blog. Today we will not disappoint, we have a very important topic we are taking you through today and this is very important if you are a first time home buyer or you have been buying properties and not taking the right steps. After reading this post, I’m very certain you will find one or two new things you haven’t learn. Now, sit back and relax, take your learning materials or better still get your popcorn and drinks ready and let’s go to the topic “STEPS TO TAKE BEFORE BUYING A PROPERTY IN NIGERIA”
Decide On a Budget and Location
If you are a first time homebuyer or an existing home buyer, the first step to take when you want to buy a home is to decide on the budget and location as these two factors plays an important role. In many scenarios, The location often determines the price of a property, factors such as existing projects, neighbourhood, landmarks and the development of the area plays major role in the price of a property hence the reason why it is important to decide on a budget and location. While deciding on a budget, you have to consider the location, it’s very important you put the two into consideration.
2. Hire a competent realtor or real estate agent
After deciding on what budget and location you are purchasing the property. The next step to take is for you to employ a competent and reliable real estate broker or agent to help you in your home search. The reason why you need a competent realtor is due to the fact that they have all the necessary connections and know which home is the best for you to buy. They help you find a home you will fall in love with and without any form of conflict or dispute ensuring after the purchase of the property. Home searching may be a little daunting a task for you to embark on, trust me it’s not easy as it seems, it takes a lot of walk up and down, a lot of time and might be energy consuming, that’s why you need a competent realtor to help you ease the stress and save you the energy.
3. Searching for the property
After employing the services of a competent real estate broker, trust him or her with helping you finding the perfect home for you based on the given budget and location.
4. Investigate the Property / Seller
This is a very important part, after finding the suitable property to be purchased, the next step is to do a thorough background check on the property, Know the title it carry, know who the owner is, find out if there is dispute on the house and ensure the property has not been used as a collateral for a loan or willed out to the relatives. In this case, it is essential you involve your lawyer who will assist you in checking the documents on the property and ensure they are genuine and that the property is safe for purchase. The lawyer will conduct the relevant searches and examine the appropriate documentation to ensure that the property is free from any encumbrance or pending litigation, that the property is not the subject of any Government acquisition, and that the property is not subject to any overriding interests.
After proper document search and acceptance of all terms and conditions by the two parties, the next step is negotiation. Your lawyer will be very instrumental here as well, as the lawyer will also be able to give you a solid indication of what future liabilities will exist for you (stamp duty fees, other government fees), so you can factor that in when making an offer. It is also a good idea to have an independent valuation of the property carried out in order to have a guide regarding the value of the property and whether the amount being negotiated represents fair market value of the property.
After the buyer is satisfied with all the terms and condition during the negotiation phase and If the negotiation goes well and the offer is accepted, then the buyer’s lawyer (and the seller’s lawyer) can move to the stage of drafting and negotiating all the completion documents. The document may include the contract of sale, the receipt, and the Deed of Assignment. The lawyers will deal with this, and ensure that the interests of both parties are addressed.
7. Exchange and possession of the property
At this stage, the property transfer process is gathering pace, the buyer and the seller have signed and exchanged contracts, and the buyer is now in possession of all the original title documents and transfer documents. The purchase price of the property has also been made at this stage. Once all that is complete, the buyer becomes the owner of the property and can take possession.
I hope you have learnt one or two things from this topic. If you are first time home buyer or an existing homebuyer and you haven’t been following the steps stated above in your property acquisition, now is the right time for you to do it the right way. Do you require a competent real estate broker to help you in your home purchase search or to sell your home, Kindly contact Lasgidi Realtors Limited and trust us with your real estate concerns. Until next time when i will be taking you through an exciting topic on this Real estate tours, Remain Safe and do ensure you are taking the necessary precaution to prevent the spread of Covid19.
Hello and welcome to another edition of our blogpost. I hope you and your family are keeping safe this period, if there is no cause for you to go out, please stay at home and if you have to go out, please follow the covid19 guidelines and put on your facemask, keep hand sanitizer with you at all times.
You know we care about you and want to see you safe at all times. Now let’s go to the major topic of the day, as you know we are in the rainy season, it is imperative for us to protect our home from flood. Although, rainy season brings the pleasant weather with it. You will feel a fantastic attachment with nature when you witness the raindrops touching the dry surface longing for it. The smell of fresh rain will transport you to a whole new world. However, as you know, everything has two sides. Heavy rain can cause severe damage to your building. Roof and walls are the most affected areas because of their direct exposure to water. All the more, damp air can cause massive damage to your accessories and furniture as well. It’s a smart move to buy home in the rainy and gloomy weather to avoid paying a bomb on repairs. Our home has a special place in our hearts. We take special care of everything that makes our home beautiful, be it wall hangings or antique pieces.
Here are the 10 tips that will protect and help you take care of your house during the rainy season.
1. Pre-examination Study your house correctly before the onset of the rainy season. Also, get the cracks and damaged tiles repaired to avoid seepage.
2. Check for Leakages Examine the roof and terrace to see if there is any leakage or crack. If you find any crack, act immediately and apply a waterproof coating on it. To ensure smooth drainage of rainwater from the roof, clean the rainwater pipes every once in a while. Moreover, you can also call a plumber to replace rusted or broken drain pipes.
3. Paint to prepare The walls of the house need to be painted in the right manner and with the right paint type. All exterior painting work should be finished before the advent of the rainy season. Also, choosing the right paint plays a crucial role. External paint not only prevents the rainwater from seeping through the walls but also protects the wall from extreme downpours. It’s advisable to use a waterproof paint along with water sealant to add a protective layer on concrete walls.
4. Doors and windows To avoid rusting and prevent rainwater from seeping through metal-framed doors and windows, you should repaint them with good quality paint. Also, wooden doors and windows swell up during the raining season if they are not fixed properly.
5. Electric connections Call an electrician to get all electrical connections checked. Also, get the external electronic switches checked to see if they are exposed to rain. Cover those connections and switches to avoid the chances of electric shock or short-circuit. Also, repair all damaged electrical cords to ensure a safer environment at home during rainy season.
6. Ventilators Install ventilation to ensure a humidity-free healthy environment at home. Ventilators help in curbing dampness in high humid areas of your house during rainy season.
7. Insect prevention
Keep an eye on insects, flies and ants to avoid falling sick during rains. Termites and ants can damage your furniture and other expensive wooden pieces. You can adhere to natural ways to get rid of them or call a professional for help.
8. Furniture care Furniture, wooden doors and windows, cupboards, drawers, and other wood finishes can get musty or damaged due to fungus or termite infest. Use camphor balls, neem leaves, or cloves to protect clothes and other valuable items from dampness. Make sure to keep your house clean throughout the wet season.
9. Drainage Get the drainages cleaned in regular intervals to avoid any blocks or overflows and for protection against mosquitoes.
10. Moist free interiors Replace all heavy summer drapes with lacy translucent curtains to get as much sunlight as you can. Humid and wet ambiance not only create foul odor but also damage wall hangings and furniture. So ensure your home get as much sunlight as possible during rainy season.
That is where we will be putting a pause on this exciting topic. I believe you have learnt one or two things on how to keep your home safe during the rainy season. Till another time when I will be taking you through another excellent topic on our blogpost, please stay safe and stay protected. We care about you and your family.
The Lagos State Real Estate Regulatory Authority, LASRERA, on Thursday June 11 formally launched a website and registration database for real estate practitioners in Lagos State as part of efforts to checkmate the activities of fraudsters in the sector.
Speaking during the launch of the website: www.lasrera.com at the Bagauda Kaltho Press Centre, Alausa, Ikeja, the Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka said the website became imperative so as to create, capture and update a Unified Central Database of Real Estate Practitioners and their activities within the State.
She said, “We are well aware of the trend of fraudulent practices of some Real Estate Agents and Property Developers; this is reflected in the complaints received by the Agency in recent times from residents who had fallen victims to fake Real Estate Practitioners and Property Developers while seeking for accommodation, purchase or sale of property, hence the need to have a comprehensive database that can be used to curb these fraudulent practices in the sector”.
Benson-Awoyinka emphasised the vital need to sanitise the industry because Lagos is the commercial and economic nerve centre of Nigeria and Africa with lots of investments opportunities, adding that the State Government had also worked tirelessly over the years to curb the increasing fraudulent practices in the Real Estate sector.
The Special Adviser noted that the public presentation will assist in creating awareness and also educate residents of the State on the importance of patronising registered Real Estate Practitioners and Property Developers.
Speaking on the change of name from Lagos State Real Estate Transaction Department to Lagos State Real Estate Regulatory Authority (LASRERA), she stated that the administration of Governor Babajide Olusola Sanwo-Olu, in a bid to transform Lagos into a 21st Century Economy as enshrined in the T.H.E.M.E.S Agenda, approved the transition of the Department to an Agency on 7th February 2020.
According to her, part of the mandate of the new office includes the preparation of rules and regulations for the practice of Estate Agency and other connected matters in the State; identification of persons eligible to be licensed as Estate Agents and Renewal of Annual Licenses; Sanction of unlicensed Estate Agency Practitioners in the State, as well as the investigation of complaints and petitions against Licensed Estate Agency Practitioners, amongst others.
Benson-Awoyinka reiterated that the event complements the Smart City initiative of the present government, where service delivery will be technology-driven and readily available to the masses.
“We remain committed to providing an enabling environment and transparent Real Estate sector conforming to international best practices while safeguarding the ultimate interest of all the stakeholders. As a government, we have provided the creation of an innovative and sustainable environment to promote Lagos as a Real Investment destination in Africa and the World”, she said.
The Special Adviser averred that the website www.lasrera.com houses a brief history of the agency’s initiatives, aims and objectives, commitment to the people, a complaint section and a registration portal which allows practitioners to upload documents, stressing that the Agency also has social media handles for effective management and communication amongst the stakeholders.
These days, real estate is considered to be one of the most profitable and growing businesses. In the Nigeria of today, you can make a lot of money by starting a real estate business, whether as a real estate agent or as an investor.
Starting your own real estate business is a good carrier option that comes with a lot of difficulties and challenges. The market is a well established one with tough competition from numerous new and established players. However, do not be intimidated by the competition rather focus on building a unique brand that stands out amongst the rest.
What is Real Estate? Real estate is a property (consisting of land or buildings) or a huge collection of properties. On the other side, real estate business is the process of buying, selling or renting a property, building, home or land. Real estate agents assist homeowners, businesses and investors buy and sell all four types of properties.
The real estate business can be divided into further parts like loan servicing, residential and commercial properties etc. Examples of residential real estate include undeveloped land, houses, condominiums, and townhouses; examples of commercial real estate are office buildings, warehouses, and retail store buildings; and examples of industrial real estate include factories, mines, and farms.
Real Estate in Nigeria Real estate in Nigeria is serious business. As a matter of fact, one of the longest-standing industry in Nigeria is the real estate industry. The industry has become a gold mine over the years, and many smart entrepreneurs have tapped into it and are making tons of profit.
Nigerians are always in need of residential apartments, office building, and commercial outlets. They look to either buy or rent buildings and structures of their choice, and they sometimes need to consult real estate agent or expert before making their choices.
This explains why the real estate industry abounds with business opportunities and has been ranked as the 5th largest contributor to the GDP of Africa’s largest economy.
How to start a Real Estate Business? However, In order to be successful in this industry, one should have good knowledge and information in this field. This basic guide will equip you with the knowledge and information you need to acquire to start your own very successful real estate business in Nigeria.
If you think becoming a real estate agent seems like a good idea, you’re not alone.
Realtors enjoy flexible hours, the opportunity to be self-employed, a network of interesting people, and of course, the money. But how did all these people become agents? The fact is that most people who work in residential sales were in some other profession first.
Success as a Realtor is determined by your personality. It doesn’t matter who you know. Your age doesn’t matter. Neither does your education. What does matter is that you are an optimistic, can-do type of person — someone who is caring and interested in others. Successful real estate agents enjoy working with people and are great problem solvers.
In day-to-day practice, there are three functions that real estate agents perform: representing buyers, representing sellers, and building their business. And it’s easy to get started, no matter what you are doing now.
So how does someone currently in another profession switch to a real estate career?
Follow these steps and you’ll be well on your way.
Decide to Go Professional.
First, you’ll need to get a real estate professional training , which will require a certain amount of courses. The courses are mostly related to ethics, product knowledge, Sales/ Marketing , Legal documents, Digital Marketing and other consumer protections etc. Many online courses are available and also from reputable institutions but you can take live courses if you prefer.
Choose a brokerage
A real estate brokerage is a company that is set up to help facilitate the business brought in by their real estate agents.
A brokerage will provide:
A brand to be affiliated with A managing broker who can help guide your career Some tools and light training Business cards Website Signage A desk A contract to use
Legally register the business If you really want to make this business to the highest level possible, then you have to legalize its existence by registering the business with the Corporate Affairs Commission (CAC). Registering as a Business Name with CAC is enough at this stage if you can’t afford to register it as a Limited Liability Company (LLC).
Also, watch out for the rules and regulations guiding professional real estate bodies in Nigeria to ensure that you are not operating against the law. Some of the popular real estate professional institutions to watch out for include; Association of Estate Agents in Nigeria (AEAN), Real Estate Developers Association of Nigeria (REDAN) and Nigerian Institution of Estate Surveyors and Valuers (NIESV).
Find a path to get training
Many agents are surprised to learn that their real estate certification does not prepare them to do the daily work of a real estate agent. In residential real estate there are many moving parts, from finding customers to closing deals. Real estate agents need to find a mentor, coach or some other form of training in order to be successful. “New agents have to learn a lot of information quickly.
Create a business plan
A real estate agent is essentially an entrepreneur. Although it’s tempting to skip business planning, or think about it without writing it down, most successful agents say that writing out a business plan helped them out tremendously. You can download a template to create your business plan.
Build your business using your contacts
As a new agent, most of your initial contacts will be family or friends. For most agents, getting the word out is the best way to use your contacts to build your business. First you create a list of your all contacts and put them together in a database. Then, send out an announcement about your new career and ask your closest people to help share the news. Put out information through your social media, start networking and soon you’ll have people interested in talking to you about representing them!
Develop your professional image
Real estate is an image-based business, and clients make a quick judgment call on whether or not you’re in contention for hire. Your image, which can influence your career more than any other factor, is conveyed by the way that you dress, the way you speak, the way you respond to others, and the way that others speak about you. You should hire a professional photographer and a professional writer to take your headshot and write your bio, which will be shared on your website, through social media and in marketing materials. Don’t be afraid to put your creativity to work!
Be ready to meet your first client
Seventy percent of real estate customers only interview one agent to sell their home! Leads may come from many places — for example, an office call, a referral, or from someone you already know. Always be prepared to handle the first contact with any client.
The timing of your response and the professionalism of your note or phone call will set the tone for the future. Potential clients are deciding whether to hire you when they first reach out. Remember:
Establish your credibility in every conversation. Give a prompt reply. Demonstrate your reliability by responding in a timely fashion — 5-to-10-minute response times are best. Avoid slang, jokes, emoticons or misspellings in emails, texts and any other written correspondence. Once you get your first client, you are on your way to a career that can bring you joy and success for many years!
Question of the day
What did you learn from today’s topic and are there some steps you are not yet doing?
Thanks for your attention and Do have a Happy Democracy Day.
Hello our esteemed Clients, followers and family, I am Ajani Dhikrullah Ololade, your beloved facilitator of this blogpost, I do sure you are well accustomed and familiar with some land documents in Nigeria if not all. Well, I’m here to take you through the important land documents you should know if you are a first time land buyer or an existing land buyer. Most land buyers don’t really pay attention to these documents as what many people know is Certificate of Occupancy (C of O). Many people believe that’s the only land documents associated with land. Apart from the C of O there other vital land documents you must ask for before you buy any land. For example many people make this mistake when they buy land and won’t ask for a Deed of Assignment forgetting that this land document is one of the important land documents you must have when buying land because without this it means that there was no transaction at all, no prof to show you are now the new owner of the land. Now let me take you through these important documents and also explain to you what each and every one of them means.
This is the land document that shows the boundary measurements of a parcel of land to give an accurate measurement and description of that land.
Surveyors are the people who handle survey issues and they are being regulated by the office of the Surveyor General of the state where the land is located. A Survey Plan is a very important land document you must ask for whenever you are trying to buy a land.
In fact it is the most important because it is with this document that you will be able to know everything about the land.
It is with a Survey Plan that you will be able to do a search to know if the land you are planning to buy is free or not. My advice whenever you are negotiating for a land you want to buy is to first ask for the Survey Plan, then take it to your Surveyor to conduct a land search so as to know if the land is free from government acquisition or to know what zoning restriction is on the land. i.e. A Survey Plan helps you to know if the land is for Agricultural, Residential, Industrial or a Commercial Purpose. No matter how enticing or attractive a land may look, once you find out that the Land is a committed land, please stay away from that land don’t say because others buy in that area and nothing has happened yet so nothing will happen after all this is Nigeria.
The following information’s are what makes the Survey Plan Authentic:
The name of the owner of the land surveyed.
The Address or description of the land surveyed.
The size of the land surveyed.
The drawn out portion of the land survey and mapped out on the survey plan document.
The beacon numbers.
The surveyor who drew up the survey plan and the date it was drawn up.
A stamp showing the land is either free from Government acquisition or not.
According to the Land Use Act all land belongs to the government so the Governor is the owner of all land even the one in your village, and he alone will determine what to do with the land not even your Igwe,Oba or Emir. So it is only when the Governor has taken the land he want to use that he give the remaining to the traditional family to do whatever they want to do with it. A good example is what happened in Oniru, before now there was nothing like Victoria Island Ikoyi and Lekki the whole area put together was formally known as one big community called Oniru and it has an approximate total area square meters estimate of 100,000 square meters and the government was interested in that area and decided to take 70,000 square meters for its self for its own personal use as an Urban Area or public purpose, it will record this acquisition in the official government gazette and also record that the remaining 30,000 square meters has been left alone for the traditional family to have and do with it whatever it pleases it to do.
So A Gazette is an Official record book where all special government details are spelt out, detailed and recorded. A Gazette will show the communities or villages that have been granted excision and the number of acres or hectares of land that the government has given to them.
It is within those excised acres or hectares that the traditional family is entitled to sell its lands to the public and not anything outside those hectares of land given or excised to them.
A Gazette is a very powerful instrument the community owns and can replace a Certificate of Occupancy to grant title to the Villagers.
A community owning a gazette as a land document can only sell lands to an individual within those lands that have been excised to them and the community or family head of that land has the right to sign your documents for you if you purchase lands within those excised acres or hectares of land.
If the government based on some reasons best known to them decides to revoke or acquire your land, you will be entitled to compensation as long as it’s within the Excised lands given to that community.
The best way to know whether a land is under acquisition or has an excision that has been covered by a Gazette is to get a surveyor to chart the site and take it to the surveyor general’s office to do a land information search so as to confirm whether it falls within the gazette and spell out which particular location it can be found.
The Following Are Features of a Gazette:
The first page of a Gazette must have the following unless it is a dubious or fake Gazette a. The Logo of the Country and the inscription of the title. For Example “LAGOS STATE OF NIGERIA OFFICIAL GAZETTE” b. Underneath it must have the Number, Volume, Page, Date and the Location it was signed into law e.g No 26 in pages 200 to 291, Volume 87 dated 14th of August 2011 and have the contents of the list of the Villages, Settlements and parcels of land excised back to the community.
The Inner pages will show the following: a. The description of the Area or Village excised b. The number of Acres or Hectares of land excised to the Village c. Where the boundaries of the beacons start and stop d. The page the description of the Village excised is
Before now the traditional families have so much power when it comes to anything concerning land, they are the ones who determine which land will be sold and which one they will keep.
Because of this super power they have on land, they refuse to sell lands to individuals who need it, but give it out to them under tenancy system and which made them to still have full control over that land.
This made it very difficult for anyone who wants to buy land to get one.
Because of this and some other reasons, it finally led to the proclamation of the Land Use Decree (now Act) on the 28th of March, 1978 that vested all lands in every state of the Federation under the control of the State Governors.
The Land Use Act coupled with other laws made it possible for the Governor who is now the owner of all lands in the state to actually have the power to acquire more lands compulsorily for its own public purpose to provide amenities for the greater good of the citizens.
Fortunately, the government still recognizes that indigenes of different sections of the country have a right to existence . . . a right to the land of their birth. Hence, it is customary for state government to cede a portion of land to the original owners (natives) of each area.
So an Excision simply means taking a part from a whole and that part that has been excised, will be recorded and documented in the official government gazette of that state.
In other words, not having an excision means the land could be seized by the Government anytime without compensating you even if you bought it “Legitimately” from the Baale or the Original dwellers on the land.
Hope you understand why this land document is very important before you buy any land. Because it is with this land document that you know if the Land is FREE or Under Government Acquisition.
4. CERTIFICATE OF OCCUPANCY
Section 1 of the Land Use Act 1978 vests the control of land in the Governor of a State. Thus what a buyer can hold in a land is a Right of Occupancy for 99 years
A Certificate of Occupancy (C of O) is a Land Document issued by the State Government to officially leases any land under the state to you (the applicant), for 99 yrs. As already indicated above, all lands belong to the Government.
A C of O however is the officially recognized Land Document for demonstrating Right to a Land. What happens after 99 years? That question is still a subject of debate among experts.
Most have adopted a wait-and-see attitude. Others postulate that as the new owner of the land, you the buyer can renew the certificate of occupancy when it expires. That makes sense, but for now it’s largely a case of “We shall see when we get there”
5. DEED OF ASSIGNMENT
It amazes me when I see people buy land and not ask for Deed of Assignment forgetting that this is the only Land Document that shows you are now the new owner of that land.
When issues arises from that land transaction this set of people will be the one screaming that they have been duped by Omonile (Land Grabbers), yet they can’t provide a Deed of Assignment to that transaction which means they have no claim legally.
A Deed of Assignment is one of the most important documents YOU MUST HAVE when you conclude a Land Transaction.
A Deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to the Seller that has just bought land.
The Deed of Assignment contains very pertinent information for a real estate transaction. For one, it spells out the date when the ownership of the property transfers from one owner to the other. The deed also gives a specific description of the property that is included in the transfer of ownership.
6. GOVERNOR’S CONSENT
Just as it sounds a Governor’s Consent is a land document that is obtained whenever you buy a land with C of O. It’s the land document that lets the Governor and the general public know that the land in question has changed hands.
According to Section 22 of the LAND USE ACT 1978 as amended, this states thus: “It shall not be lawful for the holder of a statutory right of occupancy granted by the Governor to alienate his right of occupancy or any part thereof by assignment, mortgage, transfer of possession, sublease or otherwise howsoever without the consent of the Governor first had and obtained”
It is very important for a purchaser of land to perfect his or her document by obtaining Governors consent so as to have a complete rest of mind.
An advantage of having a Governor’s consent is that you can transfer your land to another person without going to the Omoniles or Family Baale to sign your deed and Form 1c which are compulsory requirements needed before you can process Governors consent.
This land document is the last of all and is just for the seller to acknowledge that he/she has received the due money he/she wants to sell the land. The mistake most people make is to think the Receipt is the same thing with Deed Of Assignment.