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Investing is one of the most profitable business ventures that is bound to garner long term wealth. But it is important to note that investing in real estate is not a get-rich-quick scheme, rather, it is a long term venture. The real estate industry in Nigeria is highly profitable with different ways of earning money –
Real Estate Appreciation – This is one of the ways you can make profit on your real estate investment. This often occurs when there’s a change in the real estate market which leads to an increase in the value of your property. For example, owning a property and selling it five years later. There is a probability that you would be selling for a price higher than you bought it because of the change in the market value. The likelihood of the environment developing over the years will also increase the value of your property.
Cash Flow Income – This type of real estate investment is popular, it involves buying real estate property, such as an apartment or building, and having it up for rent. It ensures there is inflow of income through the rents paid by the tenants for a specific amount of time. Cash flow incomes are also generated from office buildings, apartment buildings, rental houses etc.
Real Estate Related Income – This is type of investments is often undertaken by ‘specialists’ in the real estate industry, such as brokers who make money through commissions from buying and selling of properties. Also, real estate management companies get a percentage of the rent in exchange for managing the daily operations of a property. For instance, a hotel management company earns a particular percentage of the hotel’s sales for taking care of the daily operations including facilities management such as hiring utility staff, laundry, security services amongst others.
Overall, becoming a real estate investor involves having a plan to help you manage your goals and expectations in the real estate industry. Knowing your maths as a real estate investor is crucial, one of the pitfalls in the business is assuming. Real estate is a numbers’ game, and the fastest way to fail is not knowing it. It will also requires a lot of patience, a real estate venture is not something to do on a whim. Most real estate investments are life-long pursuit to help you take control of your financial future.

The rift between tenants and landlords often boils down to the two parties not being aware of their rights. Knowing your rights as a tenant is crucial because it is the first step towards protecting yourself and ensuring you don’t fall victim to frivolous demands from landlords. According to the Tenancy Law in Nigeria, below are some laws you should be aware of as a tenant –
Right to a Written Agreement
Every tenant has the right to an agreement. Agreements, on the other hand, can be oral or written. However, it is advised that agreements between both parties should be written, hence, any altercations would be easily dealt with, and it comes in handy as references. The tenant is expected to go through the agreements thoroughly before signing.
Tenancy agreements are to contain in details the names of a landlord and his tenant; as parties to the Agreement. The duration of the tenancy, the rent payable and the date at which such rent would become payable should be stated. Before signing any agreement, a prospective tenant is advised to seek the service of a solicitor to break down any unclear terms in the Tenancy Agreement.
Right to Issuance of Receipt of Payment
The receipt of payment is an acknowledgment from a Landlord or an Agent that a rent payment has been made by a tenant. It must have the name of the landlord and the tenant, including the amount paid and the date of such payment. The receipt should clearly state the duration that such payment will cover and the signature of the receiver must also be on the receipt. It is an actionable offense to refuse to issue a receipt for rent paid and received. It is your right as a tenant to be issued a receipt upon payment of rent.
Right to a Valid Quit Notice
A tenant cannot be thrown out of his apartment unless there is a strict compliance by the landlord with relevant Recovery of Premises Law. Recovery of Premises Law states that a valid “quit notice” of a landlord’s intention to terminate/quit the tenancy of the tenant must be written and served to the tenant. The amount of time given to the tenant, whether weekly, monthly, yearly, depends on his rent. A valid “Quit Notice” must have the name of the landlord, the name of the tenant, the address of the property occupied by the tenant, the duration given to the tenant included.

Real estate has its own fair share of red flags, they are warning signs that guide you from losing huge sum of money to real estate fraudulent transactions. Aside from knowing what to watch out for, it is equally important that you do your due diligence to avoid falling victim to real estate scams.
Avoiding Legal checks – Real estate transactions are legally binding, therefore the service of a lawyer are required. When a real estate agent insists on not including legal documents in the transactions, that is a red flag. Most times such real estate agents are smooth talkers and often persuasive, you have to be careful not to become a victim of their fraudulent propositions.
Impatience – This is the #1 red flag, when a real estate agent seems impatient to close a transaction. It is important to take your time to re-evaluate the transaction; to be sure that it is not a fraudulent deal. If it is not a dubious real estate transaction, then you don’t have to rush to make payment.
Evidence of Payment – It is important to have evidence of payment for every transaction you engage in, especially real estate transactions. The evidence of payment can be receipt or other documents that clearly identifies you as the bonafide and legal owner of the property. The receipt must indicate the following information – Confirmation of payment, Date of payment, Amount Paid and Name of the receiver. When the real estate agent closes a deal without giving you an evidence of payment that is a red flag.
Incoherent Figures – Another red flag is when the figures don’t add up, particularly when it sounds too good to be true. This is not the time to be excited over the ridiculously cheap price of a property, rather you need to take a step back and reevaluate the figures. Also beware of exaggerated claims; instead do a market survey to know the price range of the properties you want to buy.
Inspection – Amongst all the processes involved in securing a property, inspection is one of the most crucial step. Most fraudulent real agents always avoid this part of the transaction, by delaying, postponing and even denying you of the opportunity to see the property you want purchase or rent. Before closing any real estate transactions, ensure that the agents can be verified and do thorough investigation about the companies they are working for.
Mode of Payment: It is important to avoid cash payment such that the history of the transaction can be traced. Spreading of payments can also help detecting fraud and reducing risk.
Scope of Repair: Always agree and document repair scope and responsibilities. This is important because often times you might think you have a good deal by paying low but the cost of repairs can make the effective rent or purchase price grossly higher than the open market rent or value.
Timing of Inspection: it is best to inspect during rainy season otherwise you might unknowingly pay for property prone to flood and dampness

There is nothing as rewarding as when your leads convert into sales and in real estate, your fortunes are bound to double. Following up is one of the key strategies for turning real estate leads into clients, it is a marathon, not a sprint. It is important to note that the ideal real estate leads are qualified, interested, and engaged.
Timing is key – The primary rule in the real estate bible says “initial response time is key”. This is a basic tip in following up your lead, you are expected to call your real estate lead within approximately 15 -20minutes. This isn’t a quick-sales scheme but it is still is essential for converting leads to sales. Many people end up doing business with the first real estate agent they speak to, so timing is everything.
Create a Trackable Database – This is the most important part of the process when creating your database, put your real estate leads into different categories. You can create headings for each type of lead such as people that plan to buy within 3 months or clients that want to sell their properties in 6 months, this will help you understand what the chunk of your clients want and the category they fall into. Creating the database helps you track your leads easily and focus on potential clients.
Be Friendly with Leads – Concentrate efforts on turning your leads to friends, personalize your communication, add a friendly tone to it. Relax your messages and emails to them, this will help you to earn their trust over time. Understand what they want, help them to decide on the next step to take including the best deals on the property of their choice. This phase is often called the ‘Fulfillment’, from following up on the leads to anticipating their questions and providing answers, resources, and resolutions. Also showing the client you have individual property information about the area where the property is located including school, housing prices, and resident demographic information gives you an advantage over other real estate agents.
Be Mobile – For fast responsiveness to potential clients, you need to be mobile. It’s important for real estate agents to do their jobs which includes managing phone calls, customer contacts, and accessing listing information without being bound to a desk. Providing relevant local information helps to quickly establish lasting client relationships.