Real estate expert and the Chief Executive Officer (CEO), Rock Realty Limited, Dr Ibukun Adebayo, has revealed that the commercial mortgages in Nigeria are not too costly, advising stakeholders and Nigerians to disregard the notion that mortgages are exploitative, instead, they should focus and utilise it for a greater benefit.
This was revealed at the maiden “Real Estate Masterclass”, at the Civic Centre, Lagos, tagged “Selling the Mortgage Option” curated for real estate marketers and industry experts as they were impacted with valuable knowledge and skills to improve their selling process.
Keynote speakers at the event included the organiser, Dr Adebayo; CEO, Brilliant Concepts, Dr Ambassador Funke Kehinde; CEO, Katalyst Consulting, Paul Foh; Investment Manager, Rock Realty Limited, Oghenereke Edheka, and Team Lead at Imperial Mortgage Bank, Olateru-Olagbegi Olanipekun.
In her speech entitled, “Improving Visibility and the Art of Closing Deals as a Real Estate Marketer”, Ambassador Kehinde, emphasised the importance of consistency, passion and commitment in the real estate marketing business, stressing that, “It is significant to build trust with clients to maintain good relationships and not jeopardise them for quick financial gain.”
She also highlighted the importance of retaining existing clients, as referrals from satisfied clients constitute a significant percentage of her sales, while she urged participants to prioritise attendance, irrespective of other competing demands, emphasising that financial obligations are ever-present. Dr Kehinde also advised participants to collaborate with and seek assistance from senior colleagues whenever necessary.
Dr Adebayo, who is also the convener of the programme, in her session, entitled, “Understanding Mortgages and How to Use Them to Capture Sales”, explained the concept of mortgages and highlighted the key differences between mortgage loans and regular loans. She effectively dispelled the notion that mortgages are exploitative and instead emphasised that many benefits can be utilised.
She also hinted at the various factors affecting mortgage rates in both developed economies and emerging markets, while she detailed the interplay between real estate capital appreciation, rental income/savings, mortgage rates, and rental rates, and how these factors can be utilised to unlock value for individuals who may not have had the means to own their own homes.
Dr Adebayo emphasised that real estate marketers are business experts and are expected to always provide a valuable service to their clients, rather than mere ‘hustlers’. She as well opened the eyes of participants with the blue and red ocean strategies, highlighting how unlocking mortgage opportunities represents a blue ocean strategy.
Paul Foh at a session on “Leveraging Digitalisation to Enhance Real Estate Sales”, emphasised the importance of visual content and the power of creativity to attract potential buyers.
He stressed the need for consistency in creating brand awareness across all social media platforms, including WhatsApp, Instagram, Twitter and TikTok. Foh also underscored the significance of leveraging YouTube and provided statistics on its broad reach to potential buyers, and how consistency in online posting can lead to a compounding effect over time.
He further advised marketers to prioritise selling value over price to potential clients, adding that, “mentioning the price without explaining the value leads to lost sales. Marketers are the ones who understand all the unique features of a property, such as its location, amenities and proximity to business districts. Therefore, revealing the price first without providing valuable information to the client is counterproductive,” he added.
Investment Manager, Rock Realty Limited, Oghenreke, revealed that plans to open an office, among other upcoming projects of the company are in the pipeline to create more job opportunities for marketers. Oghenereke also announced a seven percent marketing commission on sales of Bold Living Two Apartments, which is one of the projects currently under construction by Rock Realty Limited, at Alpha Beach Road Lekki, Lagos.
Olateru-Olagbegi of Imperial Mortgage Bank, during his presentation entitled “Selling the Mortgage Option,” gave an overview of the mortgage process, from application to disbursement, including all necessary documentation just as he highlighted the differences between commercial mortgages and NHF mortgages.
Ichechi Okonkwo, CEO, Victoria Crest, however, encouraged participants to gain knowledge to be more grounded in the industry, while she urged marketers not to see a client buying a piece of real estate through them as being done a favour as they are offering real value to the clients. She added that female marketers should never compromise their bodies to sell real estate, just as she encouraged more women to make use of the opportunities in the industry.
