A real estate expert has charged estate professionals to diversify investment portfolios, adopt new management frameworks, and ensure strong financial health in their businesses.

The Managing Director/Chief Executive Officer, Afriland Properties Plc, Mrs Uzo Oshogwe, also encouraged housing operatives to consider a mix of facilities management, property rentals, property management and brokerage, as well as change their building construction model from the usual ‘bricks and mortar’.

Oshogwe spoke at the lnternational Real Estate Federation (FIABCI) Nigeria yearly general meeting and induction of 26 new fellows in Lagos. Oshogwe in a presentation on: ‘Real Estate Leadership and Strategy for Business Growth in a VUCA Economy.’ VUCA represents volatility, uncertainty, complexity and ambiguity in the economy.

She explained that with unpredictable times in the economy, operatives must develop strategic foresight, an agile mindset for change emotional intelligence towards staff, prioritise innovation and focus on customers/market needs.

According to her, there is a need to leverage strategic partnership and collaborate to make progress and facilitate growth. She warned that the era of building large rooms was gone, and cautioned against borrowing at a 30 per cent interest rate, and advised developers to develop new financing models for projects.

Oshogwe noted that for developers to build affordable housing and bridge existing deficits, they have to partner with the government as land and infrastructure must be subsidised.

She said clear and flexible strategic vision cannot be underestimated, adding that it will help to manage uncertainty, as well as reduce ambiguity by setting clear timelines for projects and goals that are measurable.

“You must be adaptive to change, carry out market analysis and invest in research and development. Be transparent and accountable to build trust, and be able to communicate effectively with your stakeholders. You must also simplify decision-making by having the right information, address ambiguity, and clarify purpose and intent,” she added.

FIABCI World President, Ramon Torroba, told members to play a crucial role in promoting ethical behaviour, embrace technology, professionalism and collaboration, as well as attracting the younger generation to the organisation and ensuring sustainable development in communities across the world.

Outgoing FIABCI Nigeria President, Mr Gladstone Opara, said membership of the association has grown by about 200 per cent in the last two years among professionals from the building industry.

He noted that FIABCI Nigeria popularised and rebranded the association, while the young professional members’ council has remained active and instrumental in many of the webinars and study tours.

However, he said the association needs a permanent secretariat and plans are on towards securing office accommodation. He called for more efforts toward reviving the FIABCI’s national councils of experts to enhance growth in knowledge in different aspects of real estate and promote members’ participation.

Opara said: “We have used the tool of wide collaborations with other professional organisations to enlarge the coast of FIABCI Nigeria. We are all witnesses on how our collaborations with Knight Frank Nigeria, Nigerian-British Chamber of Commerce, Nigerian Institution of Estate Surveyors and Valuers, and BuyletLive have yielded fruits in terms of growth in membership, finance and publicity.”

President, FIABCI Africa and Near East Region, Adele Adeniji, urged new members and leaders to comply with the oath of allegiance, and not to breach the trust and confidence reposed on them. Adeniji advised them to uphold the high ethical standards and professionalism that define the association, adhere to board decisions and lead with courage and confidence.

He urged incoming executives to commit to excellence that will ensure that FIABCI-Nigeria continues to thrive both locally and internationally, as well as bring fresh ideas, and innovative solutions, and enhance collaboration with other professionals in the building industry.