‘Professional synergy key to creating vibrant real estate market’
FOLLOWING the slight lull in the activities in the housing industry and the onset of fall in oil prices, which is apparently blowing over, experts have called on professionals to jettison competition for few significant development in the sector this year, but rather synergise with each other in projects.
They also agreed that the practitioners need to find a better way to turn around the gloomy picture being painted about the market by creating a niche and keeping their head above the water.
This formed the thrust of discussion at a real estate seminar for practitioners organized by Poise Nigeria at the Poise Alcove, in Lekki, Lagos, where the Chief Executive Officer of Poise Nigeria, Mavi Isibor, “the real estate sector will stand out in 2016 despite what seems like doom that awaits us.
What matters this year for the sector to succeed are credibility, trustworthiness and ethics; you need to possess these skills in order for people to place their money on you. We are going to see more people channel their energy towards real estate. If things are going down this way.
“Practitioners should be collaborating and not competing among themselves else we will sink; we need to learn to collaborate so the share of the market is cut evenly instead of scattering the market, and then we all suffer.”
Isibor said:“Many organisations are downsizing, a lot of people have lost their jobs, a lot of organisations are folding up and it affects the ability to spend. Everyone needs a place to stay that means that real estate will suffer a bit but will not go down completely like other sectors.”
Managing Director of UPDC, Mr. Hakeem Ogunniran, while stressing that the current housing stock is estimated at 21 million units, with a housing deficit of 17 million units, noted that funding has been a major issue in a difficult economy like ours.
While Managing Director, Wemabod Estates Limited, Mr. Olumide Ologun noted that rea estate plays a key role in creating real estate industry competitive advantages and improve business performance.
“To remain at the top or remain visible in the market, we need to continually push the boundaries of accepted norms especially in our relatively static industry. We need to find new ways, more exciting ways to do business, deliver products to fit the market’s existing and emerging needs.”