Solutions to a struggling Real Estate business in Nigeria
Hello everyone, our topic today will be centered on some of the challenges that have faced Real Estate business operators. As we all know, real estate in Nigeria is a very lucrative venture most especially if you really understand how the business works. But just like every other business in Nigeria, it has battled with its own fair share of challenges from time immemorial. Be it the very high interest rate from banks or inability to even access loans when they are desperately needed, to the challenge faced when developing or renovating a property and you have to battle with area boys popularly known as ‘Omonile’ down to the issue of trust from potential clients etc.
There are obviously a few other reasons that i have not mentioned, but for the purpose of the angle i will like to treat today, we’ll focus on one topic, that is the ultimate in virtually every industry today, and that is the issue of “TRUST”.
The truth we all know and can never shy away from is the fact that whenever you have any business that seems to be doing well in Nigeria, you must expect the invasion of that business by fraudsters, dishonest people and quacks. Many people at one point in time have encountered mischievous Real Estate Agents, either when looking for an office space, Accommodation, or even a Land to purchase etc. There has been many well documented cases where one Agent will collect money from 50 different clients for a building that has only 3 vacant Flats, and then disappear into thin air. Some of this cases landed many agents in prison while many others are still on the run.
This situation has led many to have a great degree of distrust for the average Real Estate Agent out there. It has also made it difficult for many genuine ones, most especially, young Agents who are passionate about the business and would also like to make a name for themselves, to lose deals that ordinarily should have gone their way. Thus leaving many of them frustrated and a few others have no other choice but to quit the business
And so at this point i will list a few (out of many) ideas that can help transform your real estate business if properly followed and implemented.
Build a Professional Website
Almost every time i come across a client who have come for business consultations, i always ask them first, does your business have a website? And the reason is simple. In the modern and digital age we live in today, it is quite obscene for a business not to have its own online space. It does not just connect your business to a limitless pool of potential customers, but it also speaks volume about how serious and organised your business is. There are many people out there who are looking for office spaces as i type this post now, but are hoping to connect to a Real Estate agent that can be trusted. And one sure way of doing such is to hire a competent Web Design/Development Team to give you a professional looking website (Call or Whatsapp +234 808 970 0958 NEW CONNECT). This will help you build a brand that appears respectable and trustworthy.
Build a good Social Media Following
Facebook, Instagram and Twitter etc to name a few are sites/platforms where many people spend a very high percentage of their time on a daily basis. Thus making the effective use of this platforms, a very strategic and resourceful means of reaching out to potential customers/clients. This goes beyond posting pictures of apartments, office spaces or plots of land for sale, but rather it requires the creative ability of an experienced DIGITAL MARKETING EXPERT, (Call or Whatsapp +234 808 970 0958 NEW CONNECT) to help convey the message of your brand in the most effective and engaging manner that will not just help to significantly increase the number of your social media following, but also help turn followers into customers. A few others might prefer to operate their social platforms themselves, which makes important that you at-least get a sound DIGITAL MARKETING TRAINING (Call or Whatsapp +234 808 970 0958 NEW CONNECT). It is also wise that you explore other traditional channels through which you can engage prospects, like magazine/newspaper Ads, Radio or even Television if you can afford it.
Nothing beats the scenario where a potential client logs unto your website and see at a corner of your site that you’re a duly registered and certified member of the a respected body relevant to your line of business (Real Estate in this case). It helps to build their confidence as they know fully well that most fraudsters avoid joining associations and registrations with relevant agencies so as to make it more difficult to track them as soon as they have duped an unsuspecting victim. So endeavor to register your Real Estate business today, and also show it off, at your office or website where clients can easily see them.
Endorsements and Testimonials
Have you noticed the sharp increase in the amount of Real Estate Companies that have signed one or more brand ambassadors? This is unlike before where most Real Estate firms used to believe that it wasn’t a necessity. But times are changing and the competition is becoming a lot more dynamic, which have forced many firms in this sector to start signing OAPs (on air personalities), Musicians, Comedians and Actors etc as brand ambassadors to help utilize their impressive following online and offline to lure customers/clients. But more key is the improvement in the Trust Score the Real Estate firm will gain when the face of a notable celebrity is attached to their brand.
This is a good idea, but one that many smaller or up-coming Real Estate Agents/firms would struggle to implement, as it costs a significant amount of money to sign a recognizable celebrity to become the face of your brand.
So one idea that can also work the magic for you is to constantly show off TESTIMONIALS of your satisfied Customers on your Website and across your social media handles. Many people would want to do business with you if only you can show them others who have given your goods/service a try and have something positive to say.
While there are many other ideas that a big or small Real Estate Agency can deploy, we’ll only be able to treat just a few today, so as not to make this post too long, (Nigerians are not patient readers lol), but you can always reach-out to us for business consultancy Services.
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