The real estate market in Lagos, Nigeria, continues to evolve with new developments both on the mainland and island areas of the city. Noteworthy is the plethora of residential and commercial constructions in prominent areas. It is believed that real estate transactions (whether for rent or purchase) happen each day. Of course, many of these transactions are done in secrecy and people might be unaware until the new purchaser or tenant takes legal possession.
Nevertheless, the real estate market in Lagos remains one of the most dynamic, interesting, and unpredictable. This is why the property market in Lagos is said to be an imperfect market.
This piece attempts to briefly explain important strategies necessary to conclude or close a real estate transaction.
Client Profiling: The first step towards a successful deal closure in the Lagos property market is to know and understand the ‘person of your client’. This involves analyzing your client(s) based on their socio-economic characteristics, social demography, areas of interests, preferences, habits, family, choices, and others. In fact, through discussions and interactions with the client, a real estate broker can properly understand the reason for the search. Not every real estate agent or broker can be an extrovert, but they need to pay attention to the requested details.
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The ‘SBL’ Component: The acronym ‘SBL’ means S-Specification, B- Budget, and L- Location.
In analyzing the client’s needs, a detailed look should be directed at the client’s specification in terms of – accommodation or construction details which entails examining the following: Is the client looking at a Detached house, semi-detached house, mansion or maisonette, a flat, land, tenement building? The specification must be well understood. This is the guiding force to a successful closure. Also, the real estate broker must ask and know the client’s budget range so that he can give proper advice based on the specifications and budget.
An example of the SBL component Breakdown is below.
S/N NAME SPECIFICATION BUDGET (N) LOCATION ANALYSIS OF CLOSURE
1 ABC 3 BEDROOMS FLAT XX Ikeja GRA 2 inspections
- XYZ 7 BEDROOMS HOUSE FOR OFFICE USE XXX Lekki 4 inspections- closure imminent
Communication and Feedback Mechanism: Communication and feedback are the engines for maintaining good client relationships. A real estate broker must be an effective communicator. He must always keep the client updated regularly till the closure. The client must have full confidence in the broker or agent negotiating and getting the best terms on a property. Communication and feedback also involve providing all the information related to the transaction to the best of the agent’s knowledge.
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This is known as Utmost good faith in the insurance industry. The client should never be left in the dark concerning the intended rent or purchase.
The Art of Professionalism: Professionalism is the way you behave and represent yourself in a business setting. The client must never view the real estate broker as a ‘money-seeking monger’ who is just interested in the agency fees and not his interest. The agent must understand the boundaries of a professional relationship and a personal relationship.
Impeccable service delivery as a panacea for Endless Referrals: ‘Just as the customer is always right, the real estate client is also King’. A service is being provided and he must get maximum satisfaction. A quality service has the capability of creating a ‘domino effect’ in the generation of more client leads or requests for the real estate agent. Sometimes the quality of service rendered might be more important than the closure itself as many clients have become gateways for bigger leads.
