Stakeholders in the real estate sector now understand the imperative of applying extraordinary creativity in handling their businesses. ‘Out of the Box’ is an invaluable process of unlocking opportunities in the real estate market during a recession. They all shared hitherto unimaginable treaties made in their operations, at this year’s Refined Investor Series of Fine and Country West Africa, reports Adekanbi Ade
The Refined Investor Series with the theme, ‘Out Of The Box: Unlocking Smart Real Estate Opportunities during a Recession’ was an opportunity for every investor in real estate to keep it real.
In fact, the 22nd of November marked a turning point in the Nigerian real estate industry as stakeholders, real estate investors and economic influencers converged at the at the Refined Investor Series to share creative insight and unlock the opportunities that abound in the Nigerian and International real estate market. This annual conference hosted by Fine and Country had in attendance over 100 participants made up of investors, major real estate developers and companies like Elalan Construction, Lakepoint Nigeria Limited, UPDC, Cruxstone development and Investment Limited, Property Mart Limited, First Bank Private Banking and many more.
Contributions to the conversation were made by Mr. AtedoPeterside, John Woodruff, Deputy Director, Department for International Trade; British Deputy High Commission, Andrea Geday (Elalan Construction), Hakeem Ogunniran (UPDC) and other professionals in real estate and related industries who emphasized ways whereby developers, investors and value enhancers can creatively seek ‘out-of-the-box’ solutions to current real estate challenges in the current economic climate. Practical examples and case studies of the opportunities that still abound in real estate investment were highlighted.
AdreaGeday of Elalan construction emphasized the need to involve prospective clients and take their opinions into consideration in every step of the construction process in order to give more value and avoid waste. According to Andrea “Now, people are much choosier, they want value for their money and they know exactly what they want.”
The Managing Director of Alfa Med Facilities, Femi Akintunde also expressed his opinion, saying that “Quality projects and developments are about tenants attraction, retention and separation. Therefore, it is important to clearly define your target market even before starting the project”. He also gave practical solutions to the issue of service charge saying one way to save cost is to invest in technology that promotes predictive maintenance.
UdoOkonjo, CEO Fine and Country, used the Oakwood residences on Cooper road, Ikoyi as a case study to explain how out-of-the-box strategies adopted led to 75% units sold from August to October 2016. She enumerated these strategies as; early bird pricing, target marketing, payment plans, creating a strong competitive demand, inspiring and creating confidence in the market. The Refined Investor series is an annual event.