Effect of climate change on real estate in Nigeria


The effect of climate change could be felt differently by different people in different climes. Nigeria has really felt the negative impact of the change in climate at least much this year.

The country is currently having unprecedented rainfall and massive flooding that has wrecked havoc in not less than ten states and still counting.

An instance of this is that Anambra State Government established about 28 shelter camp centers in the flood prone areas of the state to help cushion the effect for the flood ravaged people of the state. Other flood prone states also did the same or similar thing to reduce the adverse effect of the flooding in their respective states.

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The 28 shelter camp centers were established before the flood increased meaning that more camp centers will be established to reduce long journeys for people not living close to the established centers.

The State Government approved the establishment of 28 emergency shelter centres in flood prone areas to help in the amelioration of hardships for the people. The 28 emergency shelter centres are in some flood prone local government areas of the state like; four in Awka North, three in Ihiala, Idemili South, two in Ayamelum, four in Ogbaru, six in Anambra West, six in Anambra East and two in Ekwusiego.

The emergency shelter centres were set up in flood prone Local Government Areas’ secretariats or headquarters. The State Government, however, urged residents to get prepared for emergency evacuation or relocation, in case of flood disaster.

The residents have also been urged to have a small box, where they should put relevant and vital documents, as well as be ready for evacuation anytime the need arises. It is believed that with the forecast of Nigeria Hydrological Services Agency (NIHSA) and Nigerian Meteorological Agency (NiMet) on flooding in 2018, it might likely be in the same magnitude of 2012, so SEMA had planned ahead.

Imagine a world with affordable, clean energy, sustainable cities and communities, and decent work and economic growth for all. That is the world the United Nations imagined when it defined the 17 Global Goals for Sustainable Development with “the desire to create a future where there is no poverty, the planet is protected, and all the people enjoy peace and prosperity.”

But the reality is, that world can’t exist without the equal participation, and leadership, of women as business and political leaders, investors, and contributors to the global economy. Just look at recent events in Nigeria. People are already blaming climate change for the kind of flood ravaging some states in the country. People are also saying and confirming that the kind of rain these days and the kind of flood noticed have not been the usual.

The kind of cold whether that go with it is also very unusual. That is climate change. For instance, in Kogi, Delta State, Beyelsa, Edo, Benue and other states, their roads have been cut off making road users go through untold hardships to meet their daily needs.

You might know what weather is. Weather is the changes we see and feel outside from day to day. It might rain one day and be sunny the next. Sometimes it is cold. Sometimes it is hot. Weather also changes from place to place. People in one place might be wearing shorts and playing outside. At the same time, people far away might be shoveling snow while others will be busy bailing water.

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Climate is the usual weather of a place. Climate can be different for different seasons. A place might be mostly warm and dry in the summer. The same place may be cool and wet in the winter. Different places can have different climates.

You might live where it snows all the time. And some people live where it is always warm enough to swim outside. There’s also earth’s climate. earth’s climate is what you get when you combine all the climates around the world together. New research shows that real estate properties in areas affected by extreme weather and sea level rise are losing value relative to less exposed properties.

The effects are already substantial, but they may point to a looming collapse as climate change makes coastal communities untenable. There is no gain saying the fact that man depends on his environment for existence and sustenance such that man’s life is shaped by his environment and this underscores the need for the protection of the environment from all forms of degradation, especially those brought about by the activities of man.

Realising the significance and inevitability of the environment for survival of man, environmental experts have been arguing vociferously that without the environment man cannot exist since human activities are made possible by the existence of his environment.

Nowadays, environmental issues are receiving attention at global levels and the global communities are continuously making efforts towards ensuring that the world is a better place for human habitation.

Undoubtedly, the world continues to be under the threat of climate change problems like global warming, greenhouse gas effects, flooding, acid rain typhoons, rising sea levels, soot as is currently in PortHarcourt, rising sea temperatures resulting in depletion of marine organisms, earthquakes, wind storms, land and mud slides, desertification, tsunami, erosion, volcanic activities, hurricanes, pollution, deforestation among several others.

One of the great ironies of those historic housing patterns in Miami, America is that for decades under Jim Crow, laws and zoning restricted black people to parts of the urban core, an older part of the community that sits on relatively higher ground along a limestone ridge that runs like a topographic stripe down the eastern coast of South Florida.

Now, many of those neighborhoods, formerly redlined by lenders and in some places bound in by a literal colour wall, have an amenity not yet in the real estate listings: They are on higher ground and are less likely to flood as seas rise. Whether it is climate change or an eye for good real estate returns, historically black communities on higher ground are increasingly in the sights of speculators and investors.

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Real estate investment may no longer be just about the next hot neighborhood, it may also now be about the next dry neighborhood. Although no region of the world will be entirely spared, the negative impacts are likely to fall most heavily on poor nations in the tropical region. While data on the global impacts of climate change is available, those at regional levels are scanty and scattered. This is why there is a study that took a general overview of climate change impacts in Nigeria.

Mean annual and monthly temperature and rainfall data were collected from the Nigerian Meteorological Agency and some States’ airports for a period of 105 years (1901-2005). Published data from different sources as acknowledged in the text were also used.

Histogram, trendline and time series were the statistical tools employed to analyse the data. The results show that while temperature increased by 1.1 OC for the 105 years, rainfall decreased by 81 mm. Desert encroachment,
coastal inundations, drying up of surface waters and shift in crops cultivated over time were also noticed.

Greenhouse gas reduction and adaptive measures were recommended.

Maduka Nweke

AUHF to Set the Stage for Affordable Housing in Africa


The opportunity for African countries in supporting the growth and development of their affordable housing industries is immense and transformative

The 34th African Union for Housing Finance (AUHF) conference (www.AUHFConcerence.com) and Annual General Meeting will take place for the first time in Abidjan, Cote D’Ivoire between 23 & 25 October 2018.

This year’s theme: Building Africa’s Housing Financing Chain will be unpacked by the leading figures from Africa in one of the primary economies of the continent’s fastest growing economic regions – the West Africa Monetary Union (UEMOA).

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While the conference will provide stakeholders with an opportunity to examine the unique regional context, the three-day conference and AGM is pan-African in focus with more than 61-member institutions and several key partners from across the continent coming together to address the challenges and opportunities in Africa’s housing finance chain.


Key Partners

This year’s partners include: The Centre for Affordable Housing Finance in Africa (CAHF), the African Development Bank (AfDB), and Caisse Regional de Refinacement Hypethecaire (CRRH).

Providing affordable housing opportunities to Africa’s rapidly urbanising population is a major policy driver for African governments and an opportunity for both local and international investors and developers. Recent estimates by the World Bank suggest that more than 1 billion people will live in African cities by 2040, more than double the current urban population on the continent. The capacity of Africa’s cities to respond to this challenge, and to turn the demand for affordable housing into an opportunity for stimulating local economic growth and development, is critically dependent on an efficient flow of finance.

African Growth

It’s against this rapidly urbanising landscape that this year’s AUHF conference will explore the key links in the housing financing chain: the finance instruments that support each link in the housing delivery chain, and the funding instruments that make these possible.

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Mortgage Lending

As the conference takes place in a leading regional economy, Cote D’Ivoire, and hub for the West Africa Monetary Union (UEMOA), one of the three-day conference’s focal points is Building UEMOA’s housing finance sector. Mortgage lending is a key issue, and Director General of the UEMOA mortgage refinance institution, the Caisse Regionale de Refinnacement Hypothécaire de l’UEMOA Christian Agossa will deliver a keynote address on this key focus area.

According to Mr. Agossa, mortgage lending products need to be well-targeted to the demand side; however, adjustments to product design, including mechanisms to underwrite informal incomes, savings-linked and micro-mortgage products, and pension-backed lending will expand the potential market for mortgage lending dramatically in affordable housing.

The affordable housing challenge promise to be a significant driver of economic activity, says one of the key stakeholders of this year’s summit, the executive director for the Centre for Affordable Housing Finance’s (CAHF) Kecia Rust.

The Economic Opportunity

On an annual basis, CAHF analyses the most affordable homes which are being built on the continent. In Nigeria, Millard Fuller has developed a starter house for a total cost of $7,500. If this were available for purchase with a mortgage across the continent, the potential effective demand would translate to about 52 million houses. A simple “back of the envelope” calculation suggests that this could generate $400 Billion in economic activity just with the construction of the housing units and related infrastructure and provide more than 1.3 million jobs in the construction sector alone. The opportunity for African countries in supporting the growth and development of their affordable housing industries is immense and transformative.

Investors are clearly interested. Although still relatively small in relation to the potential opportunity, investment in residential real estate and in affordable housing in particular, is growing. Reports of targeted, local investments are increasingly finding their way into the local media, and many of these stories will be shared at the conference. Development Finance Institutions, as well as international and local investors all working towards maximising the impact investment potential that the numbers suggest. The 34th Annual AUHF conference will give them a platform for the growing number of affordable housing stakeholders to accelerate their conversation.

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Policy Drivers

This interest is encouraging to policy makers, and many are responding with supportive rhetoric and explicit programmes. President Kenyatta’s commitment to see the construction of half a million affordable homes in Kenya is one example; governments in Nigeria, Uganda, Côte d’Ivoire, Rwanda, South Africa, and others have all expressed a commitment to affordable housing in the past year. Rust makes the point “Governments have a critical role to play in land assembly and the awarding of development rights that support affordability; infrastructure investment must accommodate the expected densities and should ultimately be funded over a longer time frame than the housing itself. The capacity of developers to deliver truly affordable housing at scale is another issue that will require policy support and private sector construction financing. And then there is the question of end user financing, the cost of capital, and the trust lenders have in the underlying security. These are all policy and regulatory issues on which the government will need to focus – beyond simply visioning a magic number.”

Top Thought Leaders

With more than 200 delegates and stakeholders travelling to the summit in October, some of the confirmed regional speakers include Mr Christian Agossa, Directeur Général at Caisse Régionale de Refinancement Hypothécaire de l’UEMOA, Mr. Stefan Nallemtaby, Director Financial Sector Development Department African Development Bank, the Chief Executive of the Federal Bank of Nigeria Arc. Ahmed Musa Dangiwa, Kehinde Ogundimu, acting chief executive officer of the Nigerian Mortgage Refinancing Company – the summit is a strategic platform for the continent’s affordable housing financing thought leaders to build a more robust housing finance value chain.

As Mr. Nalletamby of the African Development bank stated, “We will have a robust discussion on the affordable housing value chain and Abidjan, as one of Africa’s high growth economies is the perfect host city for this conference and AGM”.


Experts advocate strategic innovations to boost estate agency practice, kick against foreign competitors


Against the backdrop of the unhealthy competition from foreign players in the country’s estate agency practice, members of the Nigerian Institution of Estate Surveyors and Valuers, NIESV, have advocated strategic innovations as a way of remaining relevant in business and to boost the sub-sector of the economy.

This was the outcome of the one-day seminar on Prospects and Challenges of International Competition in the Business of Real Estate, organised by the Estate Agency and Marketing Business Division of NIESV in Lagos last week.

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Leading the discussion, Mr. Bode Adediji, Chairman, Bode Adediji Partners, and past President, NIESV, noted that the sector is presently faced with so many challenges among which are the impact of recession, ignorance and complacency and lack of capital for investment and marginalisation as well as international competition among others. And surviving in a situation like this according to him, would require practitioners to make clients have greater degree of trust in the services rendered to them, just as there must be expertise and confidence in the services rendered to customers.

The former NIESV boss who said it has become obvious that the most crucial and disruptive aspect of the international competition is particularly reflected in the premium and eyebrow segment of the real estate market, added: “Domestic practitioners must, as of necessity, understudy the composition and modus-operandi of international competition so that the required change in the conventional attitudes, practice and emphasis can be effected pragmatically and not merely symbolically as is prevalent now. “Recapitalisation, innovation, technology among others, are sacrosanct, if the local firms hope to survive the audacity and the scourge of the foreign competitors in Nigeria.”

Mr. Gboyega Fatimilehin of Diya Fatimilehin & Co, a firm of estate surveyors and valuers, who spoke on The Need to Raise the Bar in Line with Best Practice, attributed the incursion of foreign players in the industry to the nation’s increase in Gross Domestic Product, technology disruptions and the observed investment opportunities in the country.

Advising NIESV to consolidate for growth by putting in place continuous training and workshops for members to build competence as well as confidence in their operations, Fatimilehin stated that for the Nigerian real estate industry to be competitive and attract investment, real estate practice must have higher standards, stressing that this will remove constraints in the market and allow local practitioners to compete with the global real estate firms that have entered Nigerian market.

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NIESV’s President, Mr. Rowland Agbonta, in his remark, said the recent pronouncement by the court that lawyers have no business in property transaction has brought a new ray of hope to practitioners, stressing that it is high time that quacks in the profession were fished out and punished. According to him: “Agency practice has become an important area of real estate business and so everything that needs to be done to protect that arm of the profession must be put in place.”

In his remark, the Chairman, Faculty of Estate Agency and Marketing, NIESV, Sam Eboigbe, said the seminar was to draw attention of estate agency practitioners nationwide to the professional embarrassments of surrendering the larger chunk of its cake to foreign competitors. “The battle for the soul of estate agency has been largely local in nature and the faculty some years ago, championed the establishment and the approval of a body called Association of Estate Agency of Nigeria. This became necessary as a result of the poor public perception and image of estate agents, which has negatively impacted the profession and institution.

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The question now on the lips of concerned colleagues is, will there be another association that would be dedicated to foreign competition? he asked. Earlier, while speaking, Mr. Joe Idudu, a former president of NIESV expressed worries that the industry has become an all-comers affair for those who ordinarily don’t have business in the sector because of its lucrativeness.

He posited that the incursion of foreign players in Nigerian real estate has worsened the ability of local players to survive in the country. In a lecture titled: A well structured partnership, a case study of a flourishing firm of estate surveyors and valuers, Idudu challenged members to be innovative in structuring their firms, imbibe the culture of honesty and sincerity of purpose in dealing with clients and colleagues in the profession.

Kingsley Adegboye


AG Mortgage Bank promotes affordable housing in Enugu

AG Mortgage Bank Plc., a Primary Mortgage Bank in the country, has enabled no fewer than 89 subscribers in Enugu to become home owners under the Federal Mortgage Bank of Nigeria (FMBN) National Housing Fund (NHF) Scheme designed to promote home ownership across the country.

The keys to the houses, according to the Managing Director and Chief Executive Officer , AG Mortgage Bank Plc, Mr.  Ngozi Anyogu, were delivered to the happy home owners recently in Enugu.

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According to the Chief Executive Officer, the houses were developed by the COPEN group, a reputable property development company with projects across the country.

All the houses are within the Jedidiah Gardens Enugu which provides a good ambience for home owners

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AG Mortgage Bank “is an active operator of the NHF Scheme, and has disbursed in excess of N3 billion to over 390 NHF beneficiaries” he said.

Access to mortgage loan under the Federal Mortgage Bank of Nigeria – National Housing Fund Scheme, according to the Chief Executive is open to all Nigerians with verifiable stream of income who are contributors to the NHF scheme.

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Anyogu urged Nigerians in all spheres of endeavour to take advantage of FMBN/NHF scheme and AG Mortgage Bank’s other mortgage products namely: The Tenant – Owner -Mortgage (TOM); a rent to own programme, Leap Into Mortgage (LIMO) product, an incremental mortgage arrangement, that fits home buyers at different income levels.

Homebuyer Education: Things you must consider before buying a Home


How well do you really understand the homebuying process? Taking  into consideration necessary homebuying factors will do more than teach you how to get a mortgage or pull together a down payment. It will help you determine the amount of home you can afford without endangering other lifetime financial goals.

If you think this information is just for first-timers, think again. Real estate markets change, and so do homebuying environments. It is worth considering gathering the essential information each time you’re making a home purchase, especially if it has been a significant number of years between purchases. These homebuying factors can keep you up to date on what you’ll need to know this time around.

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Here are some of the major topics a thorough homebuyer should take note of:

1. Homebuying readiness. Explore the general questions around a homebuying decision, such as why you want to settle in a particular area, how long you plan to stay, what kind of property you’re considering and where you are in your career and lifestyle. You may also be asked to answer specific financial questions to support your thinking, which should not be shared with others. This will help you determine answers to the big questions, such as whether you should buy a home or stick with renting.

2. Budgeting and credit. This will help you evaluate how you handle money. Do you have a budget? If not, do you know how to create one? Do you understand your credit rating and what goes into determining your score? If you have debt, how are your efforts going to pay it off? Essentially, what you don’t know about spending and borrowing can limit your ability to buy a home.

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3. Preapproval for mortgage financing. Navigate the nitty-gritty of the loan process – what a mortgage is, the various types of mortgages, how they work and what it takes to be preapproved for a mortgage. Pre-approval involves filling out a full mortgage application, typically with a fee to cover an extensive credit check as if you were actually buying a home. Pre-approval, unlike prequalification, allows a potential borrower to receive a loan commitment for a specific amount, which can grease the wheels in a potential purchase.

4. Knowing what you can afford. Analyze the above and consider the reality of what kind of property you can really afford to buy. Look at price limits and locations and ways to get more for your money, including specific local, state and federal borrowing programs you may qualify for. Buying your dream home can seem nice, but it can turn into a nightmare if you can’t afford the home while living within your means.

5. Your home search. Determine how, when and where to shop for specific properties within the neighborhoods you are interested in and how to get the best overall deal for what you’re buying.

6. What you’ll need to close a home sale in your chosen community. Buying a home can also include an introduction to the specific regulatory and cost environment where you’re planning to live. For example, you should take note of such things as community-specific housing laws and zoning restrictions that could affect what you’ll be investing in the property, property tax issues (particularly if an assessment is pending), your home titling process, inspection requirements and the other costs linked to legal processes and paperwork.

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7. The aftermath. You should have you a wide picture of the costs you’ll face after the sale and how to manage them so you don’t put the rest of your finances in jeopardy. Being too “house poor” not only puts you at a risk of losing the property, it can threaten other important financial goals.

If you have your eye on a particular property around you, reach out to the owner and ask your questions based on the factors listed above.  Also, get a second opinion – if you work with a qualified financial professional, ask what he or she thinks about the  the information given by the property owner and its benefits.

Don’t think narrowly about what you can get out of it. It’s not just about getting the mortgage. It’s a chance to ask about how a home purchase may affect other aspects of your financial life – all personal finance goals should be considered equally.

Bottom line: Since the  collapse of the mortgage industry , it’s been a new day in residential homebuying. Whether you’re buying your first home or beyond, taking a homebuyer education class can help you understand the mortgage process, improve your credit and shop smarter for a home you can actually afford.

Nathaniel Sillin

Nigerian engineers can now practice in 48 countries


The President of Council for the Regulation of Engineering in Nigeria (COREN), Kashim Ali, has said that the council has become a member of the Federation of Engineering Institutions of Asia and the Pacific (FEIAP).

He said with the membership, Nigerian engineers can now practice in 48 member countries, including Australia, Malaysia, Pakistan, China amongst others.

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Kashim disclosed this during an accreditation visit by delegates from the board of Malaysia and Pakistan engineering council to COREN office in Abuja.

He said COREN has also applied to be member of the International Engineering Alliance (IEA) by being signatory to the Washington Accord to raise the bar of Nigerian engineering practice to match international best practice.

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He said the IEA delegation was in Nigeria to observe COREN typical engineering programme accreditation procedure.

He said, “We strongly believe that at the end of the visitations, we would have demonstrated the strength of our engineering education and proven our capacity and suitability for the attainment of the provisional signatory status to the Washington Accord. COREN through this will be able to forge intra and inter-regional cooperation for Engineering Accreditation and mobility of certified engineering personnel within Africa and between Africa and the world.”

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He also disclosed that the council has approved engineering programme accreditation requests of 19 institutions.

Mustapha Suleiman

Real estate has attracted over US$4bn institutional capital –Ogundiran

With Nigeria ranking 145 out 190 countries in the World Bank Ease of Doing Business Index and acknowledged as one of the top 10 most improved economies in the world, real estate has contributed over US$4 billion of institutional capital according to 2018 statistics.

The country has also moved up by 24 points from 169th position of 2017 to 145th position in the World Bank’2018 report, 171 out 190 from the 182nd position 2017 for countries paying taxes. It also rose to 179th from 182nd for countries registering property.

Making the revelation recently at the Town Hall meeting of the 7th Edition of the Real Estate Unite, 2018 in Lagos, the Founder/CEO Eximia Realty Co Ltd, Mr. Hakeem Ogunniran, said that a lot of policies inhibit the growth of real estate in Nigeria.

According to him, the real estate sector in Nigeria is bedeviled by lack of key drivers, acute inadequacy of primary and secondary infrastructure, issues of power sector reforms, PHCN problems. This includes public utilities like roads, water and recreational facilities. This he said, is because every developer is a mini – local government.

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In his presentation, Mr. Luqman Edu, CEO Filmo-Realty noted that real estate is acutely affected by limitations of the sector as an asset class and this he said is compounded by the fact that data that is important in the sector is not available.

He noted that the use of technology can help in the growth of real estate.


Several other discussants at the town hall agreed that, although the sector had not done much as expected, recent policies or reforms in the sector if taken and implemented to the letter will help in improving on the sector’s growth.

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Some of the recent policies or reforms included but not limited to, Lagos State Property Protection Law of 2016, law on prohibition of land grabbing and new guidelines for pioneer status.

Others include, review of consent fees or charges, review of the Land Use Act and the Security and Exchange Commission (SEC) amendment of Investment Securities Act rules.

While giving analysis on growth of the sector in the Sub-Saharan region, Ogunniran said, “The Sub-
Saharan Africa region has seen limited progress over the last two years, with improvements led by the regional hubs – Nigeria and Kenya.

Market data availability continues to be pushed forward, while both valuation standards and transaction processes are advancing, with more international service providers entering markets across the region.

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Government data initiatives have been important in raising transparency levels, with Kenya and Rwanda digitising their land registries, while Nigeria and Ghana have started to publish more information on regulatory requirements online.

Kenya sees continued progress due to improved transaction process and greater data availability Nigeria top regional improver as 3rd party providers enhance market coverage and valuation quality”.

Maduka Nweke

How to market to different types of potential property buyers


For a quick property sale it is important to understand the different types of buyers and which of these your home will appeal to.

In the competitive real estate market, agents need to have an advantage when selling property. Getting in the mind of the perfect buyer and figuring out who they are and why they would want to buy a specific home is key.

“When marketing a home, one needs to try and determine the profile of the buyer for the specific property. In order to attract the right buyer the marketing needs to be focused and directed to that targeted audience which will result in a quicker sale, not leaving the property over exposed. We at Engel & Völkers make use of various analytics & tools in order to determine this buyer pool so that our sellers receive optimal exposure for their properties” says Craig Hutchison, CEO Engel & Völkers Southern Africa.

Sellers and agents need to establish and understand the persona of the buyer they are dealing with which will assist in determining the needs of the buyer and how they should be approached. We take a look at some buyer personas and what they entail.

1. Move-Down Buyers
• High net worth professionals who are looking to downsize from their larger homes after they have retired or their children have moved out.
• They are generally selling their luxury homes and buying smaller, pared-down homes that are easier to maintain, they’ll appreciate plenty of amenities and easy access.
• These buyers will enjoy being in a quiet location that offers easy access to parks, trails, coffee shops and restaurants.

2. First-Time Buyers
• Middle-class families who are looking for a foot in the door to home ownership based on affordability.
• These buyers are looking for a comfortable, liveable home and are likely to be drawn to homes with large gardens that provide plenty of room for gardening and space for children to play.
• Generally want at least two bedrooms and two full bathrooms to accommodate expanding families and room for visitors to stay.

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3. Move-Up Buyers
• Professionals who want to trade their existing homes for larger, more luxurious houses due to a change in income, new baby or marriage.
• They are looking for a home that allows them to live the lifestyle of their dreams.
• Their must-have features include modern kitchens, luxury bathrooms and a pool and will appreciate modern, high-tech design.

4. Luxury Buyers
• High net worth individuals or international professionals who may have several homes.
• They are happy to spend the money needed to secure a home that offers luxurious amenities such as heated floors, open floor plans, chandeliers and large bathrooms.
• Often look at many homes before committing to a specific location and may have a long list of requirements for their new home.

5. Investor Buyers
• High net worth real estate investors who specialize in buying and selling homes. These buyers often have many homes in the area and want to purchase another home to flip or rent to middle-class families or professionals.
• When it comes to purchasing a home, these buyers are receptive, sharp and attentive, although they are generally also thrifty and savvy.
• For an investor buyer, one of the most important traits a house can have is a good location at a decent price.

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6. Retail Buyers
• This is the average home buyer who is in the market to purchase a primary residence.
• They are buyers who have access to finance or enough money saved up to purchase a property for cash.
• An important aspect for this type of buyer will be the home’s price and their level of affordability as well as the proximity to their work and amenities such as schools, medical facilities and shopping centres.

7. Buy-to-let Investors
• A property that can generate revenue while it appreciates in value over the long-term is the main concern for this buyer.
• They are looking for a secure permanent investment that will be relatively low maintenance for instance sectional title units that require little or no renovation and can be rented out immediately to start earning income.
• In some cases they are also looking for larger homes that can be rented to upmarket tenants or students in a commune set-up.

8. Rent to Own
• Is normally a buyer who wants to buy but is not ready to do so yet.
• This buyer typically has credit issues and will need time to fix it up in order to qualify for a loan.
• This is also called a lease option buyer.

9. Fix-and-flip Investors
• Full-time property investors looking for property that is selling substantially below the market norm in a specific area.
• This type of investor will be looking for a property in need of renovation that they can restore and sell in a reasonably short period of time for a return on investment.
• They are looking for the lowest prices because their rehab costs are higher than most other buyers.

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10. Relocation Home Buyer
• This buyer is rock solid and qualified to buy.
• They know they only have a limited amount of time to find a property so they want to see as many houses as they can.
• They want a professional to help find them homes, and show them as many as possible.

11. Young Millennial Buyer
• These buyers do not necessarily rely on seasons and school schedules to purchase homes. For this group of buyers, the market is on at all times.
• They are very active buyers, and most importantly millennial want suburbs that feel like a city, they are fully connected, visual and will view listings at any time of the day.
• Most of these buyers prefer seeing homes that appeal to them on their own time.

In summary, it is of vital importance that expertise and time is spent on the pre-marketing of a property, to ensure the best results. Which type of buyer would you be?


As Real Estate Tech Investments Rise, Here Are The Tools To Watch


Investment in real estate technology is at an all-time high. In 2017 alone, venture capital firms invested nearly $13 billion in the space. And with a number of new VCs now specializing in the arena (Camber Creek, MetaProp and Fifth Wall, to name a few), that number’s only going to rise in the coming years.

What does that equate to for buyers, sellers and those who work in the industry?

For one, it means more options — more solutions, products and tools that can make everything from buying, selling and investing to fixing, flipping and renting easier and more lucrative.

It also equals more competition for those in the tech space. And so far, that competition has certainly bred excellence.

As Jake Fingert, partner at Camber Creek, put it, “The real estate technology industry is expanding right now with incredible velocity. We are seeing enormous investment opportunities as innovative companies are leveraging new technologies, creating positive disruptive for buyers and sellers in the real estate market. There are, of course, large companies like WeWork, Redfin, and Zillow that have achieved mass market scale, but there is also an exciting new wave of companies that are looking to simplify various aspects of buying, selling and owning property.”

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Here are a few of those innovative companies to put on your radar:

For agents:

LiveBy, for localized content

According to Clelia Peters, one of the cofounders of VC MetaProp, LiveBy “is an exciting new company that is creating detailed neighborhood content for real estate agents to use with their clients to help them better understand where they are buying.” LiveBy offers hyperlocal, neighborhood-specific content that integrates with an agent’s existing site, as well as their listings or MLS data. It’s basically targeted marketing meets informational resource, giving agents clout with existing clients while bringing in new leads at the same time.

Kelle, an AI personal assistant

Created by KW Labs — Keller Williams’ own innovation hub — Kelle is an AI-based personal assistant designed just for real estate agents. Using simple voice or text commands, agents can get hyperlocal data reports, neighborhood information and more within seconds. It also helps agents manage their schedules, grow their network, monitor business goals and access training and educational resources as well. The app is available on Apple and Android and recently won Inman’s Best Real Estate Technology of the year award.

Agent Neo, an Amazon Echo app

Technically a consumer-facing app, Agent Neo helps buyers and sellers book appointments or showings with local real estate agents in their area. The reason it’s on the agents’ part of this list is two-fold: 1) because it feeds agents leads and helps fill their sales pipelines, and 2) because it can improve on-site tours and showings. If a Neo-enabled Amazon Echo device is located on an agent’s property, agents can pre-load it with tons of property-specific information to inform and guide potential buyers. Those buyers can then ask questions, inquire about things like utility bills and seller’s disclosures, and even get local neighborhood data as they tour the home.

First.io, for getting more clients

This one’s a great tool for agents looking to up their portfolio of listings. The tool connects with the agent’s network, contacts and social accounts and then uses data science to track and analyze more than 700 factors that might indicate someone is ready to buy a home. It then identifies the people in that network most likely to sell within the next six to 12 months and, as Peters puts it, “uses rigorous testing to determine the most effective forms of follow-up” with those connections.

For home buyers and sellers:

AskDOSS, for real estate-related questions

AskDOSS is a Siri-like personal assistant designed just for real estate. Buyers can use it to get deep-dive insights on virtually any property in the country, including things like property valuations, utility bill and tax information, school data and more. It works via voice or text command on both smartphones and smart speakers, and it even includes not-listed and non-MLS properties, too. AskDOSS technically isn’t available at the moment (it just closed out a successful beta run and will re-launch in 2019), but founder Bobby Bryant says his engineers are working closely with IBM Watson engineers to “cover every real estate function and query imaginable for every property in the country.”

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Edgewise, for building new construction

If you’re looking to buy a new home or build one from the ground up, you’ll want this tool in your sights. A unique platform that connects homebuilders directly with buyers, it allows shoppers to select open projects, make offers, customize their future home and even track its progress all online and digitally. The biggest benefit? Because it cuts out the real estate agent middleman, founder Bobby Juncosa says it’s a win-win for both buyer and builder. “The commission savings can be distributed back to the buyer and builder, making homes more affordable for buyers, and more profitable for builders,” he said.

Morty, a streamlined rate shopping service

Shopping around for mortgage rates is important — especially in today’s rising rate environment. But jumping from lender to lender, filling out dozens of applications and fielding calls from one loan officer after another can be time-consuming (not to mention tedious.) Morty aims to streamline the rate-shopping process. Buyers can upload a financial profile, learn about their loan options and then get rate offers from vetted lenders in one single dashboard. Once they choose their preferred lender, Morty helps move the loan through underwriting and closing all online. As Clelia Peters describes it, “Morty aggregates mortgage offers to improve both the rate and the consumer experience when shopping for a mortgage.”

Homelight, for finding the right agent

For buyers (or sellers) looking to work with an agent, Homelight can help. Users answer questions about their goals and preferences, and then Homelight analyzes millions of real estate transactions and databases to find the right fit. They’ll get a short list of potential agent matches and can use Homelight’s real estate experts for recommendations or to schedule in-person interviews. Peters calls it “agent performance analysis” that helps buyers select just the right broker for their needs.

TaskEasy, for keeping that yard in check

Having trouble keeping that lawn neat and tidy for showings? Sellers strapped for time can take solace in TaskEasy — a tool that Fingert dubs “the Lyft for lawn care.” TaskEasy offers on-demand lawn services with the click of a button. Schedule weekly or bi-weekly service, or book one as-needed when a showing is scheduled. No haggling or hassle required.

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For mortgage companies:

Jane.ai, an artificial intelligence support system

USA Mortgage just implemented this AI-based team member, which operates as a sort of support system for the company’s hundreds of loan officers and support staff employees. They can use it to access company data on the fly, whether it’s in email form, located on a network or database or even embedded in a document. As USA’s Ron Mueller told CMSWire, “The mortgage industry is an extremely competitive business and we need our team members engaging with customers, not spending their time sifting through reams of emails and documents. Having Jane on board means that our employees can now find exactly what they need in a matter of seconds instead of minutes or even hours.” The Jane.ai bot operates within Slack, a mobile-based communications app.

Spruce, an online title provider

Spruce is a fully digital title company that can integrate with lenders’ existing platforms and processes. It offers an easy e-closing solution, mobile notaries and e-scheduling, making the entire closing process easier and more efficient — both for buyer and lender. And because its technology cuts out added fees and expenses, Spruce can even cut down on costs, saving about $360 per loan, on average.

Matic Insurance, to ease the insurance process

This is another integrable tool that can save costs and money — and in this case, more importantly, prevent delays in closings. Many buyers aren’t aware (or become aware too late) that they’ll need homeowners’ insurance before proceeding with closing. Because Matic integrates with lenders’ existing platforms, it makes choosing insurance a natural part of the application process. Buyers can get quotes, sign up for policies and send proof of that policy to their loan officer within seconds. The tool integrates with popular platforms like LendingQB, Roostify and MortgageHippo.

Aly J. Yale

Lagos Federal Secretariat Complex should be sold – NSE Lagos Branch

– The federal government has been advised on the sale of the 15-storey federal secretariat complex in Ikoyi area of Lagos
– The call was from the Lagos branch of the Nigerian Society of Engineers
– The federal government was urged to collaborate with the Lagos state government to sell the building

Nigerian Society of Engineers (NSE), Lagos branch, has advised the federal government to collaborate with the Lagos state government to sell the 15-storey federal secretariat complex in Ikoyi to save the national monument from further deterioration. NAN reports that Johnson Akinwande, the branch chairman, said both governments should reach an agreement on the facility without further delay. It was gathered that Akinwande explained that earlier moves by the federal government to sell the asset to private individuals failed because the buyer wanted to use it for purposes that contravened the Lagos master plan for the area. He also called for integrity tests and proper environmental impact assessment of the facility.

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The complex, said to have been abandoned since 1991 following the relocation of the country’s capital from Lagos to Abuja, is now a shadow of its former self. Built in 1976, the facility which served as the engine room of the federal civil service, is virtually in a ruinous state, stripped of doors, windows and other fittings, a News Agency of Nigeria (NAN) check has revealed.

A section of the building formerly occupied by the National Agency for Food and Drug Administration and Control (NAFDAC) which was gutted by fire is yet to be renovated. Contacted for his comment, Dickson Onoja, the director of public buildings in the federal Ministry of Housing, Abuja, said the property was no longer under the control of the ministry.

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Onoja said the Presidential Implementation Committee on the sale of federal government landed property in Abuja was in a better position to speak on the status of the secretariat.

He said: “The federal secretariat buildings in Ikoyi are no longer ours and no longer under our control as it is one of the buildings sold off some years back. I am told issues came up in relation to development control, building plan approvals and permits which are under the jurisdiction of state government.”

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Meanwhile, it was previously reported that the Nigerian Senate blocked the proposed sales of national assets by the executive arm of government. Members of the Nigeria’s upper legislative chamber registered their displeasure at the Senate on Wednesday, December 20, over the government’s proposed plans to sell the national asset.

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