7 LIES/FABLES ABOUT REAL ESTATE INVESTING

You may have been hearing some of these all your life. Some of us are wired to believe them hook, line and sinker. They are what they are: misconceptions that limit us from taking positive actions today in time-proven real estate investment opportunities. Check out 7 core ones you have to be wary of:

1. Real Estate Is For The Rich Only
No! Real estate is for everyone. Whether you want to invest in real estate or go into the business of real estate, the opportunities are open and right in front of you everyday.
For investors, you can start with cheap land at suburbs of a growing location. You can start real estate business with zero capital. Ask me how!

2. Never Buy Because You Will Be Scammed

It's like saying: never drive a car because you will have an accident. Yet, there are cars moving about. Yes, there are few accidents as there are real estate scams but it shouldn't stop you. Work with a trustworthy realty consultant & do your due diligence.

3. Buy Landed Property When You Are Ready
Yeah, I get all the need to plan but when do we have free funds with no competing needs?
It is very likely that when you are ready, the value would have gone up and you have to go back to wait in the getting-ready cycle. You will get nothing done waiting for the perfect time. There is no perfect time. I tell you, again, today: Buy real estate and wait; do not wait to buy real estate. Searching for a nice location? SEE HINT HERE

4. Don't Buy More Land; You Have Some Already.
Like seriously! If you have a piece of the Earth, congrats. Now, all you need to do is buy more. Land has proven to consistently increase in value at the right locations. It is a sure way to build wealth that can be passed down from one generation till perpetuity. So, give it a try.

5. The Location Is Too far And It Is "Bush"
Well, today's prime locations like Ikoyi, Victoria Island, Lekki Phase 1, in Lagos were once bush. That was yesterday. Today, they are worth millions and billions of naira. Fact is that as history repeats itself, it is also seen in real estate. If the location has a high projection for human influx, distance is swallowed by value appreciation & development. Every hot-cake area today is an example.

6. The place Is "Water"
People keep saying this until opportunities pass them by and in myself, I feel like, Why don't you just make time available and let me show you that this land is not water. Even water is being turned to land as Bar Beach is no more today. Eko Atlantic, Orange island, etc, are rising from water. However, fast developing places like Ibeju-Lekki is naturally 70% dry land!

7. Inertia
This is that voice inside your head that speaks to you and makes you procrastinate. What are you waiting for? Do not listen to such voice anymore so that you have no more irresolution and inertia. We are bringing you the enlightenment you need now. Join the rich people with foresight who are not resting on their oars but constantly propelling themselves. See video of Gov. Ambode, Dangote & Otedola on recent tour of developments in the Lekki Free Trade Zone area, all in an effort to acquire more! Join them today!!

Thank you for your time. Hope you'll share this information with your loved ones and stay tuned for the next post ...

Will Real Estate Agents in Nigeria Become Extinct Due to Rising Technology?

This paragraph is dedicated to my own answer, before you get to read the long stretch of others' opinions:  Real estate agency goes well beyond helping to buy/sell properties and getting commissions. Property owners and buyers will continually need professional realty services in the aspect of locational valuations, advice, construction management, property maintenance, etc. Real estate agents too will seek out ways to innovative alongside advancing technology to find how to always stay relevant because any technology has application to different industries. That said, it is the real estate consultant who constantly learns about changing customer needs and develops his game on meeting such needs that will remain in the industry in the future, irrespective of the prevalent technology.

While I believe my response has tried to answer the question, you can read further...

The troubling question in the minds of most thoughtful real estate agents in Nigeria recently has been whether the continuous rise and use of technology in the sector can replace their jobs. We are in the year 2018, and it seems the need for real live people is ever-diminishing.

At malls now, there are self-checkouts instead of cashiers, selfie sticks instead of photographers, self-driving cars, automated teller machines (ATM) instead of a bank teller, online news blogs in place of the good old newspaper vendor  … well, you get the idea. Technology has gradually taken over the source of livelihoods of people and it keeps reducing the need for the exertion of physical efforts by the day.

With each passing week, we seem to hear more hype about the rise of self-selling websites with Tolet.ng, nigeriapropertycenter.com and many others all vying for a piece of the lucrative real estate pie. The excitement with which some home sellers tell the stories of their self-selling success has given rise to the myth that “selling real estate is easy” and “anyone can do it”. But what does the emergence of these platforms mean for real estate agents in Nigeria? Is this the future of real estate?

Given that technology has become so important to buying and selling homes, you’d also think property agents would be a dying breed, right? Yet it seems like they aren’t showing any signs of slowing down, with at least 2 million active real estate agents throughout the country. Real estate agents in Nigeria are obviously still thriving and coexisting comfortably despite the mounting importance of technology in the sector.

This may however be different in other climes like USA, the United Kingdom and China, because of the distance between they and third world countries in terms of technological advancement. A recent survey conducted by SurveyMonkey, an online real estate platform in the USA, finds that 17% of people bought a house in the last two years without an agent. The same survey also reports that discounting commissions is widespread.

Listing a typical home with a conventional agent in  Nigeria costs around 6% of the sales price. On a N5,000,000 home, the usual commission might tally up to at least N300,000. Selling a home without a Realtor is estimated to save the owner at least 5% in commission fees. Hence the reason why there has lately been a rise in the way clients choose to boycott enlisting the services of an agent.

In the face of this new wave, do you think agents can continue to retain their value with the online portals cruising the real estate market or do you think they are a dying breed?Join us in this discussion on whether or not real estate agents will someday be extinct. We asked some experts to weigh in. From our Social Media Poll, these are some of the opinions we were able to gather:

Klassic – “We can’t dispute the fact that technology as come to stay,it as become an important factor in our day to day activities.

Technology can only make our job better not render us useless!!! All we have to do is to leverage on the power of technology and get the best out of it”

Castle Homes – “The answer is ‘NO’ . Real estate agents in Nigeria will not become a dying breed because:
1. The client still needs to view the property after seeing it online. Only the agent can show the property.
2. Paper works have to be done. Only the agent can do that.
3. The client still needs to see the owner for negotiations etc. Only the agent can arrange that.
Therefore, in my opinion, no matter how digital we become, human contact is still needed to close a sale.”

Ezra – This is my take on this.
Technology is not here to kill man but to aid man. Everyday, I see many people express the fear that technology will steal their jobs and they will become obsolete. For instance, bankers are scared that people will no longer have to come to the bank and transact. True. That time will come. We are nearly reaching the era of cashless societies. Many policies will change as a result of technology. The way we live our lives will change and many people will loose their job. True.
But will technology render more people jobless? My answer is “NO”.
Will technology render people useless? My answer again is ” NO”.
But the question: will technology take away estate agents from property transactions? The answer is a big “YES”.
But before I explicate my reasons, let’s take a look at the technologies we are afraid of.

1. The internet: The function of the internet is quite known to everyone. Even the estate agents are benefiting greatly from this device. With the internet you can place adverts online and reach a client through WhatsApp. A while ago people were all afraid of the internet. Real estate agents in Nigeria used to believe in newspapers and banners. But today, they have dumped newspapers for online platforms.

2. Artificial Intelligence (AI). This technology is also mostly used to program machines to work on their own as though they were humans. For instance a drone, a self driven car, a robot etc. The machines are programmed to react and take actions independently without any interference.

3. Blockchain Technology: This is by far the most discussed technology today thanks to the bullish behaviour of cryptocurrency market. You may not know what blockchain is but I am sure you have heard of bitcoin. Bitcoin is a cryptocurrency built on the blockchain technology. Blockchain technology is a kind of public ledger that helps to decentralize the world. It means that with blockchain technology, smart contracts can be created and the middle man can be kicked out.

This technology is the one estate agent are likely to be afraid of as there is no limit to the kind of transaction that can be designed on blockchain.
For instance, if a property listing company builds its app on blockchain, buying, selling and renting of houses can be automated through smart contracts. Inspection of property can be done through a 360 degree satellite enabled device and the property investor can view the property without physical presence.
This means that the onus of conducting KYC and Background checks will rest on the property listing company thereby preventing any form of fraud.
This analogy reiterates my affirmation as to whether or not technological innovations can completely eradicate the middleman.
So the question again, will real estate agents in Nigeria no longer be needed in the future, perhaps yes, but the future is very bright.”

Adetoun – “Yes as we know it now . It already has changed and will continue to evolve. Buyers and sellers are already a lot less dependent on agents for home search and property valuations . As they become more accurate buyers and seller will become more self sufficient . We are all fools if we don’t realize our job is rapidly changing . We need to educate ourselves and find more ways to make our services valuable to our clients.”

Femi – “There will always be emotion in purchases of this size, so there will always be agents to handle that. The expertise will change. You will see the roles of buyer and real estate agents in Nigeria adjust to accommodate the ever changing landscape.”

Onos – “There will be a change in the way real estate agents in Nigeria operate/exist. Technology alone is changing that and as things become even more so technology-based agents will have to change the way they interact and conduct business or they (the agents) will be left behind. History has taught us, if nothing else, that if an industry doesn’t stay abreast of current systems and technology they can/will become obsolete.”

Emmanuel – “I think we are in jeopardy. The people I’ve worked with lately do not seem to understand, or value what we do. Most people think that now that they can access properties, do history to know what sellers paid for them, calculate their payments etc, they only need us for a key to open the doors”

David – “The Internet model assumes people know what they want and are fine with getting it themselves. Some fit that mold. But for many clients, buying or selling your own home will continue to be the end result of a complex matrix of personal decisions influenced by a professional who can both enhance the beneficial outcome and ensure the successful negotiation of those decisions.”

Chukwuma – “Tough question. I believe true professionals will be needed in any industry, no matter how technologically advanced it would become. Anyone can have access to the data, but an agent is needed to dice, slice and help to make decision.”

Olanrewaju: “I don’t believe that real estate agents in Nigeria will become extinct, because access to data by consumers is not the same as access to wisdom and insight for sound decision making. I think the agents who thrive will increasingly be subject matter experts about local market dynamics, global market dynamics and construction – the role will require the ability to interpret information for the consumer and will increasingly professionalize.

Love – No doubt that sooner or later, technology will take over some jobs or businesses.
My advice to agents is always update yourself with good knowledge, have structure for your business and learn to manage people. People skills will go a long way to keep us in business irrespective of anything that may arise. I don’t believe agents will become a dying breed. However, it will at some point become survival of the best. Which is why constant knowledge update and people management skill is key.
To a large extent, it’s a business that requires trust and competency. So can technology totally be trusted?? Humans still have better chances of earning trust and keeping it than technology does.

Going on the premise of these opinions, we can see that opinions are still split on whether real estate agents in Nigeria (or anywhere in the world) would still be as influential in property deals as they are now in the future...

- Courtesy of Nigeria Real Estate Hub

(SMART) 'ATOM' in the Making, Set to Take Over the World

A new generation of smart homes are being created with the Alpha Cube technology. The construction of "ATOM", the very FIRST modular home for the global new smart home line began this week. The frame was assembled in 2.5 hours with 4 men. Then, it was moved into its construction position in 1 hour and the frames were locked together in one hour. The entire process took 4.5 hours with 4 men only.

So, in the first day, his body was formed. On the 2nd day, the inside of his body was completed. And on the 3rd day his inner drainage and circulation system was formed & today, 30/05/18, the 4th day, electrical and plumbing works done. You're following the creation of a new life; and a smarter and better way to live. Enjoy & stay tuned for more progress information!!!

For conventionally built homes, the end is near. And when Atom's done, in the aftermath, only half of humanity's brick-&-mortar homes will still exist.
Smart homes from the stables of Thorpe Development East, live smarter/better.

To see progress, follow KORP Properties across social media. You can also join 'Smart Homes Nigeria' community on Facebook and stay tuned for updates.

Enjoy pictures below...

Our investment in Lekki Free Zone will earn Nigeria N8trn annually ―Dangote

Africa’s leading industrialist, Alhaji Aliko Dangote

President, Dangote Group, Alhaji Aliko Dangote disclosed on Wednesday that his group’s investment in the Lekki Free Zone, Lagos will earn Nigeria N8 trillion annually.

Dangote made the disclosure at the maiden edition of the Lagos-Kano Economic and Investment Summit held at the Jubilee Chalets in Epe, Lagos, saying that his company’s investment in the zone which include its refinery and others would single-handedly earn Nigeria such huge income.

“Lagos is more than ready for business. Our refinery, petrochemical, fertilizer and gas projects will generate N8 trillion per annum for Nigeria when fully on stream,” he said, contending that he was one of those who believed that state governments should collaborate with one another for economic benefits of their states.

Without much ado, as the voice of one calling on wise investors, here is a reminder to invest in this single location, at least! If it'll require you to go and borrow money to be a part of it, do so. Many have said - and are still popularly saying - that land in premium Nigerian destinations are overpriced! Come to think of the fact that if you have several plots of land in such outrageously priced locations, you'll be happy. Good thing is land in the Lekki Free Trade Zone and surrounding axes which boasts of great local and foreign investments fast coming is still very affordable. So, take this as another clarion call to invest there. See flier below for some attractive options, and click HERE or call (+234)8183567878 for further enquiries.

Excerpts from tribuneonlineng.com

IMAGINE WHAT A SMART HOME IS

Remember how cars, phones, wrist watches, household appliances and other home or office items moved from analog to digital and now, getting smart, and even smarter by the day? I remember when we only have the old phone. Then, walkie-talkie, followed by old phones like Nokia 3310; then Java and Symbian phones. Now, we have Android and others. If you compare features across the technologies, you'll discover that the mobile telephony gadgets are improving with time...

Same with TDE smart homes! It has numerous dynamic features which are not seen, or which are short in conventional brick-and-mortar homes; and is set to revolutionalize real estate industry - how we build homes and how we live. For example, let me enhance your imagination with the following scenarios:

Imagine the common challenge whereby one has seen the ideal property that fits their desire but with downside of not being in their choice location. What will you do? The next thing is to wish you could 'carry the house' to the location that matches your desire. Haha! At least, it'd have been only a wish..., until now! Stay tuned...

Imagine the luxury of being able to literally transport your home to set it up in your perfect location, or being able to remove it from where it was initially set up to where you'd now like it to be. I guess this wows you. With our Land Use Act in Nigeria that made government the sole owner and administrator of lands across the country, imagine the government comes around telling you a public project will take place in your area and affect your land (and hence, home), this smart features will not make you demolish your home gotten with your hard-earned money in case government or anyone lays claim to your land for whatever reason as seen in Oshodi, Agege, Badagry Expressway, etc. All you have to do is remove and relocate your home, whether you are compensated by the government or not.

Imagine your home is a bespoke, precision-engineered, factory-built house, with any imaginable smart gadget incorporable with it, e.g., solar panels, LED lighting, among other gadgets to automatically control locks, temperature, lighting, etc, such that the level of smartness is determined by you.

Imagine anything I'm not even imagining right now, all possible through this revolutionary concept launching in July from the stables of Thorpe Development East (TDE). Let us know how you feel. Share your excitements and expectations of a smart home not included in this blog post and we will communicate with our manufacturer to include them for you. We have a communication system in place to ensure our customers get the best of experience they can imagine.

Imagine the money that could only have afforded one a car before now able to buy him a modular home, such that millennials and their seniors in the middle class with fairly paying jobs or income sources can begin to plan owning their own homes outrightly or on loan arrangements so that they can begin to build equity for themselves thereafter, for some future use. This is wholly a game changer leading to a new era of wealth creation and conservation nationally and internationally!

We are the beginning of a new revolution and are welcoming you to be a part of us. Are you a customer who'll like to be among the first to own this smart home before others start seeing it around (it will be up to you to ignore this only to wake up suddenly someday to notice everywhere has changed around you)? Are you a developer who will like to save money and time on your construction projects and deliver a whole new range of better residential units? Are you a real estate agent who will like to be a part of this great technology by partnering with us? Whoever you are, contact us HERE or call +2348183567878 and we'll get back to you with more information. 

BUILD SMART HOMES! AVOID DEMOLITION OF YOUR BUILDINGS!!

This's all about opening your IMAGINATIONS - your ability to see the future (of housing) - hope you will join this bandwagon rather than open your eyes and see the world around you has changed. In the meantime, know that there will always be factors that can make you lose your brick-&-mortar home, albeit, reluctantly. Among the factors are the following highlights with examples:

1. Political: It is a common experience for government to pull down buildings for other development considerations in 'overriding public interest'. Imagine you were issued a relocation notice by the Ministry of Public Works and Physical Development (whether you have legal occupation rights over the property or not - you'll be compensated, in the event of the former case). Instead of giving up your home or office for destruction, all you need to do with a smart building is disassemble it, take it somewhere else and set up. What a smart way to win in two ways (get compensation benefits and rescue your building). Switch to smart building today!

2. Environmental: Imagine there is a disaster that can threaten the structural integrity of your home; e.g., landslide, earthquake, etc. Switch to smart building today!

3. Economic factor: Imagine you suddenly have a raise in your income earnings (or vice versa), and you want it to reflect in your home, you no longer need to pull down your smart home. Being smart makes it interestingly adjustable and you may simply quickly order for more space, or even remove some for sale, to enable the modification. Switch to smart build today!

4. Social factor: Imagine you are a young man who is just starting life with your wife alone and you order our precision, factory-built smart home. Two years down the line, your family has increased from 2 to 4 and you want to expand your home space to better accommodate your children. Hey! Don't pull down any part of your house. Simply order more cubes and we'll customise the adjustment for you. Life can't be easier! Switch to smart building today!!

5. Imagine any other factor and I will give you the points.

You see, imagine the technology such that you as an individual, a developer, or government needs a speedy construction of homes, offices or other commercial buildings and gets it in more than 3 times less construction time, and at less than half the cost, yet ending up with the strongest quality buildings anywhere in the world (meeting the US and other international housing construction standards)...Switch to smart building today!! CLICK HERE We manufacture and distribute Smart Homes all over the globe. Our buildings are framed with 7-gauge steel and insulated with quality panel materials. Start building your dream home the smart way.
Nigeria sales launch in July, 2018.
www.thorpedevelopmenteast.com

See some of our products HERE

A CALL ON NIGERIANS IN THE DIASPORA

UK Parliament House

No place like home is a popular parlance within migration circles. No matter how long one has travelled away from his native country, this statement advises s/he has to keep a level of treasure back home to tie the mind there. The wisdom in this advice proves to be valid for all time, and ubiquitous, too, because the government of one's country of sojourn can make a law at any time that may be unfavourable to migrants (of course, it is understandable any government might consider the welfare of only her own native people when faced with a serious challenge that warrants it).

An example was the recent UK law Read Details on UK Government Website HERE
The UK Government recently introduced a new law that requires foreigners who own properties in the country to explain the source of their funds or risk forfeiting them to the government. According to the new law, Unexplained Wealth Orders (UWOs) could be obtained on any property or combination of properties valued at  50,000 pounds ( N25 million) or more, for which the owner is unable to explain a legal source of its funding. “All seem to be in panic over the prospect of losing their investments,” said a source within the Voluntary Assets and Income Declaration Scheme (VAIDS) Office in the Ministry of Finance, Nigeria, a source to which Nigerians home and abroad have frantically turned for help, trying to secure their investment in the Uk. It was reported that the line dedicated to attend to such cases crashed of late owing to the large volume of calls.

According to a British law firm, Mishcon de Reya, the requirements for obtaining the UWOs include that “there are reasonable grounds to suspect that the known sources of the respondents’ lawfully obtained income would have been insufficient for the purposes of enabling them to obtain the property.” There is a special focus on politically exposed persons (PEPs), but there is an implied presumption of guilt for non-politicians too. Interestingly, the orders can be obtained even if the property was purchased before the law came into effect and it does not matter where the property is located, whether or not the person resides in the UK or whether there may be other persons who hold the property. In summary, it will be relatively easy for the UK Government to secure these orders against foreigners.

This is a call on Nigerians in the diaspora not to invest all their fortune in a foreign country on the premise that they 'get value for their money' there. When the tide turns negatively, such 'values' may become useless. We all know these choice pastures only get greener with the water of foreign capital being continuously diverted into them, at the expense of their native countries'. In a nutshell, 'Do Not Put All Your Eggs in a Basket'! If you must invest in the UK, or wherever, invest back home, too. Today's example captured the UK. Tomorrow, it will be another 'choice destination'. Even if the law was targeted at corrupt and PEPs, innocent people will also be affected. Are you abroad, or do you have your people there? Personally use, or share this piece of advice with them!

Consider moderately investible real estate opportunities in the new Lagos, Ibeju-Lekki. This location is fast becoming a world-standard economic hub, and a pride of Nigeria and Africa. This is so because of the plans and massively ongoing development projects undertaken by the Lagos State government, some state governments and other private concerns in that axis. Several registered realty companies have legitimately acquired large parcels of land for development purposes. Land or housing units you purchase at affordable prices from us today will sell much profitably higher in the future. You can also buy massive lands for your future businesses now. Join the wise (Nigerian) investors from all around the world who are sending their money back home and keying into this opportunity.

Invest with us. Our estates are in serene, easily accessible, government-protected, and safe environments free of all known encumbrances. They have good, verifiable titles and are still affordable now, ranging from N750k to N10m. We have our partner-subsidiary office in Dallas for those in the USA. Our Nigerian branches and estate schemes are located in Abuja, Lagos, Ibadan, the East, and other parts of Nigeria. More enquiries? Call KORP Properties on 08183567878 or CONTACT US HERE