Real Estate Agent and Founder of property company, Buildmark Properties, Luqman Bamgbose Jr talks to Propertydome about his journey and the Nigerian real estate industry.
Let’s start with a brief introduction. What made you go into the real estate industry?
My name is Luqman Bamgbose Jr. I’m from Ogun state but I’m based in Lagos. I’m also a second class computer science graduate from the prestigious Federal University of Agriculture, Abeokuta (Funaab). Going into the real estate industry for me was a long time coming. I started my official journey into the real estate industry 3 years ago but my passion for the industry started while growing up as a kid.
I grew up in the city with beautiful and admirable structures and as such I have always wanted to be a key player in the industry, contributing to the development of the industry, while observing exactly how to further transform the market. It is an interesting sector, real estate and I’m glad many people are noticing that and taking advantage of the opportunities that abound in it.
What has the experience been like? Challenges faced?
Honestly speaking, It has been a roller coaster and not such a smooth journey which is normal because the real estate industry just as every other industry has its own ups and downs. It is profitable but can also be filled with challenges and inevitably disappointments. These disappointments come from both clients and potential buyers alike.
The major challenges I face or I have faced in the industry includes clients pulling out of an almost closed deal and clients circumventing their realtors among others. Sometimes when you think it’s a done deal then the client hits you with a surprise.
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Tell us, what’s trending right now and why is Lagos such a hot cake?
Lagos is known for its robust commercial development/activities and as such being regarded as the commercial hub of West Africa. So it is no surprise that properties would be more expensive and would, in turn, sell more than other states. Abuja is also doing well in terms of selling properties.
However, this fact about Lagos is affecting the standard of the property market in the state and so leaves property prices hitting the sky when completed. As for what is trending right now in the real estate market it has to be Contemporary mid-luxury real estates.
Simply put, Contemporary mid-luxury properties are properties with modern structural designs. These estates are faster in selling right now than any other structure put up today. The reason for this is that potential real estate investors appreciate these captivating type of structures because of its high resale and rental values.
Technology, as well, is a trend in terms of digital marketing in pushing sales. Technology has shaped our daily lives from how foods are being cooked in our home kitchens to other areas in general and the real estate industry is not an exemption.
For people who mistake real estate agents and brokers. What is the difference?
Well, these words are often used interchangeably, a real estate agent is he who’s licensed to facilitate real estate transactions and are paid commissions for their sales, and work for brokerages. While Brokers are more experienced and qualified and can work as independent agents or have other agents work for them.
Any advice for first time home buyers?
Yes, my honest advice for every potential investor is this. Look out for the best and ideal real estate deals out there and never wait too long to invest in it.
Real estate investment has proven the safest and best of all investments as its capital appreciation is guaranteed overtime.
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