Exclusive Chat: (With) Afolayan Mojisola, a realtor in the built industry, dissecting her wealth of experience on home ownership services with Standard Times Newspaper conducted by Tijani Salako
What is your full name and what makes you venture into real estate?
I’m Afolayan, Mojisola ANIVS, RSV a certified realtor, an independent property advisor and acquisition specialist, founder of “Relive Housing” who helps private clients, young families especially women in creating wealth through property investment, providing business developmental services for institutions and consultation, empowering youths and promoting access to quality education in property investment in Nigeria and Africa.
So passionate, why are you advocating for more women into real estate business?
Unarguably, we need more female billionaires, women creating wealth and we must understand the basics, understand compounding, and understand the importance of dreaming big but starting small, we must also understand that the secret of getting ahead is getting started, we must learn how to crawl first before flying but for everyone who desires to carry a baby must go through the process of pregnancy, there’s really no shortcut to life.
I believe so strongly, nothing goes wrong when women own money as they don’t only cater for themselves but the entire community, naturally women are nurturers, builders, and multipliers.
The World Economy Forum said, the economy rise when women have inheritance rights. Women with strong property and inheritance rights earn up to 3.8 percent of income.
Families where women own more landed property devote more of their budget on education. Women with high investment are less likely to experience domestic violence. Nations were women’s property and inheritance rights are stronger; individual savings are up to 35% higher. Owning properties allow business women to build equity, to be creditworthy in the eyes of lenders.
There are banks and other financial institutions offering them larger loan amounts at favorable interest rates, making it easier for them to invest in their businesses, women that own more real estate become home owners and create generational wealth. I mean when women build wealth everyone wins, the individual, family, community, and the economy wins, it’s always a win-win situation mostly when investment process is done properly.
In your book titled “100 answers to nagging questions about real estate in Nigeria” you mentioned terms like land banking, co-ownership and home ownership, kindly throw more light on this ?
One of my favorite quote “The secret of getting ahead is getting started” One way great people on earth built wealth is through real estate and you might wonder how exactly did they do it? Land Banking is one of the easiest & lowest method in the property value chain when done properly. CAVEAT EMPTOR! It may interest you the concept of co-ownership, is simple and it’s been used by the famous and wealthy individuals. why struggling for doing it alone, while you can do it with others especially as a beginner, It’s the smartest thing to do. When you co-invest, you share both the Risks& the Returns.
Investments is always associated with putting money down today for a potential return tomorrow, between the period of “now and tomorrow”, are the Risks and Returns. Co-investing is all about doing it together, low entry level, “power of many”.
For instance; an acre of Land in Victoria Island today is about 4Billion, one person might struggle to pay for the land and construction but it’s a lot easier when 40 people bring 100 million. A property in Sangotedo today say 50Million Naira, 5 people bringing 10million each it’s sorted, this is a concept that has existed for many years and the wealthy use this method to their advantage.
When implemented properly you have comfort and peace of mind, this is something we advocate for and create opportunities for new investors, we have proof of concept at “Relive Housing”.
What ethical dilemmas you have faced in your chosen career, and how do you handle it?
I narrowly escaped detainment at the police headquarters because “I once received a verbal instructions from an agent on a property, however, I requested for it to be documented properly, that we do not act on verbal instructions only. Despite the potentiality for such significant deal, I choose not to compromise unless I verify the authenticity of the client request. This professional act saved me from been detained at the police headquarters. In essence, upholding ethical standards is paramount, even if it means foregoing a deal.”
What do you do for investors and why you’re so unique?
Real Estate business remains the asset of choice for investors. Properties investment is a fine art, unbiased advice is imperative to maximizing capital return and, even time, working as globally connected & independent acquisitions specialist, I am able to reach across the peak of the market, providing my clients with full access, clear guidance, and free conflict of interest. On the other hands I’m special because of being excellent at what I do- service I offer to clients. I believe anything worth doing at all, is worth doing well.
Would you like to educate the public on this 3 kinds of land: Acquisition land, Committed land and Free land, how does Government classify it?
A land under government acquisition can either be global acquisition or committed acquisition. However, a land with committed acquisition means the govt has a designated purpose for it, or a specific project has been designated for that parcel of land. Such lands should not be released or sold to individuals or organization for developmental purposes.
Acquiring land that is committed will eventually lead to loss or forfeiture of such investments when the government comes in possession of the land. More so, when a land is free it simply means govt has not indicate interest on it yet. Succinctly, land under govt acquisition has the interest of the govt in it for maybe roads, institutions and general urban development.
Investors should be very careful and do their findings well, this also applies to all “Agricultural zoned Land ” in Epe area of Lagos is in disguise as Free land for development.
For low income earners like securities, gatekeepers, among others. How can they own a decent but affordable house to themselves?
All around the world real estate is not cheap, influences that are equally important aside money is discipline, commitment and being intentional. To be honest these cadre of people you mentioned, I respect them a lot. Many of these people have what I called ‘the Wealthy Mindset’. investing and starting early from where you are is the secret to building wealth.
These people take action and implement, they buy half plots, quarter plots regardless of how seemingly far you and I term those locations. They build rolls of shops in front for their wives and also let it out when they built more than one, so real estate is not really about how much you earn but how well you manage your funds and investments while still earning income.
Although, we are aware the federal and state govt are always building and commissioning estates, people must be conversant of events around them and harness benefit from such laudable project.
Learning never ends, what other skills you would like to acquire, & also what are your top skills?
I believe that personal development is essential in any role, my top skills are excellent communication skills, I’m a good negotiator, customer centric and problem solving skills. However I wish to deepen my knowledge in Real Estate Finance, Project Management and up my selling skills very essential.
How do you justify the rent-to-own housing schemes?
Rent to Own Housing Scheme is a brilliant home ownership concept in assisting more prospective homeowners who do not have all the money per time. The concept has been executed and implemented even here in Nigeria. The high cost across the entire building value chain hinder many of these kind.
We and our financial partners are working on the “co-own to own” initiative, a concept similar with the rent-to-own concept being introduced in our signature project “Cornerstone Heights Ogombo”. The focus is IMPACT- to make more homeowners and help committed and intentional investors build wealth.
Looking at land grabbing issue in LAGOS especially, what can the professional bodies do to simplify the problem?
As part of effort to address the issue of land grabbing in the state, the Lagos State Govt enacted a law to prohibit encroachment, against illegally acquired landed properties as well as violent or fraudulent conducts in relation to property within the state.
The menace of land grabbing is largely frowned at by the LASG; a commendable job is done by LASRERA (Lagos state Real Estate Regulatory Authority) pushing a narrative of only registered practitioner to engage real estate in the state even though the Estate Surveyor and Valuer remains the only Certified and Licensed professional body to conduct real estate Nationwide through law.
Why should anyone invest in property business and seek for professional aids?
This is a very interesting and most frequently asked question, everyone wants to invest in property, with such a wide range of options available to them, advising on which investment is best, depends largely on your specific objectives & circumstances. A strategy for one client may be an unwise choice for another – for this reason I take a highly personal approach to advising on investments, and its strategy. You can only adverse the risk but can’t eliminate it. You must be educated enough to know about an investment before parting away with your money and you must work with professionals at all times, a certified real estate professional – Estate Surveyor & Valuer.
How do you create a client base, understand your clients and what makes you stay up to date in the industry trend?
Over the years, I have worked on numerous projects at different levels. Our clients are diverse from Private Individuals, Families to cooperate entity both small and large multinational Investors Some include, PZ cussons Nigeria, Ericcson Nigeria, MTN Nigeria, Shell, Schlumberger to mention but few. Relationships are the core values, nurturing it is key to us, also I start my day by reading a varieties of news sources, both local and international. A member of several building institutes where trending issues are discuss as well. And also attending seminars and conferences these keeps me abreast of my daily engagements.
What strategies do you use in maintaining lead and where do you see yourself in a decade to come?
“I build leads by being reliable, respectful, maintaining relationships. I ensure confidentiality and protect my clients identity. For my investments, I nurture relationships with key investors, which have led to exclusive insights and opportunities that are vital to our developmental stories.
My biggest career goals is to dive as deep as possible into helping 10 thousand individuals, young families especially women to own their own properties- first time home buyers either through mortgages or co-ownership.
I’m focused on helping more women to build wealth through real estate whilst also remaining relevant in my leadership role which is value, Impact, improving lives, making people & communities better.
