Real Estate 101

Property hunting tips, moving tips and guides, and real estate must-reads

1
How To Avoid Fraudsters When Buying or Renting a Property
2
Things You Should Know Before Renting Your First Apartment
3
How to Buy and Sell a Home at the Same Time
4
5 Biggest Home-Buying Fears
5
Guide To Becoming a Real Estate Agent – 3
6
Guide To Becoming a Real Estate Agent – 2
7
Guide To Becoming a Real Estate Agent – 1
8
Tips to Becoming a Successful Estate Agent
9
Know Your Rights and Duties Under the Lagos Tenancy Law
10
5 Things to Consider Before Buying a Property for Renovation

How To Avoid Fraudsters When Buying or Renting a Property

Fraudsters are everywhere. They have been in virtually all field of human endeavour since Adam. The goal isn’t to retire them from their stock in trade. It isn’t to get rid of them in the real estate sector either. The goal is to arm as many as possible with information that will put them on the safe side. To put them in the know of the tell-tale signs they should be on the lookout for whenever they want to buy or rent a property. So how can you avoid fraudsters when buying or renting a property?

Do Your Due Diligence

The world has gone digital. Most estate agents now have websites. Property websites like Hutbay make finding an agent and knowing more about each of them a breeze. With few clicks, the legitimacy of a broker can be easily verified. All thanks to technology. Read More

Things You Should Know Before Renting Your First Apartment

So, you are finally ready to rent your very first apartment? You feel you are now ready to take on that responsibility? This will make you earn the respect of many, especially your friends who are still putting up with friends, colleagues or staying with relatives or parents and come across as mature to all. Before donning this maturity, here are a few things you need to know about renting your first apartment:

All Landlords Are Not The Same

As humans, we come in different shapes, sizes, complexion, and temperaments. As our faces are different, so are our character, personalities and biases. The fact that you’ve seen brash and uncompassionate landlords doesn’t mean all landlords are brash and uncompassionate. Read More

How to Buy and Sell a Home at the Same Time

Culled from Realtor.com

Ah, to be a first-time home buyer again: How easy it was to buy a home when you weren’t carrying another mortgage on your back!

If you’re looking to graduate from first-timer to repeat buyer, you know things are about to get much trickier. Unless you’re a bona fide house collector, you’ll have to sell your home in order to buy anew—adding a whole separate layer of anxiety to what you already know is a stressful home-buying process.

In an ideal world, you’d buy a new home, move, and then, and when all the dust settles, deal with the turmoil of selling. But for most people, that’s totally unrealistic. Not only does it cost significantly more, since you’ll be paying two mortgages, but sellers might be quick to judge if you’re holding on to your current home. Read More

5 Biggest Home-Buying Fears

It’s natural to feel a little apprehensive when making a major purchase, but home buying shouldn’t scare you out of your wits. Know the rules! – Owolabi Olatunji, CEO Hutbay.

Buyers’ biggest real estate fears most times hold them back from buying — not just for a season, but throughout the year. And rightfully so, as buying a home is usually the largest purchase a person ever makes. If you’re one of these people who is hesitant, take heart – there are simple steps you can take to overcome your fears and become confident that you will make a sound purchase. Here are the top five reasons you may be holding off on purchasing a home of your dream and how to overcome these hurdles. Read More

Guide To Becoming a Real Estate Agent – 3

Continued from Guide To Becoming a Real Estate Agent – 2:

8. Know your market.

Though more real estate professionals are beginning to work internationally thanks to globalization and the ease of communication, most agents continue to work close to home. This brings us to an important and often-overlooked fact about the real estate industry—namely, that it isn’t a single industry at all, but rather a collection of local and regional markets. The dynamics of your market can have a profound effect on how you conduct your business, and with whom—and the lower to the ground you are, the more evident this becomes. Read More

Guide To Becoming a Real Estate Agent – 2

Continued from Guide To Becoming a Real Estate Agent – 1:

4. Develop a personality.

It’s often said that as a salesman, you’re not just selling your product: you’re selling yourself. That’s why as a real estate agent, it’s important to develop a personality.

We’re not saying you don’t have one: we’re just suggesting that you lean into it. Whether you’re a pet lover, a motorcycle enthusiast, a foodie or an online gamer, don’t hide your personality: embrace it. You’re in real estate—so, for God’s sake, be real. Your personality fosters relationships, which builds your reputation, which generates leads. You get the picture.

Getting involved in the life of a community helps build your relationships, but it’s important that your involvement be consistent with who you are as a person. Enthusiasm is difficult to fake, so if something you say or do doesn’t ring true to you, people will pick up on it. Read More

Guide To Becoming a Real Estate Agent – 1

The real estate industry is an exciting industry. It is an industry that carters for one of the three basic needs of man: shelter. A good shelter is a requisite to a good living and a productive society.  It is also a very lucrative industry that rewards its stakeholders with massive returns.

There are many different players in the real estate industry—property managers, publishers, builders, banks, and government agencies, to say nothing of buyers, sellers, and renters. However, the real movers and shakers are the intermediaries, those who constantly move between and communicate with these players: agents and brokers.

The Intermediary Men:

The real estate agent is the workhorse of the industry. He’s a salesman one moment, a buyer’s advocate the next; he’s an analyst, an auctioneer, a consultant, a negotiator, and a marketer; he occasionally performs the services of an appraiser and a loan officer; he accommodates his clients on nights and weekends, and often works well beyond the official stipulated working hours. Read More

Tips to Becoming a Successful Estate Agent

Real estate agency is a highly paying and rewarding business or job, but like any good things, it comes with a catch. There are too many real estate professionals who entered the business for what they perceive as easy big money commissions. Few months down the line,they find out the hard way that they’ve over-simplified what it will cost them to get, initiate and land deals. There are monetary costs and a lot of work is required to be successful.

Too many newbie real estate agents fall within their first year because they didn’t develop a plan and follow it for success in becoming a real estate agent.

The following are some of the “secrets” of  a successful real estate agent:

They return calls and emails at lightning speed: These are the people that get a lead and don’t let it go. They immediately make contact and they follow up. They answer any questions and are happy to stay on the phone with nervous clients. They are the warriors of email, text, and phone and they keep that rhythm right up through the whole transaction, one agent calls it his land, sea, and air approach, reaching out to clients through as many channels as possible in the beginning even using Skype.   Read More

Know Your Rights and Duties Under the Lagos Tenancy Law

Tenant-Landlord relationships in places like Lagos can be very murky. The expectations of the Landlord from its tenants and vice versa may not overlap and this often lead to crisis. Most times, the crisis ends up in a stalemate leading to the tenant arbitrarily settling the score with the landlord on the streets.

The Lagos state government, in 2011, chose to address this very important part of life in Lagos by enacting the Lagos Tenancy Law. It spells out in clear terms the duties, responsibilities and legal obligation of both the tenants and landlords. If you are a tenant or a landlord in Lagos, it is important you are knowledgable about your duties and obligations under the law.

Download the PDF here: Lagos Tenancy Law 2011

5 Things to Consider Before Buying a Property for Renovation

Real estate investment is one of the safest and surest investing avenue you may want to channel your hard-earned cash into. This is because decades down the line, you can still make some good returns on your investment. In Nigeria, owing a property is seen as a way of guaranteeing one’s future income streams.

If you are looking to buy a property for renovation, as against getting a land to erect a structure on, you may have made a wiser decision. This is because, depending on what you intend to do with the property, you can actually save some good money when you go the path of renovation. Read More

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