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Life Is Gone Out Of This Section. Agents Have Ruined It. - Properties - Nairaland

Nairaland Forum / Nairaland / General / Properties / Life Is Gone Out Of This Section. Agents Have Ruined It. (1707 Views)

3300sqm Land Directly Beside Nicon Town Estate Lekki. 2000sqm is gone out of it. / Abuja Property Dealers/agents Let Us Meet Here. / Another Sad Land Sale Gone Totally Horribly Wrong! Purchasers Shine Your Eyes! (2) (3) (4)

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Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 7:14pm On Feb 29, 2012
This property section has become so boring. The only ones that reply to the posts( adverts) are the agents themselves. Buyers or renters are showing no interest. The ridiculous greed [/b]of the estates agents are to blame. Someone even had the guts to post a miniflat here for rent at N900k at Ikoyi. Is ikoyi in heaven?. That dirty place !Who would be daft anough to respond ?. All you see is "still available"posted by the same dimwit estate agents who did not contribute a single nail to the flat they're trying to rent out at N900k a year.
A landlord that charges N900k for a miniflat is a hungry landlord. However the agents pool wools over their eyes in their bid to cash in on agency fees. They have totally ruined this section for us. Each time i log in it's the same people, posting the same crap. Why not change strategy, reduce the price( rental or sale) and hope for more responses. i have given up on finding what i'm looking for here. It's obvious that the more sensible agents are not on Nairaland.
[b]NO BODY GETS RICH BY BEING IRRATIONALLY GREEDY.

NB: No miniflat should cost more than N150k per annum. I don't care where it's located.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 7:41pm On Feb 29, 2012
Still valid angry
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 8:13pm On Feb 29, 2012
Still valid angry
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by cinzo: 10:00pm On Feb 29, 2012
Still valid!!!
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 10:08pm On Feb 29, 2012
Very much still valid.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Nobody: 5:41am On Mar 01, 2012
Chinom:

This property section has become so boring. The only ones that reply to the posts( adverts) are the agents themselves. Buyers or renters are showing no interest. The ridiculous greed [/b]of the estates agents are to blame. Someone even had the guts to post a miniflat here for rent at N900k at Ikoyi. Is ikoyi in heaven?. That dirty place !Who would be daft anough to respond ?. All you see is "still available"posted by the same dimwit estate agents who did not contribute a single nail to the flat they're trying to rent out at N900k a year.
A landlord that charges N900k for a miniflat is a hungry landlord. However the agents pool wools over their eyes in their bid to cash in on agency fees. They have totally ruined this section for us. Each time i log in it's the same people, posting the same crap. Why not change strategy, reduce the price( rental or sale) and hope for more responses. i have given up on finding what i'm looking for here. It's obvious that the more sensible agents are not on Nairaland.
[b]NO BODY GETS RICH BY BEING IRRATIONALLY GREEDY.

NB: No miniflat should cost more than N150k per annum. I don't care where it's located.


You took it out of my mouth.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 11:16am On Mar 01, 2012
Still available valid shocked grin
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by san26dy(f): 7:13am On Mar 02, 2012
My dear, I agree with you.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by samclet(m): 7:47am On Mar 02, 2012
God bless you my brother you have said it all.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by doctokwus: 9:32am On Mar 02, 2012
The bubble will soon burst.With d number of workers being laid off& families tryin to squeeze by,a lot of people don't av mony to pay for ridiculous rents,dats d reason u see some posts runnin for mths bc many people are now tightenin belts
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by dnative(m): 9:49am On Mar 02, 2012
If not for threads like Spyder, NextHomes, Vitarado and of course the mod's sticky threads, I don't see any value with all those agents ads they keep bumping up everyday with no new information.  I really don't understand why all the sales and lettings ads are not kept in a child thread or have the more informative threads in a separate section.  I don't fancy searching through millions of bumped-up ads which I've had to go through the day before, the week before and months before. 

I tire.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by blank(f): 10:45am On Mar 02, 2012
Soooo boring now. They annoying part is when you ask them for some info instead of them to reply on the thread, they will tell you to call. Call so that they will waste your credit sending you on a wild goose chase? Abeg.

Why can't they add pictures if those houses are really theirs to sell? How do you think people will get interested if there are no pictures to view? So someone should waste transport fare to go and see a house that is not anything like it was described and not what the person wants at all?

Another thing they do that is so annoying is to use an advert to attract people while that particular property was never available. I remember calling one and the person said, " Madam that kind of property is not available". I told him i saw it on his thread and he kept yapping on.

So tiring.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 11:55am On Mar 02, 2012
I simply think that they have very poor business sense. But they don't know that. Property and rental business grow when there is movement. If people are not moving from their current residence because rent is too high or the cost of land too expensive, no body makes money. The agents themselves will make zero.
Besides, some of the agents here may be no 5 on the chain of agents trying to sell or rent a single property. The real toss around starts when you go for inspection.
The prices they quote here are targeted towards Nigerians in the diaspora. They know that over 90% of those on Nairaland live outside the country. Magas, who do not know the actual prices of things in Nigeria. Some of them(the agents) do catch a few Akata mugus. That's why they're so persistent. Someone in US who is eager to return to Naija may actually pay N900k for a miniflat. Especially those ones that visit Naija once in 3 years. those are their targets. So be warned.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Bowie11(m): 12:24pm On Mar 02, 2012
The OP really makes my day. All my observations are clearly stated by the OP.
What these so-called agents dont know is that, any business that overpriced itself will gather dusts on the shelf. Upon visiting the agent they will tell you to buy them a recharge card in order to source you an apartment. A guy I met on NL, after calls, I went to him in order to inspect an apartment he told me he has on Ikorodu Road for my office use. On getting to him, he took me on a wild goose chase to three different locations which did not belong to him but to other agents. And I can see him practically begging them to come (as they are not on ground) and open the apartments for inspection. When I asked him why is he taking me on the merry-go-round, he stated that their business is based on networking. It then dawned on me that the guy has no vacant apartment on his own to let and he only want to ride on the back of other agents.
Equally, most of them are law breakers - they are demanding for 2 years advance rent instead of Lagos State stipulated 1 year advance rent law. And I have observed that they want 2 years advance rent because of their greed!!
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 1:45pm On Mar 02, 2012
Still available. Sorry, valid.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by lanredo(m): 6:48am On Mar 03, 2012
You may be right, yeah at the same time you may be wrong. You are all speaking out your opinion based on your experience, it was clearly shown your type of experience, the function of the type of Agents you have dealt with.
However You must realise the determining factor of rents any where in the world where Lagos State is not exempted.
As it is to other goods and services so is to properties/land, houses. The law of demand and supply, the law stated that;
1. The higher the supply the lower the price
in contrary 2. The higher the demand, (when supply fails to equate demand) the higher the price. Please note that in terms of land area, Lagos State is the smallest state in Nigeria ironically is the most populous state, almost 30% of Nigeria population stays here the nerves of commercial activities in the Africa! these facts transend to what we are experiencing in properties.
To you it may be boring, to some no dull moments, at Signature properties no dull moments.
Many of us need not coming here to read, write, or joke as you may be espected, we come to pass information and awaits response while the fasted medium of communication as of now is telephone, so where ever you are it meets you.
The scarcity of property in relation to the needs and the quest to be active compel the Agents to network with others, so chain comes in. Only that some Agent don't manage that effectively.
However, don't expect the rent of a property in Agege to be the same in Ikoyi, or the rent of a flat in Mowe Ibafo or Ikorodu to be the same rent you pay in Ikeja. There are rent detrminants factors, that time may not permit here to explain, but watch out will write about that and post it on my site at www.signaturepropty.gnbo.com pending the complection of our coperate site.
We at Signature Properties, we have determined to provide excellent Real Estate Services that, encompasses home Search, Broker, Agent, Developer, Manager and Real Estate Consultancy dealing with us "change your experience"
Call us give us your brief if you have property, or you need home to rent, want to buy etc. Call Lanredo on 08031955044, 08057685264 or 07029478806 or mail signaturepropty@gmail.com or lanrefabiyi@yahoo.com
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by san26dy(f): 8:06am On Mar 03, 2012
I actually laughed when I saw a plot of land listed for 100mil. Really, Like people have hundred million sitting in the bank to spend, whether you are in Nigeria or abroad. Even if I do, will I harvest diamond from the so called land? Nonsense.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by violent(m): 12:04pm On Mar 03, 2012
I think the mods should consider using the same ideology that has been used in the autos section to bring some sanity to this place.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 4:13pm On Mar 03, 2012
@lanredo, Of course the rent or price of property at Agege and Ikoyi or Ikeja are not expected to be the same. But the disparity in prices are fixed purely on the whims and caprises of the estate agents. There are no verifiable point system in Nigeria used to value the worth of a property in Nigeria as obtains in the western world. A 3 bedroom flat in Magodo could be rented for N450,000 by one landlord/agent while another more hungry landlord/agent will put he's out for N950,000. Both apartments are located in Magodo. There are no standards in nigeria. In the situation of Lagos, yes, there is shortage of supply. But the demand is also dead, for the simple reason that tenants can not afford the ridiculous and unjustifiable prices. Purchasing power stimulates demand. The disposable income of most people in Lagos cannot afford the sort of rents posted by agents. Hence people just sit tight in the present accommadation. No movement whatsoever. Left to landlords, there will be a lot more movement in the rental business. But the agents stifle that by placing a very high price on the property.
A simple example are those properties at Mowe. If you got a plot there at say N40,000, cleared it and put some wall, why then would you put it up for sell at N1.5m. At N300,000 you more than recovered your investment, plus a nice profit. It does'nt make good business sense as far as i'm concerned.
Last question for you, lanredo. Can you justify the 10% agency fee which you and most agents charge not for 1 year but for 2 years. What justification do you have for collecting agency fee for 2 years ?.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by hustla242: 6:36am On Mar 05, 2012
@ OP

You're very right, I got a quote for a property in Gbagada from a nairaland agent but bought it for just over half the price by getting my contact to do lots of homework on the property. I would have actually been willing to pay a bit more than I bought it for if not for the agent's greed.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 11:33am On Mar 06, 2012
%age is by definition for a 12 month period. For 1 year. So, no one should pay any agent a percentage sum for a 2 year rent payment. Besides charging rent upfront for 2 years is illegal in Lagos. Ask to see the landlord. Besides the 5 or 10% agency fees should be split between the Landlord and the new tenant.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by blank(f): 4:04pm On Mar 07, 2012
I saw a house being advertised for N25m. The same house (with pics) was advertised by another agent for N27m net. Greedy pigs.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by blank(f): 4:05pm On Mar 07, 2012
I saw a house being advertised for N25m. The same house (with pics) was advertised by another agent for N27m net. Greedy pigs.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by Chinom(m): 3:57pm On Mar 08, 2012
blank:

I saw a house being advertised for N25m. The same house (with pics) was advertised by another agent for N27m net. Greedy pigs.

Can you imagine that. Adding a whooping N2m on top. Every agent agent in the chain adds something on top for himself. Why would you want to make N2m on a property you contributed nothing (zero) to it's construction?. N100k is even too much. Corrupt public servants and politicians are to blame. Everything now is in 100s of million or billion. Most of our stolen public fund is laundered in properties. Go to Abuja and see the kind of houses owned by fed. civil servants. People on paid salaries.
Nigerians have forgotten that N10m is a huge amount in any currency of the world.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by roddk(m): 3:35pm On Mar 10, 2012
@Chinom: May God Bless U richly.
I got attracted to NL because of the auto section. It was so well arranged and detailed to specifics. U cd have a dealer tell U every bit about a ride he wanted to sell or pre-order for U down to the dealership, VIN checks etc and all these for free and to top it all up U were always getting a good bargain.
Its when I got to the this section I felt I'd been dropped into Oshodi(I mean the pre-2007 one), twas so chaotic n the posters/dealers were always hidin something from U cos they kept feeding U with partial information.
I plead with the MODs here look into it and make sure that anyone that can't substantiate their claims and anyone who feels fellow Nairalanders are his 'shortcut to wealth' be shown the door.
Nairalanders should be helpin each other instead of ripping em off,
Thanks
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by blank(f): 4:51pm On Mar 27, 2012
They are still at it.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by lanredo(m): 9:36am On Mar 28, 2012
Chinom: 10% for 2yrs while paying for 1yrs is ridiculous, absurd, nonsense and unprofessional. But unregulated sectors such as Nigeria Housing Sector allows that.
Still we must not transfer all the blame to the Estate Agent, we are going to aportion the blame to 1. The Agent 2. The Landlord 3. The Tenant(sitting and prospective Tenants) and 4. The Government. To government, no result oriented regulatory structure on ground, failure of the authority to administer the housing sector properly. To the prospective tenants, their despirate atitude make them to play easily to any conditions either good or bad. To the Agent, we have high influx of many people, this proffession accomondate any type, lots of frustrated people, products of bad goveance. Victim of retrechment and job cuts so in anything is possible!
We at Signature Properties always advice to patronize professional not influx. We build relationship, we gives world class services.
Re: Life Is Gone Out Of This Section. Agents Have Ruined It. by blacklion(m): 3:30am On Mar 30, 2012
I suggested in another thread that the way out is that the moderators should split the Properties Section into two sub-sections - one for property sales/letting threads and another for building construction threads e.g. those by spyder, oluwa champion, ytechconstruct and others.

The sales/lettings threads are far too many and very distracting for those of us interested in the building/construction threads.

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