REAL ESTATE ADVISORY SERVICES.

Sometime late last week i read a post on one of the real estate practitioners group i belong and the poster asked about other ways real estate practioners can make money at this period of lockdown knowing fully well that most facets of real estate practises involves going out and physical consultation with clients. From site inspection either for letting or sales transactions to property valuation, land title search at the land registry among others. That post motivated my coming up with this write up.

Economic experts have predicted that unemployment rate will go up by 45% in Nigeria post Covid-19. The reason being that some employers will realize that some roles are not relevant anymore, they will find ways to automate some process and that means the people that use to hold those roles may be dispensed.

This is not to create panic but rather for you to have a re-evaluation of your career, income, and impact goals. The aftermath will make unexpected and immediate negative impacts on the world economy. This is no different for real estate companies and so how best to survive post covid-19 as individuals and corporate bodies shall depend largely on your creativity, how much online presence you have coupled with your ability to reach out to large-scale target audience with your proven technical abilities to provide solutions to real estate problems and thus draw the attentions of potential clients to your side in the highly competitive market.

Gone are the days when clients walk in to offices to make enquiries about services rendered most especially small and medium scale offices, so you have to make your online presence VERY STRONG for the known fact that most activities are now online world over and that would take me back to our topic.

What Exactly Are Real Estate Advisory Services? How Can I Use them and what are there benefits?

It's a know fact that the processes of purchasing, selling, renting or converting a real estate asset into a profitable venture can be a challenging, complex and time-sensitive process. They are not always as simple as one might assume,  many questions can arise that dramatically impact the outcome of the investment. 

Therefore, someone considering purchasing a piece of real estate, currently own or  inheriting a piece of real estate, or would like to sell a piece of real estate, may greatly benefit from engaging your firm for real estate advisory services firm and that you can help out even during lockdown without stepping out. Let me give a clear example, early this April (during lockdown) I got a call from someone based in the United Kingdom that his company was in the process of buying a large portion of Land at Porthacout, Rivers State, Nigeria and that he read one of my posts on LinkedIn about Governor's Consent and would like me to expatriate more on it. We discussed at length about it and exchanged series of emails in which I was able to advise on documents that shall be required at the land registry to be able to process Governors consent and gave step by step on how to go about it. Surprisingly, few weeks after, the man called again thatI should send him an invoice with account details for them to pay me for the advisory service rendered, Whoa! I felt I was just "helping out" not knowing I had actually rendered a service. From then on, I started exploring that window of providing advisory services.

However, as a real estate advisor one should have an extensive background in real estate often with experience and resources that extend far beyond the responsibilities of buying and selling real estate. A real estate advisor works in an advisory capacity to help clients plan more strategically, and increase the value of currently-owned or prospective real estate assets. 

Some of the duties a real estate advisor often carries out are:

• Evaluating or completing an acquisition or sale

• Capital allocation strategies

• Evaluation of land, zoning, or other factors that could impede or enhance a property’s development.

• Feasibility, renovation and other associated costs for income-producing properties

• Guidance in developing, building or renovating residential and commercial properties

• Strategies for improving operations and customer satisfaction on income producing properties

• A neutral party to advise on the best outcomes for owned real estate

• Direction on property management best practices


Best Practices

A client that own real estate may have other business interests, so his/her time, expertise and focus may be divided.  A real estate advisor’s primary role is to help him/her maximize returns on the real estate investments. This means advisors are constantly evaluating the market, new trends and technologies, zoning and other influencing factors to properly advise the client on how to take advantage of market shifts. Advisors should be able to develop strategies for maximizing returns on income producing properties. 

For example, let’s say you own a retail shopping center. Perhaps you have a higher than normal vacancy rate and/or you haven’t been able to escalate your lease rates for some time. Your advisor can perform a study of the current property and comparables, evaluating a variety of factors. They may provide recommendations like updating the property amenities, improve parking or traffic flow, or improving operational issues.  Perhaps tenant satisfaction and retention are down – they may make recommendations for improvement in this area. The point is, their job is to help clients maximize returns on real estate investment, and they should have the experience and background to do just that!

While there is no magic formula that works for every scenario, the No. 1 secret to making smart real estate investments is to hire a real estate advisory firm. In many cases, the return on investment far outweighs the costs for the advisory services.

I can sense you are already thinking about other real estate advisory services you could render, in my next article I shall discuss about the basic property laws you should be conservant with as a realtor that would go a long way in rendering advisory services.

In conclusion, if you find this article informative and would love to read more useful information on real estate, land matters, you may join our Facebook group tagged "Principles and Practices of Real Estate Investing". The aim of this group is to provide members with free advisory service on real estate investing /land matters, proffer solutions to challenges faced by real estate investors, chunk out useful information about processes of buying properties without having issues, land documentation and to introduce profitable real investment opportunities. Should you wish to join the group, click on the below link https://www./963016777388030/

Or click here to like our Facebook page https://www.facebook.com/A2RealmartOptions/?referrer=whatsapp

Thank you and stay safe.....

Akintayo Akinlolu
Lead Consultant/Head of Practise.

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