Realtor Max CEO Reveals Why Real Estate Firms Fail to Deliver Property On Time in Nigeria

 

 

Dr Michael Adeyemi is a builder, and founder/ CEO of Realtor Max Property, based in Lagos, Nigeria.

 

The young, thriving company sets out to disrupt the real estate industry with brilliant and affordable plans for seamless property ownership and sustainable real estate wealth creation for Nigerians.

 

In a media chat, he spoke on sundry industry issues.

 

Adeyemi addressed the issue of reputation questions in the real estate business with rampant cases of firms collecting huge money from people in Nigeria or the diaspora for the purpose of building and delivering housing projects to them within a stipulated period but failing to meet up, leading to protracted crises, litigations and reputation questions in the industry.

 

He explained: “The problem is very simple. One key factor is that after calculating the cost and profit on a particular project and the project is meant to span for eighteen or twenty-four months and after about six months there is a skyrocketing increase in the price of materials, definitely, firms cannot meet up.

 

Even while you try to explain to clients, they say no, agreement is agreement, then it becomes a big problem. The only solution I am thinking of is that proper documentation should be put in place between the buyer and the seller, or the budget should be pegged high at the initial start to cater for any possible surge. But that issue will be there in as much as the economy remains unstable.

 

*The uniqueness of Realtor Max that distinguishes it from other players*

 

We want to stand by our words. We want to be known for quality, sustainability, affordability, integrity, excellence, and fulfilling promises to people regardless of the challenges.

 

*Buy-back policies?*

 

Our buyback policy includes that property purchases must be up to a year and above, and definitely, we buy back higher than we sold it to you.

 

*Regulated Designs and Structure for Building Property?*

 

You can build anything at our Urban Max property but in Aje, there is a specific structure/design.

 

We are allocating the land based on what we sell. Not based on the way you want to build the house. Out of the 1000 plots we are selling now, each land has been divided into different architectural designs, that is, the ones that are meant for duplexes are different from bungalows and the ones for commercial in this particular area. Consequently, on our forms, we request for a specific structure to be built on the land.