Property Information Guide Lagos Nigeria - Free Real Estate Information Tips

property information lagos nigeria africa

Property information Lagos Nigeria - Real estate agents are a group of property professionals who make money from real estate information.

Real estate agents have property information about all types of properties located in a variety of locations within a geographical area and so are well positioned to provide potential clients the real estate information they need to invest in real estate wisely.

In simple words . . . real estate agents sell information.

They sell information about . . .

  • property for sale
  • apartments for rent and
  • best mortgage rates and institutions

    Why do I say estate agents and brokers sell property information?

  • It's because they get paid when they provide real estate information to potential home buyers and tenants.

    Some people enjoy working with real estate agents because they believe real estate agents make the business of getting a property easier.

    When this group of people think of the time and resources they would have deplored towards apartment search, they express gratitude to these thousands of estate agents who toil night and day to meet client needs by providing accurate property information.

    However, there are those who have a strong dislike for estate agents. And they are often outspoken about their reasons for not wanting to deal with estate agents.

    This people in this category include potential tenants, buyers, and even home owners.

    This second group of people give reasons for not wanting to deal with real estate agents. Among others, they claim that . . .

    1. Estate agents charge too high a commission

    2. Estate agents are responsible for the high prices of properties because they encourage home owners to increase prices and

    3. Estate agents delay the sale of houses because of their commission

    Real Estate Information & Estate Agents

    You may have noticed that many real estate agents in Lagos Nigeria are poor. In fact, some real estate agents work from home because they cannot afford the cost of setting up an office.

    What does that tell you?

    Simple. Selling a house is not easy.

    Why estate agency commission may be high or sizable in expensive neighbourhoods, making consistently high sales month after month doesn't happen for many estate agents.

    Besides, a lot of estate agents practice in poor neighbourhoods with low rental and sale price. And hence, low commission.

    If estate agents were making a killing from providing property information to clients, you will see it in the cars they drive, the clothes they wear, and the offices they use.

    About property prices.

    Who really increase the prices of properties arbitrarily? The estate agent who simply provides the real estate information or the seller?

    From my experience, it's the seller.

    Home sellers in Lagos Nigeria want to sell as high as possible. In fact, some Lagos Nigeria real estate owners tell estate agents to sell at ridiculously high prices. When the estate agent tries to show the seller market analysis that show otherwise, sellers often react negatively.

    "I will give my house to another agent if you can't sell at my price", the owner may say.

    If you conclude that some sellers are greedy, you got it right.

    On the flip side, buyers want to buy as low as possible so they can compel estate agents to sell as high as possible a few years later. And therefore, reap high return on their investment within a short period.

    What settles this opposing desires?

    Market forces of demand and supply.

    My advice?

    Use the services of Lagos Nigeria real estate agents.

    When estate agents have the opportunity to make big commissions, let them be. They deserve it. They have worked for it. Many months of poor sales may have slipped by before they hit this big deal.

    My advice for home sellers?

    Don't be greedy.

    It is greed that made my friend's client sell his house for 20 million Naira two years after he was offered 25 million Naira and he declined.

    Why did he accept 20 million Naira 2 years after when he didn't accept 25 million Naira 2 years before?

    He was greedy.

    He wanted 30 million Naira when the market was offering 25 million. He said he would wait until the market was ready to offer him 30 million Naira.

    Unfortunately, the economic meltdown caught up with him and the market value of his property crashed. When he badly needed cash, he had to let the property go for 20 milion Naira.

    When his estate agent gave him property information indicating that real estate values were likely to crash, he didn't believe him. He thought his agent's real estate information advice was biased in favour of a 'sell decision' because the agent badly needed the commission.

    Time passed quickly and it was proven that his agent's property information was accurate.

    The Estate Agent's Dilemma

    The Lagos Nigeria real estate agent has a dilemma.

    He provides real estate clients property information and that information, if believed, could result in a buy or sell decision.

    In either case, the estate agent receives financial benefit when the buyer or seller takes his real estate information or advice seriously.

    Here's the dilemma.

    The property seller or buyer sometimes wonders whether the estate agent is advising him to sell or buy because of his financial interest in the deal. If the seller or potential buyer suspects that the agent's judgment is blurred by his desire for personal gain, he declines to make a decision.

    Guess what.

    The estate agent may just be right.

    My advice to sellers and buyers?

    Stop being overly concerned about the commission the agent will get when the transaction succeeds. Instead, weigh his recommendations objectively.

    There are thousands of honest real estate agents out there. If you stop thinking of the money they make from each deal, you will see their honesty.

    Are you a real estate investor or property seller?

    Please look beyond the tip of your nose.

    Related Content:

    Apartment Guide ::: Apartments For Rent

    Buying A House ::: How To Build A House

    How To Sell Your House ::: Bank Owned Properties

    Investing For Income ::: Investing For Retirement

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