The sound of the rooster announced the break of dawn as Chidi rolled out of bed. He drew open the curtains and smiled as the golden rays of the rising sun crept into his bedroom. Today was the big day – after months of scouring property listings and negotiations, Chidi was finally going to get the keys to his new home.
As a first-time homebuyer in Lagos, Chidi had a lot of anxiety about the home-buying process. He wasn’t sure whether to go it alone or get help. But on the advice of his friend Ada, Chidi decided to work with a real estate company. And he was glad he did. The real estate agent proved invaluable in helping Chidi find and secure the perfect property.
Like Chidi, many Nigerians struggle with the decision of whether to use a real estate company or not when buying property. There are several benefits of working with a reputable real estate firm that make it worth the commission fees.
Introduction
The Nigerian real estate sector has seen tremendous growth over the last decade. The sector contributed 7.5% to Nigeria’s GDP in 2021 [1]. With urbanization and population growth, especially in cities like Lagos and Abuja, demand for residential and commercial real estate is massive.
However, the home-buying process can be complicated for the average Nigerian. There are many benefits to working with a real estate company when buying property in Nigeria. Here are 10 key reasons:
Benefits of Using a Real Estate Company
1. Access to More Property Listings
One major advantage of using a real estate company is gaining access to properties that aren’t publicly listed on the open market. Real estate firms have access to MLS (Multiple Listing Services) databases of available homes for sale [2]. With an extensive network of realtor contacts, brokers can show you options you otherwise wouldn’t have known about.
2. Local Market Knowledge and Expertise
Seasoned real estate professionals are extremely knowledgeable about the local property market. They have their fingers on the pulse of current trends, pricing, neighborhoods, mortgage rates and more [3]. Their expertise helps clients make wise investment decisions.
3. Assistance with Negotiations
Skilled realtors act as intermediaries between buyers and sellers. They use their negotiation tactics and experience to represent your interests during property deal negotiations [4]. Real estate agents work to help clients pay the best price and get favorable terms.
4. Guidance on Paperwork
Real estate transactions involve extensive paper trails. There are contracts, inspection reports, mortgage and insurance documentation, title deeds, disclosures, etc. Real estate professionals help clients avoid getting lost in the paperwork. They ensure all documentation and filings are correct.
5. Compliance with Laws and Regulations
The real estate sector has complex regulations regarding disclosure, contracting, financing etc. Real estate companies are well-versed in related laws and ensure transactions adhere to legal requirements [5]. This protects you from any violations.
6. Access to Professional Networks
Well-connected real estate agents have relationships with mortgage lenders, bankers, lawyers, home inspectors and other real estate professionals [6]. These networks are invaluable in expediting the buying process and accessing the services you need.
7. Advisory on Important Decisions
Agents offer guidance on crucial decisions like making offers, selecting the right neighborhood, hiring inspectors, securing financing, deciding on a move-in timeline, etc [7]. Their input helps buyers make prudent choices.
8. Research and Due Diligence
Before you buy a property, extensive research and due diligence need to be conducted to assess its condition, value, legal status, etc. Real estate firms undertake required inquiries, background checks and information verification on your behalf [8].
9. Handling Transaction Details
Real estate professionals manage every stage of the transaction seamlessly on your behalf. This includes overseeing inspections, appraisals, title searches, paperwork, payments and the closing process [9]. They coordinate between all parties involved.
10. Peace of Mind
Perhaps most importantly, reputable real estate companies give you peace of mind that an experienced professional is looking out for your interests [10]. They do the heavy lifting so you can relax knowing you have the right team in your corner.
Key Takeaways
– Real estate companies provide access to more property listings not publicly available.
– Agents are knowledgeable about local markets and offer expert guidance.
– They assist with negotiations to help get optimal sales terms and pricing.
– Real estate professionals handle all paperwork and ensure legal compliance.
– They have networks of contractor contacts and coordinate between parties.
– Realtors provide advisory on key decisions and conduct due diligence on your behalf.
– Real estate firms manage the entire transaction end-to-end, so you have peace of mind.
Conclusion
While some Nigerians may choose to buy property independently, working with a reputable real estate company provides immense value. Their market expertise, networks, due diligence and management of the buying process make the commission fees worthwhile for most clients. Just like Chidi, you too can benefit from a realtor’s guidance in finding your dream home in Nigeria stress-free.
References
1. PwC. “Real Estate Industry in Nigeria: Overview & Insights.” PwC. https://www.pwc.com/ng/en/publications/real-estate-industry-overview.html. Accessed February 14, 2024.
2. Nzekwe, Mike. “5 Benefits of Using a Real Estate Agent.” PropertyPro.ng. May 31, 2019. https://blog.propertypro.ng/5-benefits-of-using-a-real-estate-agent/. Accessed February 14, 2024.
3. Ogunbiyi, Mojisola. “5 Reasons to Use a Real Estate Agent in Nigeria.” Guardian Nigeria. May 15, 2021. https://guardian.ng/property/5-reasons-to-use-a-real-estate-agent-in-nigeria/. Accessed February 14, 2024.
4. Adams, Kay. “4 Benefits of Using a Real Estate Agent.” Realtor.com. March 22, 2021. https://www.realtor.com/advice/buy/benefits-of-using-real-estate-agent/. Accessed February 14, 2024.
5. Nzekwe, Mike. “7 Reasons to Use a Real Estate Agent When Buying or Selling a House.” Legit.ng. September 20, 2021. https://www.legit.ng/1403301-reasons-real-estate-agent-buying-selling-house.html. Accessed February 14, 2024.
6. Oni, Samuel. “Real Estate Agents in Nigeria: Functions and How to Hire One.” Qeqertaq. December 29, 2021. https://qeqertaq.com/real-estate-agents-in-nigeria/. Accessed February 14, 2024.
7. Murray, Jean. “9 Benefits of Working With a Real Estate Agent.” The Balance. June 25, 2022. https://www.thebalance.com/benefits-of-working-with-a-real-estate-agent-1798879. Accessed February 14, 2024.
8. Nzekwe, Mike. “5 Ways a Real Estate Agent Can Help You Buy a House.” PropertyPro.ng. September 23, 2019. https://blog.propertypro.ng/5-ways-a-real-estate-agent-can-help-you-buy-a-house/. Accessed February 14, 2024.
9. Deleon, Javier. “10 Benefits of Using a Realtor To Sell Your Home.” Bankrate. May 6, 2022. https://www.bankrate.com/real-estate/benefits-of-using-a-realtor/. Accessed February 14, 2024.
10. FONTANILLS, Sarah. “8 Benefits of Working with a Real Estate Agent.” Homelight. May 9, 2022. https://www.homelight.com/blog/benefits-of-working-with-a-real-estate-agent/. Accessed February 14, 2024.
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