Femi Oshofowora is the chief executive officer of Mbraiz Innovations – a real estate business based in Ogolonto, Ikorodu – Lagos State. In this interview with Josephine Okojie, he spoke about what inspired Mbraiz Innovations and the state of the Nigerian real estate industry.
What inspired Mbraiz Innovations?
The inspiration came from the need to proffer solutions to people who have had horrible experiences buying properties. We came to preach that and let people know there are genuine people in Nigeria who can do real estate business with them with peace of mind.
Secondly, I discovered that real estate is one of the ways people can build massive wealth, thereby I have been able to raise a massive number of young people who are now doing well in their businesses with real estate.
What separates your organisation apart from others?
At the heart of what we do are our core values, our vision, and a mindset dedicated to changing the misconceptions about real estate.
We’re passionate about showing people that real estate can be a trustworthy and rewarding venture. Most importantly, we always under-promise and over deliver.
How is your organisation navigating the current economic challenge?
We leverage the relationships we have built with people across the years because we are very intentional about these relationships and they help drive our success.
Additionally, we make use of technology to ensure that economic challenges don’t hold us back. In this part of the world, 95 percent of businesses fail within the first five years, and 98 percent fail within the next five.
But the key to surviving and thriving is learning to leverage people from those you’re building with and clients at different financial levels. When you combine that with the right use of technology, you can not only overcome challenges but scale your business even through tough times.
How do you cater to customers who might not be able to afford high-end properties and ensure satisfaction through the entire spectrum of your clients?
Customer satisfaction is really important to us. What I’ve realized is that most businesses focus heavily on their customers while they’re still prospects, before they make a purchase. Once the deal is done and they’ve converted to paying clients, many businesses look away and move on to the next prospect.
However, we take a different approach. We make it a point to stay in touch with our clients even after the sale. We reach out to collect their feedback, learn where we served them well and where we can improve our clients, also receive our email newsletters and updates, and make sure to celebrate them on their special days. This has helped build a loyal customer base for us that truly values what we do.
What’s your approach to sustainability at Mbraiz Innovations?
When it comes to sustainability, our approach is all about continuous learning and networking. I believe in constant growth, which is why I invest a lot in training my staff.
For example, I just completed a training called Business Sustainability – a famous business coach, where I learned that 98 percent of businesses fail within the first 10 years.
I also realised that a business isn’t considered to have started growing until it hits that 10-year mark. Sustainability is crucial because it’s not just about how much you have right now. You could have 10 billion in your account, but without a solid sustainability system, those billions will disappear in no time.
Nigeria is being challenged with an increasing rate of brain drain across industries. How do you ensure employee retention?
We prioritise training a lot. For example, every Monday, we have personal development sessions for the team. Additionally, whenever there’s a relevant training opportunity related to their department, we ensure they attend.
They always come back with new skills and a broader perspective.
We also give our team the freedom to make decisions. I don’t impose my views on them because they’re stakeholders too. I share my ideas, but everyone is encouraged to contribute their innovations, and together, we build something sustainable.
What are the major challenges you have experienced since inception?
The real challenge isn’t really about staff strength, business knowledge, or the economy, because I make sure to train myself and my team to handle economic challenges in advance. The bigger challenge, I’d say, is funding and finance.
The real estate industry has been tainted by many amateurs looking to make quick cash and ruined its reputation. This has made it a bit difficult for those of us who are truly passionate to make a real difference.
This is especially true for people in the diaspora who want to invest but are hesitant due to trust issues.
Many who have the funds to invest are afraid because they’ve had bad experiences, and that’s a major challenge. It’s something I’m working hard to address so that people can trust us and overcome those obstacles to invest with confidence.
How do you stay ahead in the very competitive world of Real Estate?
In real estate, it’s crucial to understand the specific path you want to take because the industry is so broad. You need to become an authority in that area and keep building yourself in that direction.
That’s exactly what I do, and I’m very intentional about it. I make sure that the path I’ve chosen in real estate is one I’m fully committed to, and I continuously acquire the knowledge and skills needed to stay afloat and succeed in that field.
How do you ensure ethical business practices, especially how your staff interacts with clients?
Every business, organization, or even place of worship has its own set of policies. The key is to establish a strong working system that everyone understands and can follow. As the leader, it’s crucial not to abuse the system or policies in place.
We have clear standards that everyone must adhere to, and if changes are needed, I don’t make those decisions alone. I call a management meeting to discuss changes and review our standards together. We also make it a point to review our standards every quarter to see how they’re performing and to stay updated on current trends, ensuring we’re always evolving and not left behind.
Have there been any instances where you had to let a customer go because they weren’t following the policies you’ve set for your brand?
Yes, this has happened a few times. In real estate, it’s essential to have strong core values, and one of ours is integrity. In this business, you discover that some people get money through questionable means and try to invest in them.
When someone applies for a property with us, we require their identification, address, and job details, among other documents, because this is the standard stated by EFCC to avoid money laundering. Some individuals may try to invest stolen money, and we ensure that everything is traceable to protect the business.
Additionally, we sometimes encounter clients who resist following our standards because they had negative experiences with unprofessional real estate agents in the past, and in some cases, they’re the ones causing issues but just want to move on quickly, using us as an escape. For us, however, the money you want to pay doesn’t count here; it’s doing business the right and legal way that matters.
Are there any challenging or bad experiences you’d like to share?
In almost seven years of operation, we’ve never had to deal with any court cases, and that’s a direct result of staying true to our core values.
How do you promote diversity and inclusion within your brand?
It’s all about understanding and recognizing that everyone has their unique strengths. We ensure to place people in departments where they can excel based on those strengths.
The head of our head of marketing is a woman, and our head of accounting is a man. We also have women who go to the site, and sometimes, we all head there as a team. It’s about creating an environment where everyone plays to their strengths, no matter their gender or role.
How do you handle the risks involved in real estate?
Wisdom and prayer. Real estate is a high-risk industry, especially because it’s capital intensive, but the returns can be significant. We make sure to do thorough due diligence before making any decisions.
This process helps us minimize risks by giving us the right information to make informed decisions.
How do you go about building partnerships with other companies?
We approach partnerships in different ways. We have partnership plans for both organisations and private individuals.
Right now, we have over 100 individuals partnering with Mbraiz and we also collaborate with other companies. We currently have an estate in Asaba, a partnership deal with a close friend of mine who’s also in real estate.
How do you adapt to the new trends, especially in this Gen Z-driven world?
Every business needs to keep up with trends because if you don’t, you risk becoming outdated. It’s important to carefully examine these trends and choose the ones that align with your brand.
Some trends can even harm your brand’s identity if you’re not careful. We also leverage the onGen Z trends because they are often so tech-savvy. They’re using their skills to help promote the real estate space in innovative ways, and that’s something we embrace.
Are there any ongoing projects?
We just wrapped up an event last month called “Vision 30:30,” which aimed to help 30 people under 30 become landowners. We found that many people over 30 still don’t know how to become landowners, so it was a great success. We were able to help a large number of people achieve this goal.
We also have another event coming up in January called “NYSC” which stands for New Year Sales Corps. It’s a program designed for people who want to earn extra income, boost their selling skills, and make money in real estate and it’ll be launching on January 1st, 2025.
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