Growing up in Enugu, Alex Udeze learned the value of self-reliance at an early age. As a teenager, he ventured into entrepreneurship to meet his needs, starting with a video rental shop at just 16 years old. This early foray into business was driven by the fear of financial hardship and a sense of responsibility as an older sibling in a large family.
Today, Alex is the co-founder of Distress Property Market Ltd (DPM), a thriving player in the real estate industry. His journey into entrepreneurship was born out of necessity and inspired by the dream of financial independence.
The idea behind DPM and its Distress Capital Investment instrument was a combination of two passions: property ownership and financial independence. These are often considered the ultimate goals for individuals. Alex and his partner, Lyris, aimed to create a brand that would help people achieve these dreams.
However, the path to success was not without its challenges. In a new field with no formal education in real estate or track record, trust issues were a significant hurdle. The real estate world’s “near-success” syndrome, where deals could fall through at the last moment, was another obstacle. Despite reaching the verge of closing deals, clients sometimes had a change of heart, making it a discouraging journey.
To overcome these challenges, Alex and his team developed a structured approach that prioritized trust and integrity in every transaction. They learned that good intentions alone were insufficient in the real estate business.
Building the right team was another vital aspect of the journey. Alex had to adapt his leadership style to be both approachable and firm. This balancing act was necessary to navigate the complexities of managing people and nurturing a dream team.
The turning point in Alex’s entrepreneurial career came when he closed his first deal, a distress sale that was purchased for 120 million naira and resold for 160 million naira in less than a month in Lekki. This marked the company’s transformation, leading to team expansion and the establishment of key performance indicators and deliverables.
For aspiring entrepreneurs entering a competitive market, Alex emphasizes that consistency, intentionality, integrity, and time are essential. Even in crowded niches, there is room to dominate with passion and effort.
As for the future of Distress Property Market Ltd, it is expanding rapidly, becoming a go-to destination for property buyers looking for below-market value deals in Lagos. Plans are underway to establish an Abuja branch and expand to other African countries, including Egypt, South Africa, Liberia, and Kenya.
With new products like the distress capital investment instrument and partnerships with major Nigerian banks, the company’s future looks promising. The journey from a small video rental shop in front of his father’s house to a prominent name in the real estate sector showcases the remarkable entrepreneurial success of Alex Udeze and Distress Property Market Ltd.