The real estate industry in Africa’s biggest economy is highly competitive, and building a sustainable business and importantly a trusted reputation requires hard work and perseverance.
Chisom Ibiyemi, chief executive officer of KD real estate has done that and today he owns one of the fast-rising real estate businesses in the industry.
Ibiyemi, a real estate agent, was inspired to launch his business based on his love for civil engineering and architecture, as well as the desire to help people tap opportunities in the sector.
“It was never in my plan to go into real estate, but right from secondary school, I have always had this love for architecture and civil engineering,” he says.
“I started working with a real estate firm after my graduation and that further ignited my passion for the sector,” he explains.
“Through this, I sold some properties for a real estate firm and was able to raise some money to kick start my own,” he notes.
The young entrepreneur says his business started operations in May this year. He also got funds from closing deals and savings.
The young entrepreneur says he has leveraged social media to grow his business and highlights opportunities in the industry to spur investments.
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He notes that the real estate sector is very lucrative with rewarding investment opportunities.
According to him, the business is growing steadily and is now part of the Acerealestatate – a residential real estate development company in Nigeria.
On how the business sources its building materials, he says,” Different building materials have different markets where they are gotten from. And most times it depends on the budget of the client.”
So far, Ibiyemi has employed three people in his workforce, as he seeks more in the long run to boost his firm.
He also says his business makes people know the usefulness of investing in real estate, helping to reduce the rate of unemployment in the country.
On the business’s short-term goals, he says he wants to be able to stand out among other real estate firms in a unique way.
For its long-term goals, he says the business wants to become one of the most recognized real estate firms in Nigeria.
Speaking on some hurdles the business had faced since starting, he says establishing trust and convincing clients was a major challenge for the business.
“At some point when you charge for a job then get to the market and realize there is a price change then you have to decide to either tell the client or sort it out yourself,” he says.
To address the issue, he says his business ensures through research and due diligence on projects before providing clients with proposals.
He notes that the cost of living crisis and the high rate of fraudsters in the country is making it harder to convince Nigerians of the opportunities in real estate.
Concerning FX, he says, “That’s a lot to handle because it has its toll on the prices of building materials making it hard for clients and businesses.”
He advised other entrepreneurs like him to have a presence nationwide with a good reputation.
“Dreams are dreams and they will not become a reality if you do not work towards it. It’s not easy at first, but dedication and diligence are what you need,” he says.
