• Friday, February 23, 2024
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Mortgages in Nigeria are not costly, exploitative, expert says


The chief executive officer (CEO) of Rock Realty Limited, Ibukun Adebayo, has said that the commercial mortgages in Nigeria are affordable, advising stakeholders and Nigerians to disregard the notion that mortgages are exploitative, instead, they should focus and utilise it for a greater benefit.

This was among the information revealed during a real estate masterclass themed ‘Selling the Mortgage Option,’ held recenty in Lagos.
It was curated for real estate marketers, and industry experts as they were impacted with valuable knowledge and skills to improve their selling process.

In her speech titled, ‘Improving Visibility and the Art of Closing Deals as a Real Estate Marketer’, Funke Kehinde, CEO, Katalyst Consulting, emphasised the importance of consistency, passion, and commitment in the real estate marketing business, stressing that, “It is significant to build trust with clients to maintain good relationships and not jeopardise them for quick financial gain.”

She also highlighted the importance of retaining existing clients, as referrals from satisfied clients constitute a significant percentage of her sales, while she urged participants to prioritise attendance, irrespective of other competing demands, emphasising that financial obligations are ever-present.

Adebayo, also the convener of the programme, in her session, entitled, ‘Understanding Mortgages and How to Use Them to Capture Sales’, explained the concept of mortgages and highlighted the key differences between mortgage loans and regular loans. She effectively dispelled the notion that mortgages are exploitative and instead emphasised that many benefits can be utilised.

She hinted at the various factors affecting mortgage rates in both developed economies and emerging markets, while she detailed the interplay between real estate capital appreciation, rental income/savings, mortgage rates, and rental rates, and how these factors can be utilised to unlock value for individuals who may not have had the means to own their own homes.

Paul Foh, Investment Manager, Rock Realty Limited; at a session on ‘Leveraging Digitalisation to Enhance Real Estate Sales’, emphasised the importance of visual content and the power of creativity to attract potential buyers.

Read also: Real estate firm commits to sustainable living with new project

Foh further advised marketers to prioritise selling value over price to potential clients, adding that, “mentioning the price without explaining the value leads to lost sales.”

“Marketers are the ones who understand all the unique features of a property, such as its location, amenities, and proximity to business districts. Therefore, revealing the price first without providing valuable information to the client is counterproductive,” he added.