Real estate remains one of the most lucrative businesses in Nigeria today. And that’s only expected. The ever-growing population increases the need for commercial buildings, short-stay rentals, residential homes, and industrial land.
As a result, many real estate companies have devoted themselves to the management of these properties. And purchasing from these firms is the most effective and safest way of acquiring real estate. But you need to put in the effort to be fully safe. Why?
Well, not every real estate company out there is legitimate. So how do you know which ones are? Not to worry, this article is here to help.
It discusses what you should know about a real estate company in Nigeria before purchasing. But first, what exactly is a real estate company, and what do they do?
What is a Real Estate Company?
A real estate company is a firm or group of Realtors that involves in the buying, selling, and management of real estate properties.
Five Factors to consider before purchasing Real Estate from a Real estate company
As expected, there are several real estate firms across different cities in Nigeria. And unfortunately, not all of them are legit. So to avoid any complications, you need to conduct adequate research before dealing with a real estate firm.
The following are five crucial factors to check out before purchasing from a Nigerian Real Estate Company.
1. License to Operate and Registration Number
Here’s one way to check out a company’s legitimacy. Ask for their license to operate. As the name shows, it is a license issued by the government to companies allowing them to function. So if a company (for some reason) refuses to show you their license, you should move along. It is a red alarm.
The same goes for a company’s registration number. If they are legit, they should be registered under the Corporate Affairs Commission in Nigeria. And they won’t hesitate to provide you with their number.
Once you have that, you only need to visit the Corporate Affairs Commission’s website and input the number. Afterward, the detail of the company registered with that number will be provided. If the details match, move on to the next step.
2. Reviews
Here, you are not only checking their legitimacy, but also their competence. By checking past ratings, you’ll learn about the company’s nature.
You can do this by surfing the web. Check out the ratings and reviews section of the company’s site. If possible, you can also ask past clients their thoughts on the company. A good agency will have positive reviews both on and offline.
3. Method of payment
As a buyer, all a fake company can do is rob you of your money (or property if you’re the seller). Hence, you need to watch out for their payment method. If you notice anything shady (or if you are uncomfortable), stop the transaction and check the next company on your list.
4. The Company’s Office
It may not appear so, but the company’s office may sometimes be a warning sign. A standard agency should have a standard office. Although sometimes, this may not be a big deal. Especially if the real estate company is relatively new. But if you ever feel uncomfortable with them, as seen above, it’s best to check the next company on your list.
5. Property Inspection and Documents
As a buyer, you are entitled to inspect the property before purchasing. But that’s not all, you’re also entitled to verify the documents. Necessary files like a certificate of ownership may be fake. So you need to be careful when finalizing the deal. And that is why you should have a good lawyer by your side during purchase.
Bottom Line
Whether it is for your personal use or not, real estate properties are essential for survival. Hence, you have to be careful when purchasing them.
That said, you shouldn’t suspect every real estate company you find. As mentioned earlier, not all of them are legit. So a good number of real estate companies are trustworthy.
With that in mind, get started on your search. You can find several competent real estate companies in Nigeria by visiting the web. Note down the ones that appeal to you. Afterward, make contact. While doing so, keep the above in mind and finalize your purchase. You can also check out 5 Things to consider while searching for homes for sale
