BullNet magazine will help real estate investors – CEO
The Chief Executive Officer of BullNet Quarterly magazine, Mr. Bayo Akintoye, has stressed the need for people who intend to invest in real estate to get adequate information before they go into it.
Akintoye made the call while speaking on the idea behind the publication that was recently unveiled in Lagos.
Apart from being a associate member of the Nigeria Institute of Estate Surveyors and Valuers, Akintoye is also a member of the Royal Institute of Chartered Surveyors of the United Kingdom.
“Information is money; it is key. A lot of people get into trouble buying houses that are very expensive because they do not have the right information. So, we get information on real estate across to people. That is why we opened the Real Estate Boutique in Ikeja Shopping Mall in 2012,” he said.
On the challenges the company is facing, he identified the activities of middlemen as worrisome.
Akintoye said, “Well, as we said during the presentation of the BullNet, the biggest challenge we have in the real estate business is that of the middlemen (agents). It is the challenge that many people consider operators as not being trustworthy. But we are addressing that by making sure we do everything above board. That is the key point here.
“One of the problems we have in Nigeria is that we lack backup data for information, unlike what obtains overseas where enough data available for you to use in the public domain. Here in Nigeria, there is always secrecy and when there is no backup data in the industry for real estate buyers to use, it becomes a black market. That is one of our major challenges and BulletNet Quarterly is trying to change that trend to make data openly and readily available for real estate buyers/practitioners where people can access any information they want.
Akintoye is thinking big about the magazine. While it has been unveiled in Lagos and Abuja, the publisher said there was a plan to spread it to other parts of the country. Enugu and Port Harcourt are among his next targets.
“Our marketing analysis earlier showed that we were looking at the middle income earners, people in the Diaspora and then we will cascade down to the low income earners. That is our vision so that anybody can pick up a copy of our magazine. It will be readily available to everybody because it is free.
“The Bullet Net magazine is free because it has been paid for by the developers. It can be seen anywhere like shopping malls, newspaper-stands, hotels, eatery places etc. People will like the magazine especially because it is free.
“Based on the information available in the magazine, you can access funds from mortgage banks etc. We also look at what I call location analysis. Location is key. You need to make your location work with what you have; your place of work, your business, your family members, land and pricing. So location is key.
“Lastly, when you are dealing with developers be very careful. Make sure you engage with the right persons. And this is why Bull Net Quarterly is designed to guide you so that you have all-round information in the real estate sector.”
At the event were the Group CEO of Adron Homes, Folashade Oloruntoba; Executive Director, Lekki Gardens, Christy Amida; Lead Digital Analytics, Lolu Sobowale; and Edirin Akemu, Special Adviser to the Minister of Industry, Trade and Investment.
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