It’s irrelevant what newspaper you read, what property expert you listen to, what real estate websites in Nigeria or online property site you visit, or your perception about the property market. In 2016, the rental property market will be crowded with a variety of options for tenants looking for residential homes for sale or commercial properties for sale due to the prevailing realities of over-supply and low property demand, as a result of slow economic growth and high unemployment. Meaning more properties competing for fewer Tenants.
It is during times like these that the knowledge, experience, expertise and skill of the best real estate agents become very apparent.
Of relevance also will be the marketing strategy adopted for any property, as this will determine the vacancy period, quality of the tenants who apply, the lease tenure and the income generated.
Also, think of your investment property as a funnel; it is your Real Estate Broker’s task to attract as many people to the edge of the funnel, to view the property and subsequently to apply for it as possible.
How do you survive in a “Crowded” Market?
Firstly, appoint a professional Realtor who can guarantee maximum exposure for your property.
Secondly, choose a Realtor that has a well-developed interactive agency website for real estate or property listing that is popular with tenants, who have an allegiance to brand, good references and track record.
Thirdly, appoint a Realtor with social media presence for online exposure and wider reach for your property.
At Kings Court Realtors, we adopt various approaches to advertising your properties which range from;
- On-site adverts such as the use of distinct boards;
- Online adverts on busy property websites /portals;
- Direct marketing approaches which maximizes our carefully sorted data base of relevant old and active profiled clientele;
- Email blasts focused on pre-selected corporate clientele;
All these amongst others, give your property the needed exposure to get your property to the audience it deserves, i.e. prospects ranging from your neighbours, passersby to international clientele.
No matter what you decide, your choice of a Real Estate Broker is very important in a volatile and crowded market.
This writer, Mr Ayodele Thomas is a seasoned Commercial Real Estate and Investment Consultant with over 15 years global Real Estate experience.