Purchasing property, especially a home, is often an emotional journey. In Nigeria, where the real estate market can be both exciting and challenging, real estate agents play a crucial role in ensuring a smooth and successful transaction. Whether you’re an agent or a buyer, this guide provides valuable insights on how to navigate the real estate process effectively.
Making an Offer
Crafting a real estate offer is an art, and it’s essential to strike a balance between price, terms, contingencies, and timeframe. To secure a favourable agreement, educate your buyers about the local market and the critical factors that influence an offer:
- Comparable Properties: Understand the prices of similar properties in the area.
- Days on Market: Analyze how long the property has been listed.
- Closing Dates: Discuss suitable closing dates.
- Seller’s Contribution: Consider if the seller should cover closing costs.
- Inspections: Discuss the types and timing of inspections.
- Financing: Ensure buyers have their financing in order.
- Property Insurance: Address the need for insurance.
- Repairs: Negotiate repairs, if required.
Submit offers promptly, as timing can be crucial. While there may not always be a strict deadline, swift action benefits everyone involved.
Dealing with Competition
Competing offers can add excitement and stress to the buying process. When facing competition, encourage buyers to assess the property’s value to them. They may want to revise their offer to make it their best offer. Emphasize that price is just one factor; terms such as closing dates and concessions also matter.
In a strong seller’s market, where multiple offers are common, reassure buyers that they’ve given their best. Sellers can only negotiate one offer at a time until a binding contract is reached.
Handling Multiple Clients
It’s possible to represent multiple buyers interested in the same property, but this presents a delicate situation. You must treat both clients fairly and equally, not giving preference to one over the other. Keep information confidential and disclose your dual representation. If uncomfortable, suggest referring one buyer to another agent.
Negotiating Counter Offers
If the initial offer is not accepted, prepare buyers for a counter offer. They can choose to accept, counter, or reject it. This process may involve back-and-forth negotiations. Ensure buyers understand their options and responsibilities in these negotiations.
Completing the Final Steps
Once a contract is accepted, the work is not yet done. Guide buyers through the following essential tasks:
- Financing: Ensure financing is on track.
- Inspections: Manage property inspections.
- Property Insurance: Arrange for insurance.
- Appraisal: Verify the property’s value.
- Title Search: Conduct a thorough search.
- Closing Procedures: Navigate the final steps leading to the closing.
Conducting a real estate transaction in Nigeria can be intricate. There are deadlines to meet, terms to negotiate, and various factors to consider. A successful real estate agent is knowledgeable, a skilled communicator, and a competent negotiator, capable of overseeing a transaction from start to finish. By following these guidelines, you can help make the real estate journey in Nigeria as smooth as possible.
