Five Reasons Why You Still Need A Real Estate Agent

Five Reasons Why You Still Need A Real Estate Agent

The proliferation of services that help homebuyers and sellers complete their own real estate transactions is relatively recent, and it may have you wondering whether using a real estate agent is becoming a relic of a bygone era. While doing the work yourself can save you the significant commission rates many real estate agents command, for many, flying solo may not be the way to go–and could end up being more costly than a realtor’s commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking. Find out why you shouldn’t discard the notion of hiring an agent just yet.

1. Better Access/More Convenience

A real estate agent’s full-time job is to act as a liaison between buyers and sellers. This means that he or she will have easy access to all other properties listed by other agents. Both the buyer’s and seller’s agent work full time as real estate agents and they know what needs to be done to get a deal together. For example, if you are looking to buy a home, a real estate agent will track down homes that meet your criteria, get in touch with sellers’ agents and make appointments for you to view the homes. If you are buying on your own, you will have to play this telephone tag yourself. This may be especially difficult if you’re shopping for homes that are for sale by owner.

Similarly, if you are looking to sell your home yourself, you will have to solicit calls from interested parties, answer questions and make appointments. Keep in mind that potential buyers are likely to move on if you tend to be busy or don’t respond quickly enough. Alternatively, you may find yourself making an appointment and rushing home, only to find that no one shows up.

2. Negotiating Is Tricky Business

Many people don’t like the idea of doing a real estate deal through an agent and feel that direct negotiation between buyers and sellers is more transparent and allows the parties to better look after their own best interests. This is probably true–assuming that both the buyer and seller in a given transaction are reasonable people who are able to get along. Unfortunately, this isn’t always an easy relationship.

What if you, as a buyer, like a home but despise its wood-paneled walls, shag carpet and lurid orange kitchen? If you are working with an agent, you can express your contempt for the current owner’s decorating skills and rant about how much it’ll cost you to upgrade the home without insulting the owner. For all you know, the owner’s late mother may have lovingly chosen the décor. Your real estate agent can convey your concerns to the sellers’ agent. Acting as a messenger, the agent may be in a better position to negotiate a discount without ruffling the homeowner’s feathers.

A real estate agent can also play the “bad guy” in a transaction, preventing the bad blood between a buyer and seller that can kill a deal. Keep in mind that a seller can reject a potential buyer’s offer for any reason–including just because they hate his or her guts. An agent can help by speaking for you in tough transactions and smoothing things over to keep them from getting too personal. This can put you in a better position to get the house you want. The same is true for the seller, who can benefit from a hard-nosed real estate agent who will represent their interests without turning off potential buyers who want to niggle about the price.

3. Contracts Can Be Hard To Handle

If you decide to buy or sell a home, the offer to purchase contract is there to protect you and ensure that you are able to back out of the deal if certain conditions aren’t met. For example, if you plan to buy a home with a mortgage but you fail to make financing one of the conditions of the sale–and you aren’t approved for the mortgage–you can lose your deposit on the home and could even be sued by the seller for failing to fulfill your end of the contract.

An experienced real estate agent deals with the same contracts and conditions on a regular basis, and is familiar with which conditions should be used, when they can safely be removed and how to use the contract to protect you, whether you’re buying or selling your home.

4. Real Estate Agents Can’t Lie

Well, OK, actually they can. But because they are licensed professionals there are more repercussions if they do than for a private buyer or seller. If you are working with a licensed real estate agent under an agency agreement, (i.e., a conventional, full-service commission agreement in which the agent agrees to represent you), your agent will be bound by common law (in most states) to a fiduciary relationship. In other words, the agent is bound by license law to act in their clients’ best interest (not his or her own).

In addition, most realtors rely on referrals and repeat business to build the kind of clientèle base they’ll need to survive in the business. This means that doing what’s best for their clients should be as important to them as any individual sale.

Finally, if you do find that your agent has gotten away with lying to you, you will have more avenues for recourse, such as through your agent’s broker, professional association (such as the National Association Of Realtors) or possibly even in court if you can prove that your agent has failed to uphold his fiduciary duties.

When a buyer and seller work together directly, they can (and should) seek legal counsel, but because each is expected to act in his or her best interest, there isn’t much you can do if you find out later that you’ve been duped about multiple offers or the home’s condition. And having a lawyer on retainer any time you want to talk about potentially buying or selling a house could cost far more than an agent’s commissions by the time the transaction is complete.

5. Not Everyone Can Save Money

Many people eschew using a real estate agent to save money, but keep in mind that it is unlikely that both the buyer and seller will reap the benefits of not having to pay commissions. For example, if you are selling your home on your own, you will price it based on the sale prices of other comparable properties in your area. Many of these properties will be sold with the help of an agent. This means that the seller gets the keep the percentage of the home’s sale price that might otherwise be paid to the real estate agent.

However, buyers who are looking to purchase a home sold by owners may also believe they can save some money on the home by not having an agent involved. They might even expect it and make an offer accordingly. However, unless buyer and seller agree to split the savings, they can’t both save the commission.

To Let: Office Space| Ahmed Onibudo Street, Victoria Island, Victoria Island

Images for Ahmed Onibudo Street, To Let, Victoria Island

Property Description

This edifice is Located in the Central Business District of Lagos. The location enjoys great visibility, as it’s located on a major accessible road. It is one of the best locations in Nigeria to site an organization, surrounded by banks, hotel, multinational and local conglomerates. Its beautiful aesthetic design gives rise to a beautiful ambiance in strategic location. The total floor area of the building is measured at 4,297m 2 to provide flexible accommodation for occupiers. Service Charge: N28,262.29 inculsive of power Price: N110,000 Per sqm (Asking)

Contact: Business Relationship Manager
Veno Utoro
Branch: Victoria Island
Tel: +234 1 2714965
Mobile: +234 9090408634

For Sale: POA | Land |Eko Atlantic, Victoria Island

  Kings Court RealtorsImages for Eko Atlantic, For Sale, Eko Atlantic

Property Description

Plots of land measuring 2,769 sqm, located at Eko Atlantic is available for sale. Eko Atlantic is an entire new coastal city being built on Victoria Island adjacent to Lagos, Nigeria, to solve the chronic shortage of real estate in the world’s fastest-growing megacity. It is a focal point for investors capitalising on rich development growth based on massive demand – and a gateway to emerging markets of the continent. Standing on 10 million square metres of land reclaimed from the ocean and protected by an 8.5 kilometre long sea wall, Eko Atlantic will be the size of Manhattan’s skyscraper district. Self-sufficient and sustainable, it includes state-of-the-art urban design, its own power, clean water, advanced telecommunications, spacious roads and 110,000 trees. Eko Atlantic is moments to Ahmadu Bello Way, SilverBird Galleria, financial institutions, NestOil Towers etc.  This plots of land are going for $3,000/SQM.

Contact :Country Managing Partner
Emeka Okoronkwo
Branch: Victoria Island
Tel: +234 1 2705789
Mobile: +234 8033008013

Short Let: Apartment Abimbola Awoniyi Close, off Kasumu Ekemode,Victoria Island, Victoria Island

KingsCourt RealtorsImages for off Kasumu Ekemode, Off Saka Tinubu, Short Let, Victoria IslandProperty Description

KingsCourt Realtors is proud to bring to the market this exceptional apartment with views over surrounding areas of Victoria Island. Finished to the very highest standard, the apartment comprises of a studio apartment, one bedroom, bigger one bedroom and 2 bedroom. It offers facilities such as: Ensuite Rooms, 24 hours Light/Power, Cleaning Service, 24 hours Security, Changing of Bedings, Open Kitchen.

Access to the property is gained by directly through a lovely carved staircase and there are security personnel on site.

The property has air conditioning and is located moments away from the prestigious NestOil Towers,  Spar Shopping Mall, Hub Mart, Prive Restaurant & Lounge, Ebibi Lounge and financial institutions.

Looking for a home away from home? This apartment made with modern aesthetic finishing is definitely the right choice for you and offers you the unique warmth, benefit and signature of an ideal home.

It is available for Short Let and Long Lease. Price:  Studio Apartment (N22,500), One Bedroom(N25,000), Bigger One Bedroom   (N27,000), Two Bedroom(N37,500)

Head of Residential Sales & Letting
Stephanie Ogidan
Branch: Vitoria Island
Tel: +234 1 2714965
Mobile: +234 8036224201



At your local Vina store we offer lots of inspiration as well as a discussion about your needs and interior requirements to get a good grasp of your tastes and priorities. The next step is to visit you at home, hotel or office, or alternatively you can provide us with your floor plans and pictures to the store. Alternatively you can choose Quality furniture from our showrooms, and then we will deal with all the essential details from layout to delivery and assembly.


From supplying you our standard Quality furniture to designing and executing custom-made large scale projects, whether you live on 5 or 500 sqm, or you own a small business or large line of hotels…, we draw a design that makes the most out of your space and incorporates your dreams. When you are 100% satisfied with your new interior plan, we place the order.


For quick and easy delivery and assembly, our professional service team will help you. They take care of transport and assembly and are trained in our products so you can be sure that your new piece of Quality furniture is delivered and assembled correctly. Our delivery service includes removal of packaging, expert assembly and placement of the furniture in your home. If the item is in stock, feel free to pick up the furniture at our warehouse right away.


To be a Vina Design Icon means being an essential piece of Quality furniture. It’s the perfect example of our long commitment to design, quality and functionality. A global bestseller trusted by you. Curves, comfort and character, our furniture has it all! As a result of high-quality design, construction and materials. Character from the almost endless array of customization options. A truly elegant piece of design, all our furniture rightly takes its place as a Vina International Limited Icon.


In our many years of experience in Nigeria we have supplied and installed Quality furniture to a large number of projects, from homeowners to large corporations like hotels, pubs, restaurants, schools, universities, labs, theaters, supermarkets, malls, Convention centers and many more…, all over Nigeria, our clients have relied on us to provide them with the best Quality furniture and products at reasonable prices.

Vina International limited, Ibadan, Nigeria
No.9 obafemi Awolowo way, J. Allen , Dugbe, Ibadan, Liebu Bypass, New Gra, Ibadan, Nigeria

US, Japan, Australia call for stop to land reclamation’s in South China Sea

The United States, Japan and Australia on Monday urged all claimant countries in the South China Sea to cease land reclamation’s, constructions and other “coercive unilateral actions’’ that changed the disputed area’s landscape.

US Secretary of State, Rex Tillerson, Japanese Foreign Minister Taro Kono and Australian Foreign Minister, Julie Bishop, also stressed the need to protect freedom of navigation and overflight in the South China Sea.

“The ministers voiced their strong opposition to coercive unilateral actions that could alter the status quo and increase tensions,’’ they said in a joint statement on the sidelines of the Association of South-East Asian Nations (ASEAN) ministerial meetings in Manila.

They urged South China Sea claimants “to refrain from land reclamation, construction of outposts, militarisation of disputed features and undertaking unilateral actions that caused permanent physical change to the marine environment in areas pending delimitation,’’ the statement said.

The three countries also called on China to abide by a 2016 international tribunal ruling that invalidated Beijing’s nine-dash line, which demarcates its claims to almost the entire South China Sea, saying the decision was “final and legally binding.’’

Manila filed the case in January 2013 after China took control of Scarborough Shoal, 124 nautical miles from the Philippines’ north-western coast.

The tribunal ruled that the Spratlys the main territory under dispute in the sea were not islands, rather reefs, and “cannot generate maritime zones,’’ or extend China’s territorial claims as maintained by Beijing.

New $68m Shopping Mall for Abuja

An artist's impression of Novare Gateway Mall in Nigeria's capital city of Abuja, scheduled to open during the third quarter of 2017.An artist’s impression of Novare Gateway Mall in Nigeria’s capital city of Abuja, scheduled to open during the third quarter of 2017.

Abuja — Construction has began in Nigeria’s capital city of Abuja on a new $68 million shopping centre, Novare Gateway Mall, scheduled to open during the third quarter of 2017.

SEE NEW DEVELOPMENT: Business Gateway — Mon Trésor Industrial Freeport Zone in Mauritius

Developed by Novare Real Estate Africa, the total size of the mall will be approximately 25 000m2. The development will be phased with an initial stage of 15 278m2.

The total cost for the first phase is forecast to be $68 million.

Speaking at the ground-breaking ceremony held recently, the Nigerian Minister of Federal Capital Territory (FCT) Alhaji Mohammed Bello said his administration would give all the support needed to make projects like Novare Gateway successful as they serve citizens, create employment and generate multiplier economic activities.

He also commended Novare Gateway for partnering with the Abuja Chamber of Commerce in executing the project by leveraging on local expertise, local information and local content.

Commenting on the project, Jan van Zyl, head of property development in Nigeria for Novare Real Estate Africa, “its modern infrastructure and facilities, mean that the shopping centre is perfectly situated to meet the needs of the growing Abuja community.

According to the latest PWC African Retail report, Abuja is set to experience a growth rate of 171% in terms of its population size up to 2030 – one of the highest figures on the continent.

With Shoprite as the anchor, the centre is located on the main 10-lane highway between Abuja’s Nnamdi Azikiwe International Airport, named after Nigeria’s first president, and the central business district.

Other malls in Abuja forming part of the Novare Real Estate Africa portfolio include the 8 267m2 Novare Apo mall, which is located approximately 18 km away from Novare Gateway to the south-east of Abuja. In the north, the 12 508m2 Novare Central, a mixed use centre consisting of retail space and A-grade offices, is also in progress. In Lagos, the 22 000m2 Novare Lekki mall, which is expected to commence trading in the middle of 2016.

Nigeria’s property market slumps amid fiscal strains, low yields

Meanwhile Nigeria’s property market appears to have defiled all known predictions. Prior to 2016, experts in the industry had predicted that the year would afford investors the opportunity to acquire property at low prices.

It was further predicted that with the emergence of a new administration, the industry would witness large volume of activities, even as experts predicted high returns on investments in this fiscal year.

But contrary to the predictions, the industry appears to be witnessing low returns on investments as the sector is in serious lull. Already, the nation’s real estate market is dwindling, almost ten months, after the inauguration of this administration.

Experts said that the sector might witness proliferation of markets as several properties would be up for grab, thus making prices of properties to crash, as much cash would be available for few properties. Ironically, investors said there is no money to buy property, complaining of low cash flow.

According to a property investor, Mr Funso Olufemi, “Apart from those, who may acquire properties for the near future, this year may not be better year, as there is serious cash squeeze in the market’’. According to him, those investing in the market should wait for some time to see how foreign exchange market would impact on the sector, saying, as it stands now, there is no immediate hope for the investors.

However, he said, the gains might come in the nearest future, when the issue of foreign exchange would be sorted out by government. Olufemi said investors are not keen to invest in the market due to the dwindling economy, just as he noted that sellers are not even bringing their property to the market, as they are yet to ascertain the economic direction of this present government.


Nigeria’s housing market depressed, amidst economic recession

Nigeria’s housing market remains depressed, undermined by a combination of problems – economic recession, high interest rates, high inflation, rising unemployment, as well as worsening insurgencies. Demand has fallen sharply. House prices are also declining, especially in real terms.

InLagosIsland, house prices fell by 5.58% during 2016, after an annual decline of 25% in 2015 and y-o-y rises of 4.62% in 2014, 11.14% in 2013, 4.62% in 2012, and 28.87% in 2011. When adjusted for inflation, house prices in LagosIsland actually dropped a dramatic 18.17% during 2016.

On Lagos Mainland, average house prices rose by a modest 2.33% during 2016, a sharp slowdown from y-o-y growth of 20% the previous year, according to Residential Auctions Company (RAC). However due to high inflation, this translates, in real terms, into house prices dropping 11.3% y-o-y in 2016.

Lagos remains the most expensive city in Africa in 2016, according to real estate firm Savills, despite falling house prices and rents.

The average price of four- to five-bedroom houses in Lagos Mainland was NGN 75.51 million (US$239,900) in 2016 while similar properties in the LagosIsland cost around NGN 172.21 million (US$547,150), according to RAC.

The house price index in LagosIsland represents the high-end market in Nigeria. On the other hand, Lagos Mainland’s house price index represents price movements in the mainstream market.

Demand is falling sharply in most Nigerian cities. “It now takes a longer time to conclude transactions, while in some cases, there are renegotiations on rents,” said EmekaEleh, the former president of Nigerian Institution of Estate Surveyors and Valuers (NIESV). While the impact of the economic recession varies from one place to another, high-end properties, such as in Ikoyi, are the worst hit, Eleh added.

Land transactions in Lagos also dropped 30% in 2016 from a year earlier, despite cuts in various land transaction-related rates. In 2015, consent fees were reduced from 6% to 1.5% while the capital gains tax rate was cut from 2% to 0.5%, in an effort to spur property demand.

In 2017, house prices are expected to continue falling in most cities, but should then improve, beginning with Lagos.

Nigeria lagos mainland house price change“The likelihood that house prices will continue to fall in most [cities] this year is very high,” said RotimiAkinlose, the managing director of RAC.“However, Lagos being the economic and financial base of the country will start to see house prices rise again across the board.” Akinlose added.

The economy was estimated to have contracted by around 1.7% in 2016, after expanding by 2.7% in 2015, 6.3% in 2014, 5.4% in 2013, 4.3% in 2012, and 4.9% in 2011, according to the International Monetary Fund (IMF). Nigeria is expected to return to growth this year, with a projected GDP growth rate of 0.8%.

Analysis of Nigeria Residential Property Market »

3 Reasons Why You Should Attend the Next Debo Adejana Real Estate Seminar

It is often said that if you are heading for a destination, you need to talk to someone who’s gone ahead to show you the way. The Debo Adejana real estate seminar which returns next weekend will open your eyes to vital due diligence tricks in real estate and real estate business secrets you will never get elsewhere.

Due diligence is a very crucial aspect of a real estate transaction that cannot be wished away no matter the people involved. Most people who have lost money in real estate did not do as much due diligence as they should do.

Just like the manner most of us nosedived into the popular Ponzi scheme that is now on sabbatical, a lot of Nigerians embrace any offer that is too good to be true. Even after visible red flags people go ahead to acquire properties probably because it’s a good bargain. The aftermath of such is wailing and gnashing of teeth.

Albeit if you are ever going to succeed in real estate, the number rule to follow is that; ‘Never wave away your due diligence’

As the late Benjamin Franklin said, “An ounce of prevention is worth a pound of cure.”, and that is exactly what due diligence is for. It should prevent you from buying a property that has problems or will give you problems down the road.

I am sure a number of people reading this have had a fair share of real estate investments that did not go well and garnering experience in the business of real estate may not even be a sure guarantee  that you will not have bad investments anymore, especially when you don’t learn from your mistakes

In the light of this, here are three reasons why you should attend the next Debo Adejana Real Estate Seminar slated for next weekend:

1.You will avoid making bad investment decisions

It’s not in all cases people lose money to fraudulent people in the course of a real estate transaction. In some situations, the person most probably took some bad investment decisions and worse still that investment decision was done with people’s money or the person also did not do due diligence in his own investments, which then fatally affected other people’s investments. This seminar would draw your attention to vital tricks to imbibe to avoid making bad investment decisions

2. You will be exposed to Vital Due Diligence Tricks

This is the topmost priority of the Debo Adejana real estate seminar; to expose you to vital due diligence tricks. These due diligence tricks will not only be save you a lot of trouble, you will also be saving people you trust or people who have trusted you (as the case may be) a lot of trouble. But how do you go about this when you go about this with limited knowledge of what it entails? Debo Adejana will expose you to all of these and a whole lot more

There is no one who really wants to do a thing without counting the cost. It is in counting the cost that you do due diligence. Don’t do it after you pay, do it before you part with a dime of your money, no matter who you are investing with.

Doing due diligence helps you know who you should invest with, and how to package your investment, and safeguard against any future mishap.

3. You would be enlightened on how to avoid scam artists

Whether you are buying a small piece of land or a commercial building, conducting a through due diligence examination of the real estate is absolutely imperative to you as a buyer.  The real estate industry in Nigeria is laced with horror stories in which buyers are stuck with serious problems from poor due diligence examination of their real estate purchases.

A lot of Nigerians have fallen for one real estate scam or the other, especially those who buy properties from Omoniles. People become easy prey for real estate scam artists mostly because they fail to do their due diligence before entering into a real estate transaction or during the process of a real estate deal. Tackling the aspect of due diligence is not just being smart, even the smart are outsmarted. It is about knowing the vital due diligence tricks and real estate business tricks you may never get elsewhere.

Do you still think this seminar is not for you? I’ll bet not because everyone is involved in real estate one way or the other

Don’t go crying blue murder, when the actual killing was carried out by you….

Here’s an opportunity to join Debo Adejana, MD/CEO of Realty Point Limited – A company with over 12 years of excellent service and untainted integrity, with a track record of success in Real Estate transactions – as he shares from his experiences and pitfalls in a “No Holds Barred’ session this August.

The seminar will be a bare it all, no trade secrets left untold session where you get to gain a lot of insight into VITAL DUE DILLIGENCE TRICKS IN REAL ESTATE TRANSACTIONS.

It promises to be a very engaging and insightful session that has the capacity to transform your view of Real Estate Business. Make it a date with us:

Date: Saturday – August 12, 2017.

Time: 10 am prompt

Venue: Realty Place – 3, Olaide Benson Str, Onigbogbo, Maryland, Lagos.

Fee: N5000 (N7500 from August 10)

There are very limited seats available at the seminar hall.

Alternatively, you can also join the seminar via WhatsApp for those outside Lagos where you get live feeds of the event via text, images, and audios. You can ask questions and have them answered on that platform too. The Joining fee is N5000.

BONUS: Free 45minutes One-On-One session with ‘Debo Adejana for the first 30 persons to register and pay. This session be claimed on or before September 30, 2017.

To register for the seminar:

Please make payment to 0007754736 (GTB) Realty Point Limited.

Send your name, number and email to 08093930651 after payment to confirm your seat at the seminar.

Come and learn, do not miss this for anything.


The Act of Abandonment in Real Estate

Abandonment in real estate can be referred to as the act of surrendering a claim to, or interest in, a particular asset. In some other circles, it is believed to be the permitted withdrawal from a forward contract that is made for the purchase of deliverable securities, and also the act of allowing an option to expire unexercised.

Legal Dictionary defines Abandonment as “The surrender, relinquishment, disclaimer, or cession of property or of rights. Voluntary relinquishment of all right, title, claim, and possession, with the intentionof not reclaiming it.”

Abandonment in real estate includes both the intention to abandon and the external act by which theintention is carried into effect. In determining whether someone has abandoned property or rights, theintention is the first and paramount object of inquiry, for there can be no abandonment withoutthe intention to abandon.

Abandonment in real estate differs from surrender in that surrender requires an agreement, and also fromForfeiture, in that forfeiture may be against the intention of the party alleged to have forfeited.


1. Corporations will generally abandon assets or projects that no longer offer any profitability. In most instances, proper legal documents must be filed with authorities and any damages must be recouped.

2. Abandonment occurs in forward contracts that permit the purchasers to withdraw from the contract, rather than purchase the deliverable securities.

3. In many instances, an option may not be worthwhile or profitable to exercise and, therefore, the purchaser of the option will let the option expire without being exercised.


Various types of personal property—such as personal and household items—contracts, copyrights,inventions, and patents can be abandoned.

Certain rights and interests in real property, such as easements and leases, may also be abandoned.Supposing ranch owner gives a shepherd an easement to use a path on her property so that the sheep canget to a watering hole. The shepherd later sells his flock and moves out of the state, never intending to return. This conduct demonstrates that the shepherd has abandoned the easement,since he stopped usingthe path and intends never to use it again.

Ownership of real property cannot be obtained because someone else abandoned it but may be gainedthrough Adverse Possession.


Two things must occur for property to be abandoned: (1) an act by the owner that clearly shows that he or she has given up rights to the property; and (2) an intention that demonstrates that the owner hasknowingly relinquished control over it.

Some clear action must be taken to indicate that the owner no longer wants his or her property. Any act is sufficient as long as the property is left free and open to anyone who comes along to claim it.

Inaction—that is, failure to do something with the property or non-use of it is not enough to demonstratethat the owner has relinquished rights to the property, even if such non use has gone on for a number of years.

farmer’s failure to cultivate his or her land or a quarry owner’s failure to take stone from his or her quarry,for example, does not mean that either person has abandoned interest in the property.

person’s intention to abandon his or her property may be established by express language to that effect or it may be implied from the circumstances surrounding the owner’s treatment of the property, such as leaving it unguarded in a place easily accessible to the public.

The passage of time, although not an element of abandonment, may illustrate a person’s intention to abandon his or her property.

 in ArticlesReal Estate July 27, 2017