What Real Estate Players Need To Do…

…To Survive Bad Economy

•Expert ESV AKIN OPATOLA

In a rapidly evolving real estate market, industry leaders are adapting to the challenges and leveraging new technologies to stay ahead. ESV. Akin Opatola, a real estate expert recently shared his insights as a facilitator at a notable event, the Mandatory Continuing Professional Development (MCPD) training organised by the Lagos branch of the National Institution of Real Estate Surveyors and Valuers, where he addressed the disruptions currently affecting Nigeria’s economy and their impact on the real estate sector. He highlights the role of innovation, such as AI tools like ChatGPT, and the importance of strategic networking and collaboration among professionals. Opatola’s perspectives on navigating inflation, harnessing technology, and embracing new opportunities to foster growth in the industry is noble and very instructive.

Mr. Opatola is a Chartered Surveyor & Property Valuer, Internationally accredited Mediator, Real Estate Coach and the founder and senior partner at Olawale Jordan Company. He is the President of the Nigerian Chapter of FIABCI “Fédération Internationale des Administrateurs de Bien-Conseils Immobiliers”, which is French for “The International Real Estate Federation”.

Immediately after he made his presentation, City People Reporter, JAMIU ABUBAKAR (08085185886) had a chat with Mr. Opatola where he shed light into the basics real estate players must do to survive the bad economy affecting the industry. Below are excerpts: 

Can you share the major message of your presentation at the training?

Basically, what I spoke about is disruption in our economy, in the country, and it’s also happening globally. But I tried to bring it down to the local perspective. I also spoke about practical solutions to those disruptions that we’ve all seen as real estate practitioners and property players. I also spoke about CHAT-GPT and how AI, the future of real estate, it is about technology and how CHAT-GPT is making our life easier. Even during my presentation, I shared with the congregation that my presentation was done by CHAT-GPT. I noticed you mentioned some key points.

What are the major economic challenges affecting today’s real estate?

One of those disruptions that we’re seeing in this market is the inflation rate. The inflation rate as of September is slightly above 32%. We’re seeing that play out in all of these products. Both property prices and land are increasing to reflect that inflation. We call it galloping inflation. Property prices, sales and rental are also going haywire. So, even the consumer, too, they are confused. That, look, why are property prices going off the hook? As real estate practitioners that should be experts, we need to be well-informed so that we can advise our clients properly. It’s not limited to our market, it’s a global phenomenon. Yeah, that inflation is everywhere. Just that we are badly hit because so many of these policies are affecting us all at the same time. But we’ve seen direction. So, Lagos State recently brought up the Red Rail from Alagbado to Marina. Those type of infrastructural developments will help so people can stay a little bit further and get to commute easier at a cheaper rate, spend less time in traffic so that they can get to the city centre suburbs a lot easier. I understand there are seven of those. We’ve seen the Blue Rail, we’ve seen the Red. So, we’re hoping that a lot more will come on. With the infrastructural development, also the Lagos-Calabar Coastal Road, too. We’ve seen how the current president wants that road to be finished even before the end of his first tenure. So, we’re hoping, we like some of these infrastructural developments that we see. They will impact positively. The proposed Fourth Milan Bridge, too, that the current governor, too, is also looking at is a fantastic one. And so many of these things that we see, we’re happy about it as property professionals.

During your presentation, you spoke much about networking and how it can help real estate players survive amidst the present economic disruption. Can you talk a bit about this and how it works?

Networking is the bane as an entrepreneur, as a business person. You see, for networking, I cannot lay enough emphasis. No matter how good I am, no matter how fantastic a doctor or a professional is, if nobody knows, it’s like you’re winking at somebody in the dark. You have to be able to network so that people will know. Oh, I’m looking for an intelligent real estate consultant. Oh, come and call this person. Come and call this person. You must network. People must know you. I have a rule of thumb that I share with my colleagues and my staff. My complimentary card is not for decoration. I will always share it.

When I have a hundred complimentary cards, I must finish it in two months. I go out and meet people, collect people’s own, plead with them for business. My complimentary card is very unique. It has my picture, so people tend to remember me. That’s what I do.

 You also spoke about the necessary skills needed to navigate the disruption. Can you share a bit of them? 

Oh, so some of them is having a growth mindset. Yes, you must be able to think that it’s beyond this. And I give analogies there. That’s one. Two, you must be able to collaborate and not be selfish. Share your briefs and your colleagues who also want to share with you. You must be very enterprising. You must be knowledgeable. Because we’re in a disruptive economy, the only way out is knowledge and intelligence. You must go for trainings like MCPD like this. You must read a lot of books, converse with senior colleagues. Find out what is happening there. With FIABCI, the advantage I have is that we have foreign colleagues. They’re also part of FIABCI, so we share ideas. Oh, this is what’s happening here. And a lot of it we can also apply to our own local economy here.

And finally, sir, you spoke about the chart GPT. And how it can be used by real estate players to advance and get a lot of things done. Can you share more light into that? 

Oh, chart GBT is the way. I do, from January to date, I’m sure maybe I’ve done 35, 40 presentations. I lecture at Leeds City University. I’ve gone to Knight Frank to teach their academy, Association of Real Estate Agents of Nigeria. I teach them. I’m always going from one position to the other. Without chart GPT helping me with those presentations, I would be nowhere. I don’t have time to do those researches. Even my business letters, I drop it there; Chart GPT helped me write a harsh letter to this tenant. He has not paid his rent. So it makes things a whole lot easier. It’s an enabler. I tell people that, look, we must embrace it. And the one we use is even the free version. There are more features to enjoy in the premium versions.