Rullion's Blog

Light rail showing the station at LASU along Lagos-Badagry Expressway By the time the Blue Line of Lagos’ light rail project is completed (by June 2013 according to Lagos State Governor Raji Fashola ), from Mile 2, Amuwo-Odofin, Festac Town and Satellite Town one will be able to get to Marina in about 35 minutes! The Blue line will connect Marina to Okokomaiko, with stations at Marina, Ebute Ero, Iddo, National Theatre, Iganmu, Alaba, Mile 2, Festac, Alakija, Trade Fair, Volkswagen, LASU and Okokomaiko for commuters to board or alight. We therefore take a look at the Estates along the axis such as Amuwo Odofin, Festac and Satellite Town in order to reveal what is available for rent in the property market along Badagry Expressway. Amuwo Odofin:  There are a number of LSDPC low cost housing estates in this area, including the Amuwo Odofin Estate which was built by former Lagos State Governor Lateef Jakande. Amuwo-Odofin Low Cost Housing Estate has hundreds of 2-storey b...

Many people are convinced about the soundness of real estate investment as a wealth-building vehicle but most are not clear as to the path to follow and the pitfalls to avoid. More recently, I have had reason to clarify to aspiring real estate investors that real estate investment is not a get-rich-quick system. It is a system that requires knowledge, dedication and focus. We shall examine a few mistakes to avoid if you desire to effectively utilise this wealth building vehicle. One of the basic errors new real estate investors make is to buy properties blindly on the assumption that all real estate investments automatically go up. This common assumption is not true in its entirety. For instance, if you decide to buy a property in an odd part of town without considering basic infrastructures or basic advantages, and then you go ahead and develop the property, you may experience a high vacancy ratio (this means, it takes an unduly long time to rent the property to tenants) or it m...

Many houses across the country are in poor state because the owners pay little attention to them. In this report, you get to know different ways homeowners can keep their buildings in shape without breaking the bank. Across the country, many houses that once decorated neighbourhoods where they are located are now in ruins. While many conclude that the houses fell to ruins because their owners have either passed away or ventured upon a spell of misfortune, experts believe that a poor maintenance culture plays a huge part. According to them, many homeowners and tenants fail to realise that just like they need to go for routine check-ups so also do their homes need regular inspection. They stress that not only is a poorly maintained house a source of embarrassment to the owners, it is also hazardous. The experts, who admit that some people are put off by the belief that home maintenance is rather expensive, observe that with careful planning, the process can be fun and affordable. A m...

Figures released by the Financial Derivatives Company Limited, a diversified financial services institution, recently, show that the sleeping Ikoyi, and Victoria Island real estate sector is not likely to stir from the doldrums any time soon. Financial analysis describes the real estate market in Ikoyi and Victoria Island as a bad deal for investors at this point in time. The market for residential real estate is worse hit in these areas because of property promoters’ high asking price and an increase in the supply of residential accommodation on the Lekki/Ajah corridor, according to the Financial Derivatives Company’s survey report. “Residential Real Estate is suffering and crying; high vacancy factor is experienced in the residential segment compared with the commercial segment, said the Chief Executive Officer of Financial Derivatives Company Limited, B.J. Rewane, who presented the findings of the company’s survey at the ‘Monthly Economic News and Views’ at Lagos Business Scho...

The Lagos State Public Works Corporation has engaged stakeholders on its plan to establish an asphalt production plant at Imota as directed by the State Executive Council.  At a meeting with the owners of the land and members of the community where the plant is to be located on Thursday, the Executive Chairman, LSPWC, Mr. Gbenga Akintola, addressed the concerns of the indigenous land owners, who said they had not been treated well by the government over the acquisition of the two-hectare land and its allocation to the corporation for the purpose of establishment of the asphalt plant.  Akintola, according to a statement by the Head of Public Relations, LSPWC, Mr. Samuel Ayetutu, explained that the state government had only demonstrated its commitment to developing Imota by locating the plant in the area, given that many other communities were clamouring for it.  He said the corporation had always approached issues with utmost professionalism and would, therefore, not en...

In the past six to twelve months, private equity firms have taken Africa’s real estate market by storm with millions of dollars in investments, especially in the retail and the hospitality sectors. Total investment in this sector in the past one year is in the region of $652 million.  Analysts explain that this growing interest in the Nigerian market is as a result of huge demand fuelled by increasing urban population and changing shopping culture among the growing middle class, making the country an attraction for modern retail malls. Nigeria is estimated to have seven cities with a minimum population of one million, which also makes it a destination for investment in shopping mall development. An average of 5.7 million Nigerians are considered to spend, on the average, $10 to $20 per day.  The country also has an estimated $115 billion annual consumption spend.  It is against this backdrop that a number of institutional investors including Actis, FirstRand Limit...

Over the last few months there has been a lot of talk about how the times are changing when it comes to marketing and connecting with today’s buyers and sellers. Here are some questions that have been brought to me and I thought I would share the answers with you. In today’s market, what do you feel is critical when connecting with today’s consumer ? You really need to get into their shoes…their mindset. There’s a book out there titled “Stop Acting Like a Seller and Start Thinking Like a Buyer: Improve Sales Effectiveness by Helping Customers Buy.” The book, written by Jerry Acuff, explains to us how we have to prove that we understand the buyer’s needs and how to show a buyer that by working with us they are going to save time. There is a lot of talk about social media and how it can be used as a marketing strategy. What are some ways that social media outlets can be used as a viable marketing strategy? Recently, I had a REALTOR say to me they had heard in a class that webs...