Until recently the real estate sector was entirely a male-dominated sector. Though Nigerian women are gradually giving the men a run for their money, there is still so much to be done if women are to outsmart and outnumber the men.
This article tells us why women are still not investing in real estate and why more Nigerian women should join the sector.
There are women all over Nigeria who would like to become real estate investors but many don’t know how to start. Some lack knowledge; some, aware that they lack the necessary knowledge, in turn lack confidence. Where should Nigerian women who want to get started investing in real estate begin?
The internet is a good place for them to turn.
Women who want to begin investing in real estate can learn some of the basics of investing in real estate by reading educational materials online, and they can develop a familiarity with the topic by reading about current events and trends in the real estate market.
Lack of knowledge is not the only thing that keeps some Nigerian women from becoming real estate investors; fear is also a contributing factor. They’re afraid of losing money, they’re afraid of not making the right decisions. Ultimately they don’t know how to get started
Providing women with industry contacts, education and attending real estate forums is a good place to start. Finding other women to network with can also be beneficial. An example of such is joining an association or group like the African Women In Real Estate (A.W.I.R.E) group, which is a platform for bringing together seasoned women players in the industry as mentors to new and recent entrants. This was introduced by 3Invest boss, Ruth Obih who happens to be one of the leading Nigerian women in Real estate in Africa.
There is also a forum called Real Estate Unite which happens annually, still put together by the bonafide star in the African real estate industry, Ruth Obih’s 3invest. Real Estate Unite 2016 is coming up on October 6th and 7th, 2016. If you are a woman (or man) looking for guidance on how to enter into the industry, you should absolutely reach out to them (try Google), and register for the A.W.I.R.E. session.
Nigerian Women interested in investing in real estate, and those who are already doing so, should get involved in such groups and forum so they can get a pulse on the market.
This will ensure that you have up-to-date information, not just on the markets, but also on the law. Being a part of real estate groups, associations and forums, you will get to meet and learn industry players and stakeholders and listen to key-note lectures from guest speakers which will be beneficial on the long run
However, those new to real estate investing should exercise caution, and carefully evaluate what guest speakers say rather than simply taking their words at face value. In some cases, some speakers try to sell something to the audience. Learning and networking with other people who have vast experience should be paramount.
The greatest key is knowledge. Those new to real estate investing can benefit from being around other people who do invest to learn the process from those people. Learning from and working with other women who are experienced real estate investors can also be a good way to gain confidence. It is essential that newbies work with somebody with some experience in real estate investing. It is always good to get your feet wet a little bit before you go out on your own. After joining a group, a business plan, or a marketing plan, or a road map should be put together; a checklist of things that must be done to become successful.
Like they say, what a man can do a woman can do even much better
Strategies for Nigerian women
Considering the austerity in the country occasioned by the economic recession, many Nigerian women who are interested in becoming real estate investors hesitate because they are nervous about money. More precisely, they are worried about not having enough money to be able to invest in real estate.
Fortunately, for those just starting out, there are a lot of different creative strategies that can be employed to get into a property. Such a strategy allows the investors to profit not just from the revitalization of a particular property, but from the revitalization of a particular area. Such dedication to a community can improve an area’s economic outlook. A great advantage that Nigerian women hold over men is compassion, and empathy.
Women are relationship people; they are good at establishing a relationship. They are good at earning trust, and so people want to do business with them. It becomes a lot easier for them to develop a good reputation for delivering a quality product. This is a tremendous advantage for women, particularly when it comes to rehabbing property.”
Negotiating can be another important skill for women to concentrate on learning. Women should learn better negotiation skills. Being a Nigerian woman shouldn’t be at any inherent disadvantage when it comes to investing in real estate. Women only feel that they lack the power and authority. They feel like they can’t do it because investing is a male-dominated field.”
That belief that Nigerian women investing in real estate are not less likely to be successful solely because they are women should be erased completely from their minds. Real estate is not as difficult as it seems, it’s the women that lack the will and confidence to explore.