Before you establish your own real estate firm…
What inspired you to establish your real estate company?
In my mid 20’s, I got to intern in one of the top real estate companies in the country and as I worked there, I gave the job my all. As a result of hard work, we successfully closed a number of projects.
I began having a vision of one day owning a real estate empire, and in 2014, I saw the need for founding my own real estate firm UIP Real Estate.
It wasn’t easy, but with persistence the company gained momentum and today, we are proud to be one of the best real estate firms offering affordable and genuine land in Kenya.
What requirements does someone need to build their own real estate firm?
First you have to choose a niche area; whether commercial or residential segment of real estate. The second bit is that one has to choose a legal business structure that entails sole proprietorship, partnership, limited liability company or a corporation.
Third, one has to do extensive market research to know if your business idea will work, and which niche in the real estate market will be good for you.
Planning will give you confidence in moving forward in a measured way. For example, if you know how much cash you need to get your company started, you will plan your office building design, purchase the office furniture, equipment, and other things accordingly.
Another thing to look at is your physical location. Look around for a location to set up your firm. Last, but not least, is that you need to build some relationships with an experienced lawyer who specialises in the real estate sector.
What pitfalls should one watch out for?
Some of the pitfalls include the lack of knowledge on the property market. Another thing is poor record keeping and trying to handle all the business matters by yourself. Don’t overlook your customers needs.
What are your recommendations for fixing inadequate housing policies?
Work is underway in the private sector and the public sector to achieve better regulatory policies for housing affordability. New technologies are emerging contributing to the effort to fight homelessness.
What can we expect in the industry this year?
The real estate market is very optimistic about returns on investment as the world recovers economically from the Covid-19 crisis.
Inventory seems to be picking up, and buyers who have been suffering from fatigue have more options and more buying leverage than we have seen in the past.
With the elections coming, is it a good time to buy property or land?
General Elections have a significant impact on all industries, including the real estate sector. In the past, investors have refrained from investing in the sector.
There is a lot of money in circulation and people should take advantage of this to do property investment. Only time will tell whether the property market will experience any change or remain stable.
Other challenges does the industry face ?
Some leadership teams lack sufficient knowledge and experience in real estate.With the economy expected to take a few years to recover from the effects of Covid-19, our industry will still take some few more to peak.