By Ayo Alonge
Bayo Adeyemo is the Chief Executive Officer, Bayo Adeyemo & Associates, a real estate firm with presence in Chicago, Canada, Ibadan, Lagos, Abuja, Kaduna and Port Harcourt.
In this interview, Adeyemo expresses deep concerns over the regulation of real estate business in Nigeria to conform with international best practices, while fielding other questions pertinent to his business as well as the Nigerian business environment.
What motivated you into doing business?
I had been in business as an undergraduate and right from my youth too. We organized shows for students and brought popular musicians to school. So, business has always been part of me.
At what point did your company commence operations?
This company is only one of the chains I have. In 1996, I incorporated Williams Properties and that birthed another, Bethel Realty Group in Chicago in 2004 and another in 2009, in Canada. In 2010, Bayo Adeyemo & Associates was incorporated.
What do budding realtors need to know about establishing a mega real state business like yours?
Real estate business is a major business. I always tell people about it. It involves taking care of people’s lives. God created everything and He gave some people the ability to manage and that is what we are doing. Anybody that can invest in real estate has invested in his life, not just for now but for the future. You now commit such investment into the hands of someone. Hence, a real estate agency must be diligent otherwise you destroy lives of clients who trusted you with their investment. In the real estate business, there are developers, who develop property for people as well as property managers. We are Estate Surveyors and that entails property evaluation for banks and telecommunication firms and that can be for different purposes. Also, we do evaluation and feasibility appraisals for insurance companies and other financial institutions. We tell you the best area to invest your money in. What matters in property investment is location. If the location is not right and you put your money there, you may lose out completely. Many years ago, if you came to this area where our company’s head office is located, you could buy a plot of land for N1 million, but today, that same property goes for between N70 million and N80 million . If you were advised to invest then, today, you won’t have any cause to regret it but if someone had told you to buy some acres of land in Mowe, you cannot compare such investment with one around here. So, that’s an important point I think people need to note.
What’s the staff strength of your firm?
We have over 60 people on our payroll and branches in Chicago, Canada, Ibadan, Lagos, Abuja, Kaduna and Port Harcourt. We don’t owe staff salaries, because we work hard and we’re solvent. Our workers are proud of their jobs, because they know it’s their means of livelihood.
Is there any room for partnership with your firm or you willing to employ more workers?
God won’t come down to help anybody. You and I have to help each other. Government cannot help everybody. We have another company that we incorporated since 2010 but it’s about to commence operations. Due to peculiar obstacles in property evaluation, we’ve incorporated Real Estate Multiple Services of Nigeria which would be a sort of data bank to enhance accurate evaluation. This country has to get that right, otherwise it’s inimical to business. For example, if you are willing to sell a property for N100 million and the valuer quoted N300 million and the buyer cannot pay, that would be a problem. The firm is developing like those we have in Europe and especially in the United States.
Is your firm cost effective and satiating client’s needs?
Yes it is. Before you get to the top in this country, you must have sound connection. As it is now, government is looking for money and they must do that by harnessing every resource, especially small scale businesses. If you are not well connected financially, you may not be able to start any business in the country because of the way things are at the moment.
Could you elaborate on your group of companies? How did it all start?
Initially, we incorporated a property firm and obtained license to participate in real estate transactions and manage property. Hitherto, you needed to incorporate a firm with about N10,000 and you could even do business from the comfort of your home. You didn’t need huge capital to commence and like every other, we needed the right contacts. I think all that matters in business is integrity, but there are quacks and fraudsters all over. Over the years, we’ve built a reputation on customer satisfaction and integrity. Even if you deposit trillions of naira into our accounts, it’ll be intact. Real estate, like any other business, is fraught with risks. If you need a property and I get you one and eventually you are not interested in it, at that moment, everything we have put into that transaction as a company goes down the drain.
What’s your vision for the business?
Yes, it is to build people. It’s not always about money, like I tell people. When you build people, you have built an empire; when you build an empire, you have built a legacy and that is everything. That is the essence of our company. To that effect, there is a web portal we are also building for property evaluation. Remember, I said God created this world and entrusted property into the hands of some people to manage it.
Do you plan further expansion of your business?
Yes, there is always room for that. When you develop your chain of businesses, people naturally flow with your pattern.
What should Nigeria do to regulate the real estate business given the problem of quacks and fraudsters in the business despite the efforts of the Nigerian Institution of Estate Surveyors and Valuers?
That’s a very brilliant question. I have told you we have branches in Canada and US. In these countries you cannot be a realtor without a license. That’s what we have been trying to imbibe in this country. Best practices entail probity, prudence and shrewdness. Nigerian Institution of Estate Surveyors and Valuers as well as government are grappling with quacks and fraudsters in the business but as a practitioner, I’m discussing with the registrar on what to do. At present, nothing is being done to protect members of the public from being duped by fraudsters who pretend to secure a property for someone but end up defrauding him. We don’t do that in our firm.