by Anwuli Oseloka
The house agent rental business in Lagos, Nigeria, is a dynamic and vital component of the city’s real estate market. With Lagos being the most populous city in Nigeria and a major economic hub, the demand for rental properties is continually high. This demand creates significant opportunities for real estate agents who specialize in connecting landlords with tenants.
Agents typically earn a commission, usually a percentage of the annual rent, for their services.
The adoption of technology in real estate offers significant opportunities for house agents. Online property listing platforms, virtual tours, and digital marketing tools can enhance the visibility of rental properties and streamline the rental process.
Ikejabird spoke with an experienced real estate agent who has been in the real estate agency business for more than 30 years.
My we know you?
My name is Frederick Johnson Aiegbe, from Ondo state and the CEO of F. Johnson Properties located at Shop 58, Obafemi Awolowo way, Ikeja, Lagos.
Why agency business in Ikeja?
I live in Ikeja so I started here but now I cater for individuals looking to rent houses, lands or shops both Ikeja, Surulere within Lagos and its environs.
How do you get your clients?
People get to see me from my advertisement banner placed outside. Also, from referrals from people I have provided service for before.
Is it easy to get a house in Ikeja?
It is not so easy now because people know that Ikeja is the capital of Lagos state and business oriented so a lot of businesses are springing up in Ikeja, and the rent for houses and shops are also increasing as well.
How much should a room self-contain cost as at now in Ikeja?
Depending on the area, you can get N500,000 rent annually. A two bedroom can go for as much as N2,000,000 but also depending on the location like I said before. Some areas might be lower than this amount and some areas higher.
What seems to be causing the rise in rent in Ikeja?
People want to stay closer to their business in Ikeja. The landlords seeing that now increase the rent because they know it’s a necessity for most of the business owners to live close to their business.
How does one become a house rental agent?
Anyone can become an agent now without any training. As long as they see an empty apartment in their compound or next compound, they go and tell an agent that there is an available flat in their compound, and when it is rented, they get their share. Immediately they can start sourcing for more houses to make money. This is the reason why there are more dubious people in the business now, and we who are experienced keep telling prospective tenants to be weary of fake agents so they don’t lose their money.
Do you have any regret being in this line of business?
I do not have any regrets. I have even trained people as well to be house rental agents.
With the current economic situation have you been facing any challenges?
Yes, one is that transportation is high. Moving around to look at properties takes a lot of money. If I do not have the money I have to walk. People are not even renting houses these days like before. Sometimes we even have to buy things on credit because we do not see commission like we used to.
We don’t even make profit like before. Before we get to rent houses on a weekly basis but now even renting an apartment in a month is by the grace of God.
Even the landlord’s are not helping too because they are now tribalistic. After struggling to look for a house that would fit into the client’s taste or pocket, the landlord would say he wants a particular tribe and if the client is not from that tribe, they don’t want them.
The house agent rental business in Lagos is a vibrant and essential part of the city’s real estate sector. Despite challenges like market competition and regulatory complexities, numerous opportunities exist for agents to thrive. By leveraging technology, specializing in niche markets, and providing exceptional service.
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