Real Estate Management Lagos Nigeria – Free Property Management Tips

Real estate management Lagos Nigeria - Good real estate management or property management is key to maintaining the value of your real estate investment.

The reality is that properties appreciate in value over time but the building facility itself depreciate over time. And if you don't have good property management strategy in place, this depreciation can affect the growth in value of your Nigeria real estate.

Yes, the value of your property will still appreciate, but if the property is looking uncared for or run-down, the comparable increase in value will be small in relation to the same category of property in the same location.

Bottom line.

Real estate management is an essential part of real estate investing. Don't just invest one-time and forget about your property. The property will end up depreciating in presentation over time. And that will inevitably impact negatively on the market value.

So, invest and protect the value of your investment through regular building maintenance managed by a suitable real estate agent.

The question of real estate management has always been a concern especially for people who plan to invest in Lagos Nigeria real estate but who reside outside Lagos.

They often ask, "Who will manage the property for me since I live outside the country?"

My answer is: "Hand it over to a trustworthy real estate broker".

As part of the real estate management work, the real estate broker or real estate consultant will . . .

  • conduct tenant screening to ensure the right category of tenants are accepted into the property
  • lay the framework for the maintenance of the building infrastructure
  • conduct routine inspection of the facility at agreed intervals, say, quarterly and
  • ensure the residents of the apartment building comply with the rules and regulations of the property

    The real estate agent will normally charge annual maintenance fee of 5-10 percent of the rental price. As a landlord, be willing to pay the maintenance fee to guarantee that the estate agent in charge of your property will give your property the attention it deserves.

    A great way to ensure you comply in this regard is to allow the agent deduct the maintenance fee from source.

    Wait. Why give the property management rights to your property to an agent for a fee when you can get one of your relatives to manage the property for you free of charge?

    The simple answer is . . . it makes business sense to do so.

    Nothing really is free. There is a cost to allowing your relatives manage your property. Some of these relatives have been found to unduly harass tenants just to show that they are in charge. And in some cases, even attempt to take over ownership of the property.

    It is difficult to tell what people will do when money is involved. More often than not, family members have been largely disappointing in matters of this nature, especially when it matters most.

    My advice?

    Delegate real estate management to professionals . . . to real estate agencies.

    Real estate agencies or consultants make a living from offering professional services of this nature. And often, they work hard to satisfy their clients in order to retain current business and secure new deals through appropriate referrals from satisfied clients.

    So, do the right thing. Make property management a key investment decision. And use professionals always.

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