BusinessDay’s television program has emerged as a pivotal initiative, driving remarkable growth and progress within the business ecosystem. This visionary program is designed to address pressing economic challenges, empowering individuals to overcome obstacles through astute decision-making strategies and expert insights.
By leveraging the collective wisdom of top business leaders, the program provides actionable solutions to pressing business concerns. Its significance in today’s rapidly evolving business landscape cannot be overstated. Guidance and mentorship are essential for millennials seeking to achieve remarkable success.
The program bridges the knowledge gap, offering invaluable guidance on transforming ideas into tangible ventures. It connects aspiring entrepreneurs with experienced professionals, providing access to essential resources and networking opportunities.
BusinessDay’s initiative extends beyond a mere learning platform; it’s a transformative hub fostering mindset shifts, notable achievements, and inspiring success stories. The November edition, currently on YouTube, focuses on “Return on Real Estate Investment,” featuring an esteemed panel, including Mr. Vincent Essien, the partner of Vincent Essien and Company. His contributions have left an indelible mark on the business world.
Through this program, BusinessDay continues to inspire and empower the next generation of business leaders, driving growth, innovation, and prosperity within the business ecosystem.
Mr Vincent talked about his firm which has largely been in the Lagos market. He recommends real estate to people as a niche for investment, especially for the millennials. He also advised that it is wise to venture into real estate with some parameters in view.
He referenced what Mrs Fatima said, one of the panellists as regards the factors needed to be considered as a new real estate venturer to avoid loss of money and certain mistakes.
First, he said we should avoid doing real estate business from an emotional standpoint, especially as a millennial because you would make little or no profit at all. He said he has largely encountered people in previous days purchasing a house from an emotional standpoint for their parents, themselves etc.
He has always pointed out to people that their first purchase in real estate is the most important, it could be a foundation to build your portfolio. So being unemotional about your first purchase and looking at the actual use of that property is very important. If the land could fetch you so much money at the location it is, you don’t have to emotionally give it out because the returns of it can buy more than one project. You must be very conversant with your cash flow.
There is a need to understand the regulations around the environment. When he ventures into properties there is a need for them to check the approvals around the property and not just random approvals but he advises that it should be well-acknowledged approvals by the government and also titled men around the property because most of the properties we get to see didn’t get fully approved and acknowledged by the government which may bring about future damages and likely loss of property to the government.
He further buttressed that the title regime cannot be overemphasized and a property buyer should greatly look into it to check if things are currently done. The involvement of a legal practitioner could help interfere with the affairs of the property ownership and necessary approvals because the titled men get to be more comfortable around legal cases where the buying of a real estate property cannot be overshadowed. So as a millennial, continually seek legal advice around your real estate dealings.
Mr. Vincent advised that the location of the property should be considered as well as the use. The location should be able to affirm the total availability and closeness to the necessities of life. As regards the use, he said that if as a millennial you know the rent of properties around the location you purchased your property is more than your income then that’s an avenue to increase your income by having the property for rent rather than living in such a property or giving out the property on an emotional standpoint. Location matters a lot.
He further added that technology is advancing and is continually going to play a major role in our lives and real estate can’t be different. Looking at the past where there was the availability of agro-stocks which got people’s hands burnt because it was easily accessible, cheap and seemed to be reliable. He said that he isn’t saying that the medium used wasn’t real but there is a need for diligence and paying so much attention to what you have loved to acquire like going to the real estate property physically to see and have some necessary details figured out before payment because along the line the person may find out that he never really owned the land legally.
He lastly added that technology has aided in making sales increase largely because most buyers today and larger investors are Nigerians in the diaspora and there is a need for the issue of diligence and having to see what you intend to purchase before paying for it. He advised that the only way to protect our money in real estate is before we pay, so there is a need to do proper research and findings before payment.
Mr. Vincent’s insightful contributions provide millennials with a comprehensive guide to navigating the intricacies of real estate investments. His expert advice on identifying lucrative opportunities, mitigating risks, and maximizing returns on investment serves as a valuable roadmap for young entrepreneurs seeking to establish a strong presence in the real estate sector.
The program’s emphasis on knowledge sharing and mentorship is a key highlight. It provides a platform for renowned experts like Mr. Vincent to share their experiences and insights. This initiative inspires a new generation of leaders and entrepreneurs, fostering growth and development within the real estate sector.
Moreover, BusinessDay’s Millennial Hangout contributes significantly to the broader economic growth and prosperity of the nation. By empowering millennials with the knowledge and expertise necessary to succeed in the real estate sector, the program plays a vital role in shaping the industry’s future and driving economic progress.
