The Managing Director and Chief Executive Officer of Landmark Corporate Realty Limited, Harrison Agboifoh, tells BABATUNDE TUGBOBO about his career and the real estate sector
What is your educational background?
I studied Accounting at the Lagos State University, and graduated with a First Class in 2004. I also have a Master of Business Administration from the Obafemi Awolowo University, Ile-Ife, Osun State. In addition to that, I am a fellow of the Association of Chartered Certified Accountants. In 2013, I was at the prestigious Harvard Business School, United States of America, where I bagged an associate degree in Project Finance, Capital Market and Real Estate.
I was awarded an honorary doctorate from the European American University in 2018 as well.
Did you have any corporate work experience before venturing into real estate?
Yes, I worked in different departments at Zenith Bank Plc for about seven years before I ventured into the real estate business in 2011
What inspired you to go into the real estate business?
I ventured into the real estate business because of the passion I have to ensure that people have roofs over their heads without having to break the bank.
What motivated you to start your own business?
My foray into the real estate business came about as a result of my desire to bridge the housing deficit in Nigeria, and also for affordable lands/houses to be made available for all and sundry.
How much was your initial capital at inception and how did you raise it?
The capital I started the business with was about N1m naira, which was largely my savings.
What major challenges did you face in the early days of the business?
The major challenges encountered in the beginning had to do with being able to convince people to believe in our vision of making lands affordable for people with installment payment. It was a bit difficult because of the bad experiences people had had with ‘omo onile’ (land grabbers) over time.
The COVID-19 pandemic stunted the growth of the real estate sector. What strategy did you employ to reposition your company?
The COVID-19 pandemic and its attendant challenges affected a lot of businesses, including in the real estate sector. We moved on aggressively to the online marketplace to showcase our products and gradually, a lot of Nigerians in the Diaspora identified with our brand. Many people in Nigeria also came onboard. This really helped us because the conventional way of marketing using flyers and physical contact was no longer useful.
Do you think there needs to be better regulation in the real estate sector?
There might be a need for the government to regulate the real estate sector in order to reduce, if not totally eradicate, the activities of fraudsters who open mushroom shops and defraud unsuspecting members of the public with the promise of lands and houses that are either non-existent or have faulty documentation.
It has been said that the spike in building collapses is caused by the fact that many local contractors use inferior materials in construction. Do you agree with that assertion?
To a large extent, I agree with this and it is majorly a result of greed. Some contractors want to use little materials to achieve great results, forgetting that there could be long-term consequences if such is done, leading to building collapses every now and then.
How have you dealt with the persistent threat of land grabbers and how do you think the government can help to curb the menace?
We are the middlemen between the land grabbers and our clients. What we do basically is to make their acquaintance, relate very well with them and come to terms with the fact that they exist and also settle them, especially during festive seasons.
With the proliferation of real estate practitioners in the country, what should people watch out for when buying properties to avoid being duped?
People should pay special attention to the title documents they are given. They should conduct research to ascertain if the documents are genuine.
How do you relax?
I play basketball, and I also love to cook
How do you create time for your family?
I try to create a balance between work and family from time to time.
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