For many, venturing into real estate is a carefully planned career path. But for Mr. Dosumu Adeyinka, Managing Director of Fados Properties Ltd., it was an unexpected turn of fate. Trained as an accountant, he stumbled into the industry through a chance conversation, yet today, he stands as one of the voices championing honesty, accessibility, and innovation in Nigerian real estate. In this interview, he opens up about his journey, the realities of the market, and the future he envisions for the sector.
Can you share how you got started in the real estate business?
My name is Mr. Dosumu Adeyinka, Managing Director of Fados Properties Ltd. Actually, I got into real estate by accident. By profession, I am an accountant, but while working with my brother, I managed all his businesses alone. We were also running a television production company with an actor, and even had a music platform.
One day, one of those microfinance banks came to our television studio. They suggested a partnership and asked if we had land that we could market together. Along the line, the partnership didn’t work out, but that conversation opened the door for me to step into real estate. Later, I realized how big the opportunity was. When you acquire property, it feels like a miracle it truly is a blessing.
What type of real estate do you specialize in?
We cover residential, commercial, landed properties, and property management. Personally, my focus is mainly on landed property, commercial property, and management. For residential, we do house and apartment rentals, but that’s not my primary area.
Who are your main clients, and what do they usually look for?
Honestly, I don’t differentiate much. When we started, our target clients were low-income earners who couldn’t afford high-end properties. They would buy land as a long-term goal, even with limited financial resources. Our first clients were people like mechanics, bricklayers, and artisans who didn’t have much disposable income.
We started by offering affordable land options, like 50 or 100 acres, with flexible payment plans spread over 12 months. Prices started at about ₦300,000, with an initial deposit of ₦25,000, and then increased gradually as the land appreciated.
Today, our clients vary. We don’t have one specific type of customer. It depends on their budget and the location they want, and we try to accommodate their needs.
How do u typically source properties for sales, rent, or development?
I source properties mainly through partnerships with landowners or families who have land but lack the financial resources to develop it. Sometimes, we use subscription-based models, where landowners provide the land and we handle development and marketing. We also do joint ventures with landowners, where we develop and sell plots, then share the benefits. This approach allows us to access land without buying it outright, leveraging partnerships to drive development and sales.
What steps are involved in closing a real estate deal from start to finish?
These are the steps we follow in closing a deal:
- Verify the land’s authenticity: Ensure the land is genuine, not under government acquisition, and free from disputes.
- Conduct due diligence: Check documentation, ownership, and potential issues.
- Negotiate the terms: Agree on price, payment terms, and other conditions.
- Finalize the deal: Complete the transaction, transfer ownership, and register the property.
By prioritizing verification, you minimize risks and ensure a smooth transaction.
How important is networking and relationship building in your line of work?
Networking and relationship building are crucial in this business. Mistakes or fraudulent activities can spoil relationships and reputation. Building confidence with clients and stakeholders is essential. Managing conflicts quickly and transparently also helps.
Satisfied clients can bring in new business through referrals. The challenges we
face in real estate, includes dealing with land disputes, fraudulent activities, and
the need to navigate complex relationships with various stakeholders.
What role does technology (social media, listing sites, property apps) play in your business?
Social media is the best thing that has happened to real estate. It allows me to reach a wider audience and potential customers easily. With it, we can:
- Target specific audiences.
- Advertise cost-effectively.
- Engage directly with clients and get feedback.
Technology has changed how we showcase properties. Clients can now browse online, compare, and make more informed decisions before reaching out.
How do you determine the right pricing for a property?
Location plays the most significant role. The area, proximity to amenities, and overall desirability of the location are key factors. We also look at similar properties in the area to determine fair market value.
Naturally, properties in high-demand areas command higher prices than those in less desirable locations.
Many investors tend to focus only on already developed locations. What is your perspective on investing in emerging or underdeveloped areas that may require reclamation or long-term development?
Real estate investors or agents often underestimate the potential of certain areas, particularly those considered “modelling areas” or areas that require reclamation or development. Some investors may overlook these areas due to a lack of understanding or fear of risks. The benefits of investing in these areas are:
- Lower initial costs: Land prices in these areas may be lower compared to more developed areas.
- High potential for appreciation: With development and investment, these areas can increase in value over time.
Some clients may be hesitant to invest in these areas due to a lack of understanding or fear of risk being consistent.
What strategies have helped you grow your client base and remain competitive?
Honesty and transparency. Problems will always come up, but if clients see that you are genuine and trustworthy, they will stay with you. Trust builds strong relationships and brings referrals.
Avoiding unethical practices, such as selling the same land to multiple people, is vital. By prioritizing trustworthiness and customer satisfaction, you can attract customers from around the world.
Where do you see the real estate market heading in the next 5 to 10 years in your region?
I firmly believe real estate will continue to thrive, not just for the next 5–10 years, but for centuries. Land is finite and always appreciates over time. That’s why it remains one of the most stable and valuable assets for long-term investment.
