In the real estate industry, often clouded by quacks, fraud, and broken trust, Babatunde Felix Adebayo stands out as a voice of integrity and professionalism. With over 23 years of hands-on experience and as the founder of Babfelad Properties, his journey is not just about selling properties but about restoring confidence, protecting clients, and shaping the future of Nigerian real estate.
Can u briefly tell us about yourself and your background?
My name is Babatunde Felix Adebayo. I am a real estate practitioner with over 23 years of experience in property sales, rentals, and property management. I studied Estate Management, and I have always been passionate about helping people secure the right homes and investments.
What is the name of your company?
The name of my company is Babfelad Properties. We specialize in property sales, land acquisition, property advisory, and construction of both commercial and residential projects. The company is located in Ibadan, Nigeria.
A real estate agent is a licensed professional who helps clients buy, sell, rent, or manage properties while acting as a representative and negotiator on their behalf. Given this, how do you think quacks can be weeded out of the profession?
By educating buyers and sellers to work only with licensed agents and enforcing
penalties against illegal practices, the industry can maintain its integrity and
professionalism.
The primary role of a real estate agent is to connect buyers with sellers, facilitate
negotiations, and handle documentation to close deals. How does this compare
with the realities of real estate practice in Nigeria?
In Nigeria, real estate agents indeed play a vital role in connecting buyers with sellers, facilitating negotiations, and handling necessary documentation. However, due to the country’s unique challenges, such as a weak land registry system and legal bottlenecks, agents often need to go the extra mile to verify documents, investigate land titles, and resolve potential issues.
Conducting thorough due diligence, including searches and confirmations with
community leaders, landlords, or local residents, becomes essential in ensuring
the legitimacy of transactions. This additional effort helps mitigate risks and
ensures a smoother transaction process.
There are many incidents of land grabbers who dispossess rightful owners of their property, especially in Lagos. Have you been involved in such cases, and how do you handle them?
As I mentioned earlier, due diligence is crucial. Verifying land titles, checking registry records, and confirming ownership with community leaders or family members are important steps. Insisting on proper documentation before any payment is made can help prevent disputes and ensure a smooth transaction. Understanding the history of the land, including inheritance and signatory details, is also essential in identifying rightful owners and avoiding conflicts.
Many tenants and buyers complain about outrageous agency fees charged by agents. Is there any law regulating agency fees in Ibadan or in Nigeria as a whole?
In Lagos, there’s a pegged agency fee of 10% of annual rent for residential
properties. However, in Ibadan and other parts of Nigeria, regulations are still
weak, and fees are often negotiable. A uniform law nationwide could indeed
bring more fairness and clarity to agent fees.
Does the profession have any regulations controlling entry, or is it open to anyone to operate as a real estate agent?
In Nigeria, technically, anyone can call themselves a real estate agent. However, professional bodies play a crucial role in regulating and promoting excellence. The Nigerian Institute of Estate Surveyors and Valuers (NIESV) regulates estate surveying and valuation, providing training, setting standards, and advocating policies that support industry growth.
The Nigerian Association of Real Estate Agents (NAREA) is another professional body that promotes ethics, professionalism, and competence. These organizations contribute to setting standards, educating practitioners, and promoting policies that support sustainable industry growth.
Do you have an association or umbrella body, both locally and nationally, that
regulates the activities of members?
Yes, we have associations such as NIESV at the national level. Locally, there are chapters that monitor members’ activities, mediate disputes, and train new entrants.
Must a person be a member of your organization to operate as a real estate agent?
Membership in organizations like NIESV is not strictly mandatory, but being part of a recognized professional body offers several benefits. Clients are often assured that they are dealing with a professional who adheres to industry standards and ethics.
Fraud is common in real estate in Nigeria, such as land grabbing, agency fee fraud, rent and lease racketeering. Many unsuspecting buyers and clients have fallen victim. What do you have to say about these issues?
Ignorance and lack of due diligence can make clients vulnerable to such frauds. Clients are advice to verify ownership documents, avoid cash transactions without receipts, and work with registered agents is spot on. Stricter enforcement of laws and regulations would also go a long way in protecting buyers and tenants.
What skills or personality traits must one possess to become a successful real estate agent?
Integrity, building trust with clients through honesty and transparency, negotiation skills, communication by clearly conveying information and updates to clients, patience , deep knowledge of property law. Trustworthiness is also crucial, as clients rely on agents with their financial and investment decisions. By possessing these traits, agents can provide a smooth and reassuring experience for their clients.
Many people rely on real estate agents to locate suitable properties for rent or purchase. What challenges do agents face in their professional activities, and how can they be mitigated?
Common problems faced by real estate agents are fake land and titles, lack of proper government records, multiple claims on property etc. To mitigate these challenges, agents should Prioritize transparency, collaborate with lawyers, educate clients by informing them about potential risks and the importance of due diligence. Maintaining accurate records and consistently following up on transactions are also critical.
Is real estate a lucrative business in Nigeria?
Real estate can indeed be a lucrative business in Nigeria, driven by the country’s growing population and housing demand. However, success requires dedication, hard work, strong networking, and building client trust. By operating professionally and ethically, real estate agents can capitalize on these opportunities and build a thriving business.
What advice would you offer to intending buyers or clients to ensure smooth transactions with real estate agents?
They should do their homework, verify documents, avoid rushing into payments, use a lawyer and also deal with a credible agent. By being cautious and patient at the beginning, buyers can minimize risks and avoid potential regrets down the line or later in the future
