MY REAL ESTATE STORY
Dr. Ned Okonkwo
SUMMARY OF THE VIDEO
It was a pleasure having a real estate mogul, Dr Kennedy Okonkwo- the founder of Nedcomoaks and developer of Victoria Crest Estate. He shared his thoughts and experience in real estate, and how He’s been able to strive in the real estate industry from absolutely nothing to one of the recognized developers in the country.
How are you coping with the coronavirus pandemic?
One of the key things I tell my friends is that nobody has ever experienced this kind of pandemic in this part of the world. The last time this occurred was in 1918 and so, it is rear to find people that experienced the last pandemic. However, for us who don't have the experience, we need to be mentally ready and always take precautions.
How did you get started in real estate?
My real estate journey started when I didn’t have a place to start a home. It was so bad that I couldn’t afford to rent a house for my family. We lived in a shop and after a while, we moved to a place provided by the church. After my university education, the first thing in my mind was to get my family a better place to dwell.
By the time my family was settled, I went to V.G.C to stay with one of my cousins in 2004. This was where I got my first deal which was an agency deal and with the money, I started the journey.
What was the most significant decision you ever made in your business?
It’s no doubt that I’ve faced countless decisions on what to take in order to scale forward. As simple as it may seem, the decision of who I chose as a life partner actually contributed a great deal to my real estate story.
You have redefined some myths in the real estate market in terms of luxury. What does luxury mean to you?
For me as an individual, I have to define what market you have to cater for and if you're to define luxury, it is relative. One thing that is consistent over any definitions of what a luxurious home should be like is dependent on the income level of the person who is purchasing that property. Luxury to someone who chooses to live in Oniru is different from someone who lives in Banan Island. So, we look at the common indicators across broad (whether rich or not) and we found out that people need security, portable pipe-borne water, excellent drainage infrastructure, non-flooded area, playground for kids, and so on. These are the things we provide in our estate.
What are your success secrets as a businessman?
As a businessman, the key success factor that has helped me get to where I am is God-factor. Most importantly, your integrity behind your name really matters. You have to stick to your words no matter the situation. Once people can trust you, you will make waves in life.
How do you see the strength of Lagos real estate market from a business point of view?
The truth is that the industry is big. With a state that has over 20 million population record and rural-urban migration of 4,000 people every day, this means that countless people need a place to stay of abode. Looking at the statistics, the Nigerian housing deficit is over 17million, and 40 per cent of that deficit is for Lagos. This shows that we still have a long way to go and as a result, the market has a wide opportunity for developers, investors and realtors without having to compete.
In light of the global pandemic, how will it affect the Nigerian Real Estate sector?
The government is yet to see the sector as an essential service. In other parts of the world, you will realize that the people in the real estate sector are working effectively because they see it as an essential service. The basic need of man includes home and what can you do for vulnerable who don’t even have a place to live? In this light, we still deserve a whole from the government- national, state, and local governments. This is because in the hit of this, people who are in the housing sector are still expected to be working and this can’t be done because of the social distancing rule. So, the government needs to put some measures into place that will let the housing projects continue.
How do you generate creativity and innovation?
Firstly, one of the things I like doing in order to generate ideas, creativity, and new innovation is to travel. Unfortunately, I couldn’t travel due to the pandemic. Each time we accomplish a project, it becomes history and I draw inspiration from our past projects by looking at the mistakes and the flaws we made and eventually make sure how we can avoid them in the next project. I also relate to my young and dynamic team in a humbling way in other to get ideas and inspiration.
Do you have to be rich before investing in real estate?
I get this question a lot! I want to emphatically say that you don't have to be a rich or wealthy person before starting your real estate journey. After you’ve seen the property you want to buy and you’ve done your due diligence on it, you can actually lend money from family and friends and make sure that you pay back in other not to put your integrity on the line. Also, you can do a collaboration with a friend or boss who has an understanding of what you are about to go into. This was how I started my real estate journey.
What is critical for you at this particular point in time of your life?
What is most important for me is the legacy I leave. I always try to mentor people about how they can succeed in the industry and it’s a thing of joy for me seeing these people doing well in their business. I’ve also successfully groomed my wife- the CEO of Victoria Crest, to be my mirror version and I’m sure that would have answered the questions the same way I’ve done. We also have a program for entrepreneurs in the tech space.
What advice would you give developers in the industry?
Like I said earlier on, Integrity is very key in everything we do. As a developer, don’t make a promise that you can not fulfil. Always make sure that no matter what happens, your clients are the first to have to consider. If a client comes to you that He can’t continue with his instalment payment, return the money He’s deposited. Also, don’t give an offer that sounds unbelievable because it is a critical time.
PROFILE OF DR. KENNEDY OKONKWO
Driven by the need to contribute His quota towards filling the housing deficit in Nigeria, Dr Kennedy Okonkwo founded Nedcomoaks Ltd and incorporated the company in 2007. He also holds an MBA in marketing and BSc in psychology.”Dr Ned” as He’s fondly called, is a highly motivated and successful entrepreneur with a passion for real estate and philanthropy.
