THE Managing Director/Chief Executive Officer, Afriland Properties PLC, Mrs Uzo Oshogwe, has encouraged estate professionals to diversify investment portfolios, products, management’s framework, and ensure strong financial health to remain in business.
She encouraged operators to consider a mix of facilities management, property rentals, property management and brokerage to get balanced, change the building construction model from the usual ‘bricks and mortar’ and ensure their business continues to be liquid.
Speaking at the international Real Estate Federation (FIABCI) Nigeria’s annual general meeting and induction of 26 new fellows in Lagos, Oshogwe in her presentation on: ‘Real estate/leadership and strategy for business growth in a VUCA economy’, explained that VUCA represents volatility, uncertainty, complexity and ambiguity in economy.
She added that with unpredictable times in the economy, operators must develop strategic foresight, agile mindset for change emotional intelligence towards staff, prioritise innovation and focus on customers/market needs.
According to her, there is a need for resilience and risk management, leveraging strategic partnership, and collaboration to make progress and ecosystem that facilitate growth.
“The era of building large rooms is gone. Taking a loan at about 30 percent interest rate is not advisable,” she warned, adding that developers have to be smart in developing financing model for projects.
With changing times, Oshogwe noted that for developers to build affordable housing and bridge existing deficits, they have to partner with the government as land and infrastructure must be subsidised.
She said the importance of clear and flexible strategic vision cannot be underestimated, adding that it helped to manage uncertainty, as well as reduce ambiguity by setting clear timelines for projects and goals that are measurable.
She urged them to be adaptive to change, ensure they carry out market analysis and invest in research and development.
“Be transparent and accountable to build trust, be able to communicate effectively with your stakeholders.You must also simplify decision making and the only way you can do that is by having the right information. So data is key here. To address ambiguity, clarifies purpose and intent, “ She added.
Outgone President of FIABCI, Nigeria, Mr Gladstone Opara, who spoke on achievements of the association, said its membership including professionals from building industry and others, grew by about two hundred percent in the last two years.
He said that FIABCI Nigeria participated in over 25 international events, popularised and rebranded the association, adding that its Young Professional Members Council remained very active and alive and were instrumental to many of the webinars and study tours embarked on.
He told the audience that FIABCI Nigeria needed a permanent secretariat.
He called for more efforts towards reviving the FIABCI’s National Councils of experts to enhance growth in knowledge in different aspects of real estate and promote members participation in activities and networking.
Opara said: “We have been able to make use of the tool of wide collaborations with other professional organisations to enlarge the coast of FIABCI Nigeria. We are all witnesses of how our collaborations with Knight Frank Nigeria, Nigerian-British Chamber of Commerce, Nigerian Institution of Estate Surveyors anValuers and BuyletLive have yielded fruits in terms of growth in membership, finance and publicity.”
President of FIABCI Africa and Near East Region, Adele Adeniji, charged the new members and leaders ensure compliance to the oath of allegiance, and remember the trust and confidence reposed in them
Adeniji advised them to uphold the high ethical standards and professionalism that define the association, adhere to board decisions and lead with courage and confidence.
He urged incoming executives, whom the mantle of leadership rests with, to commit to excellence that will ensure that FIABCI-Nigeria continues to thrive both locally and internationally, as well as bring fresh ideas, innovative solutions, and enhanced collaboration with other professionals in the building industry across Nigeria.
FIABCI World President, Ramon Torroba, in charge told members to play crucial role in promoting, ethics, embrace technology , professionalism and collaboration, attract more younger generation to the institution and ensure sustainable development in communities across the world.
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