MI Okoro and Associates, in the estimation of industry analysts, has emerged a frontline property business company with excellent track records trailing its trajectory. The group specializes in estate agency, letting, purchase, sales, real estate consulting, management of properties, local and international valuation of properties, feasibility & viability studies for real estate development, fund syndication for real estate development, real estate project management and assets valuation for decision making purposes.In this interview with Isaac Ngumah, the principal partner, Dr M. Okoro speaks on prospects and projections
What motivated you into real estate business?
First, it is my choice, my calling. I studied it at the university. So, it wasn’t by accident. I like estate management as a way of contributing my quota towards national economic development. When I left the university, I worked with a professional firm and got professional experience. From there, I worked with a mortgage bank where I rose to the position of a manager.In 1994 I set up M.I Okoro Associates. The firm was involved in mayor valuation jobs in public and private sectors. So I would say the beginning was very beautiful with high sounding technical assignments. Till date, it is very smooth and fair also.
What is unique about real estate business?
It is a beautiful business. It is loving because it addressees and satisfies a major need of mankind which is housing.It is very important in the life of any human being.
Most of your business operations require bank financing. Are there challenges in that area?
You cannot just run into the bank and request for loan. You must prepare yourself and have good banking records including but not limited to business plan, statement of account, audited account etc.With all this, banks can support.
Tell us about your business goal.
Well, the business goal is that I have been able to manage very high volume transactions with optimal professional integrity. To a large extent, that has served all clients creditably well in the past 30 years. I do not think I have ever had any reason to worry about any situation. I have not had any problem with any client from that time till date. For me, that is a major achievement.
How were you able to break through stumbling blocks to achieve breakthrough?
There have been so many stumbling blocks. Finance is one. Access to land is another. You know the lands are not there because the governments are in charge of lands within every states of the federation by virtue of Land Use Act. Other challenges include bad leadership which slows down economic activities. Once the economy is not performing people’s purchasing power will be low.
What kind of supports should government give to the industry?
Government should create primary mortgage banks and fund them. As I speak, the banks are not funded. The mortgage banks that came into existence during Babangida’s administration have collapsed. That is a challenge.So, the government should go a step further and fund the mortgage institutions. This will provoke organic construction enterprise in the system with its multiplier effects of job creation.
What is your advice to those that want to go into real estate business?
They should plan very well before venturing into real estate business. They have to be patient. It is not a business for those who are in a hurry to make money. Professionalism and quality service delivery are key. Clients must get satisfaction for jobs executed.
Are there specific projects you have handled?
Yes, we have been involved in some hitech projects. For instance, I was involved in major valuation National Oil and Chemical all over the country. After that, I was involved in the valuation of University of Lagos assets. I did jobs for government particularly in the area of valuation of federal government property within Ikoyi and other locations. There is also the relocation of over 40,000 traders from Central Lagos to Trade Fair Complex, now called Auto Spare Parts market and the plaza within the Trade Fair Complex.These are just few.
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