The Significance of Stakeholders’ Engagement on Nigerian Real Estate Growth— Mubarak Aremu
Stakeholders, as their name implies, are the drivers that determine the success of real estate projects across the country. Their engagement takes a front seat at the decision-making tables.
These engagements are usually fostered via channels like business timeouts, industry-themed conferences like GIDI-CON, real estate events, and town hall meetings amongst others.
Now more than ever, it is important that we recognise the contribution of stakeholders’ engagement in Nigeria real estate’s growth.
This article outlines the importance of stakeholders in the industry, but it first highlights the noteworthy stakeholders below.
The major stakeholders in Nigeria real estate fronts are the Nigerian government, policy-making bodies like Lagos State Real Estate Regulatory Authority, LASRERA, real estate developers, brokers, agents, and the host communities (omo onile), and by extension, final users (property finders, home owners, investors).
Having established the key players in the stake holding fronts of our industry, below are their importance.
First, stakeholders’ engagement is an excellent way of consolidating diverse insights and perspectives for improved policy-making in the industry.
These engagements bring all concerned parties of community representatives, developers, government and policy makers together for a unanimous decision and resolve around the real estate industry.
Another major importance of stakeholders’ engagement is the increase in investment opportunities for the industry. When these parties meet and deliberate, they tend to create innovative ways to attract investors to real estate projects and overall development.
Sustainable developments and environmentally-friendly building methods are promoted through grounded stakeholders’ engagement as well. Projects that harm the environment less and help preserve nature in the country are usually projected onto the key players of the industry.
These same players then propagate the essential need for sustainability across the industry levels.
On the technology front, this same engagement of leading bodies in the country’s real estate scene determines the level of safe technological and innovative adoption into real estate developments and projects.
Their foresight dictates the adoption of technologies like smart housing advancements, considering their profitability and credibility, in the country’s real estate industry.
Several crisis occurrences ensue in real estate dealings across board, but with consistent stakeholders’ engagements, key players in the real estate industry handle them differently. This is a function of varying contributing factors of real estate developments like property ownership by communities and families, individuals, e.t.c.
Therefore, they are usually equipped with newer and progressive resolutions for conflict management which in turn improves clients’ trust and the industry’s credibility.
Extensively, all of these benefits of stakeholders’ engagement cement the trust and confidence of investors, clients, agents and buyers of real estate projects and developments. As a result, the Nigeria real estate industry stands a better chance at sustaining its operations while growing its credibility and profitability in a progressive manner.
Author: Mubarak Aremu
Mubarak Aremu is a digital Marketer at Gidi Real Estate Investment Limited
