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Precious Bassey, is the founder and principal partner of PB ATELIER, a multi-disciplinary construction consultancy firm. He is also the project manager of Ner and Zadok Property Development. He is keen on bridging the gap between social and urban marginalization. He holds a project management degree from Wolverhampton Graduate Conservatory and a certificate in construction quality management from Rahn Wesley Institute of Management. He has designed over 100 multi-million naira projects and he’s the current Vice President, of the Nigeria Institute of Architects MPCS. He spoke to Rocketparrot News; about the growing opportunities untapped in the real estate industry. Excerpt
Tell us about your business focus in real estate.
We are a building design, construction and consultancy firm based in Calabar, with footprints in Lagos, Abuja, Akwa Ibom, Rivers and Owerri. In our space of existence, we have built a laudable practice communicated through our executed projects that have contributed to the blooming cityscape of Nigeria. We continue to attract vibrant minds to our team of Architects, Interior Designers and Engineers.
When did you start the business and what motivated you?
PB ATELIER was incorporated in March of 2021, shortly after the outbreak of the COVID-19 pandemic. The pandemic in many ways no doubt has changed the way we live and use our buildings, and this presented new opportunities in both known and untapped areas of design both in residential and commercial real estate where people are yet to venture. PB ATELIER started as a practice seeking to find and explore those areas of opportunities whilst building a laudable pride of building consultancy.
What is the role of an architect in Real Estate?
An Architect has a vast knowledge of buildings and their construction. He understands the utility of the property in a very proper way and that is always very important for the actual development of the property. An Architect knows the typology and has thorough knowledge about the use of the typology to be proposed and constructed. With the quality of vision along with creativity and imagination, an Architect can always guide the client or developer in the right direction. Thus, involving architects from the early stage of development is a sensible decision for the proper development of the property in the Real Estate industry with huge revenue. Estate development requires a lot of planning not only in terms of design but from basics. For the smooth functioning of all these, the role of the architect becomes important in the real estate industry. He understands both the design and development factors and can be the perfect bridge between them both.
Are there any untapped areas in the real estate business?
About 73 per cent of Nigerians in various states of the federation choose a real estate agency or brokerage as a side hustle. However, in as much as real estate boils down to buying and selling of properties; there are still so many professions one can take up in the industry.
The most popular are the brokers or agents. There are also opportunities for developers, deal packagers, investment analysts, financial modelling, valuation analysts, creative directors and designers, professional architects, interior designers, and engineers to mention but a few.
Other areas to be untapped lie in offering which cut across functional and creative architectural designs, interior designs (window blinds and curtains) as well as real estate agency and consultation services. Hence, the industry is not all about buying and selling land alone.
How sustainable is the business?
In our 17 months of existence, we have successfully designed 100+ multi-million-naira projects ranging from institutional, commercial, residential, industrial, and mixed-use projects. We have also supervised/constructed 4 of those projects. At least I forgot to tell you that these projects are in millions thus the profitability ratio is also in millions. Join the movement make your fortunes and stop the blaming game that the government is not creating jobs, wake up and create jobs for yourself. I believe that new opportunities in real estate are enormous but however consequent on location. All I can say is that there is huge revenue in this venture that is both rewarding and sustainable.
Is the business profitable?
Yes, irrespective of the seeming economic downtime Nigeria currently faces, we have found ways to meander through the times and build a profitable venture with wealth-creation opportunities spanning into millions. Creative thinking and designs aren’t cheap; they are hugely paid for as well as managing big construction projects running into billions; your idea of payment is as good as mine. The profit gain is beyond what one can talk about.
For instance, one profound area of opportunity in the south-south regions of Nigeria is a shortage of a variety of building accessories, so third-party dealerships with production companies in industrialized cities like Lagos and Onitsha can pose a very profitable endeavour. However, we recognize that there is still so much we can accomplish, hence our continued persistence.
What are the challenges?
As with most businesses, we have had our fair share of the hurdles of business, outstanding of the challenges is the fluctuating and increasing price of building material. This makes ROI-return on investment on real-estate investments difficult to manage. We are committed to building and improving the efficiency of our systems to curb and/or manage most of the other challenges common in the construction industry.
How do you get paid?
Construction practitioners have a professional scale of fees that helps to manage remuneration, and this usually gives a pivot for any other adjacent negotiations.
What is your advice to young entrepreneurs?
There are opportunities everywhere, especially in the Nigerian real estate industry, irrespective of the mirage of greener pastures abroad, you must understand that your business is an asset to the Nigerian Economy, and you must continue to commit yourself to building formidable businesses, hence building a formidable Nigeria. It is no news that “It doesn’t get easier”, but it gets even more fulfilling. Young Nigerians seeking employment opportunities can enter the real estate industry, choose a particular area of focus explore the various untapped areas and make a fortune.
What are the likely qualities to attract clients?
It is all about the networks you build, knowing that every time and in every environment, you are constantly building networks, hence you must present yourself in a way and manner fitting for a business partner.
For a young buddy who wants to venture into the business, how best can you direct and advise him/her to attain success?
The Real estate industry is saturated; hence, there is no room for mediocrity and laxity. No client is a small client and no job is a small job. Every job is an advertisement for the next client. So, one must be ready to deliver with excellence and trustworthiness. One must continue to learn and grow.
What is the startup capital and requirement for floating the business?
The Start-Up capital isn’t so much; you’ll usually require an office space fitted with all stationery and technological fit-out. So, depending on location, between 1.5m - 2m should get you started. Don’t be shocked about the amount because recovering the amount and making more fortune won’t take much time. Nigerians interested in the business can form partnerships or collaborate to float the business with shared capital interest. The business is worth risking and venturing into.
Also, usually, you’ll need either a degree in construction practice or experience working in the industry. A combination of both will serve you brilliantly. Needless to mention the need for discipline, dedication and an unconquerable will to win.
Amid this untrusted society, integrity, transparency and relationship building must be the watchword. We don’t just sell assets; we build strong relationships which traverse local boundaries on an international scale. By constantly learning and relearning market trends, we strive to provide consistent, attentive and reliable client-centric services that everyone going into the business must take into cognizance
What is the Impact of Real Estate on Nigeria's Economy and Sub-Regions?
As an architect deeply involved in the real estate sector, I am compelled to shed light on the profound impact that real estate has on the economy of Nigeria and its sub-regions. With my experience as the Project Manager at Ner & Zadok Property Ltd, as well as serving as the Principal at PB.Atelier, I have witnessed firsthand the transformative power of real estate development.
Real estate is a key driver of economic growth in Nigeria, contributing significantly to the country's Gross Domestic Product (GDP) and providing employment opportunities across various sectors. The construction industry, which is closely linked to real estate, accounts for a substantial portion of Nigeria's GDP and serves as a catalyst for economic development.
In addition to its direct contributions to GDP, real estate plays a crucial role in stimulating economic activity in other sectors. The development of residential, commercial, and industrial properties creates demand for goods and services such as building materials, furniture, appliances, and utilities, thereby generating income for businesses and individuals throughout the supply chain.
Furthermore, real estate investment attracts both domestic and foreign capital, which fosters economic stability and enhances the country's overall competitiveness. The growth of the real estate sector spurs infrastructure development, including transportation networks, utilities, and urban amenities, which in turn improves the quality of life for residents and promotes sustainable urbanization.
When we examine the impact of real estate on Nigeria's sub-regions, we observe varying degrees of development and investment opportunities. Urban centers such as Lagos, Abuja, and Port Harcourt experience high demand for residential and commercial properties, driven by population growth, urbanization, and business expansion. These cities serve as economic hubs, attracting investments and driving innovation across multiple industries.
In contrast, rural areas and secondary cities present untapped potential for real estate development, offering opportunities for affordable housing, agricultural infrastructure, and tourism-related projects. Strategic investments in these regions can unlock economic opportunities, alleviate poverty, and bridge the gap between urban and rural areas.
What are Stakeholders role in Real Estate Business?
As stakeholders in the real estate industry, it is incumbent upon us to leverage our expertise and resources to drive sustainable development and inclusive growth across Nigeria and its sub-regions. By prioritizing innovation, collaboration, and responsible stewardship of resources, we can harness the full potential of real estate to propel Nigeria towards prosperity and resilience.
Let us continue to work together towards building a brighter future for our nation through real estate development that not only enhances economic prosperity but also fosters social equity and environmental sustainability.
