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BUSINESS & ECONOMY

How To Make More Money From Rental Property

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By Dennis Isong*

Investing in rental property can be a lucrative venture, but to truly maximize your income, it’s essential to adopt strategic approaches.

  • Not all locations are profitable.

Selecting the right location is crucial for rental property success. Focus on areas with strong job markets, good schools, and convenient amenities. A desirable location can attract quality tenants willing to pay higher rents.

  • Set Competitive Rent Prices:

It’s important to research the local rental market to set a competitive rate for your property. This will attract tenants and ensure a steady income. Regularly reassess and adjust rents based on market trends.

  • Maintain and Upgrade:

Regular maintenance and upgrades can increase the value of your property while attracting long-term tenants who pay higher rent.

  • Energy-Efficient Upgrades:

Consider making energy-efficient upgrades to reduce utility costs. This not only attracts environmentally-conscious tenants but also lowers your property’s operational expenses, contributing to increased profits.

  • Offer Additional Services:

Consider providing extra services, such as laundry facilities, parking spaces, or pet-friendly amenities. These value-added services can justify higher rents and attract tenants seeking convenience.

  • Screen Tenants Thoroughly:

Implement a rigorous tenant screening process to ensure you select responsible and reliable tenants. This reduces the risk of property damage and late payments, contributing to a more stable income stream.

  • Implement Rent Increases Wisely:

While periodic rent increases are common, it’s important to implement them judiciously. Communicate clearly with tenants and provide ample notice, explaining any improvements or increased costs that justify the adjustment.

  • Utilize Short-Term Rentals:

In certain markets, exploring short-term rentals can be a lucrative option. Platforms like Airbnb allow property owners to capitalize on peak demand periods, potentially increasing overall income.

  • Negotiate Long-Term Leases:

Encourage long-term leases with incentives for tenants, such as rent discounts or added amenities. This helps to ensure a consistent income stream and reduces the hassle of frequent turnovers.

  • Explore Property Management Services:

Consider hiring a professional property management service. While it incurs an additional cost, it can save you time and effort in dealing with day-to-day operations, tenant issues, and property maintenance, allowing you to focus on expanding your portfolio.

  • Negotiate with Vendors:

Build strong relationships with vendors and negotiate for competitive rates on property maintenance, repairs, and other services. Lowering operational costs contributes directly to your bottom line.

  • Market Effectively:

Utilize effective marketing strategies to attract tenants quickly. High vacancy periods can significantly impact your income, so investing in quality marketing materials and leveraging online platforms can help fill vacancies faster.

  • Consider Renters Insurance Requirements:

Implementing renters insurance requirements can protect both you and your tenants. While this may not directly increase your income, it can mitigate financial risks by ensuring that tenants have coverage for potential damages or liabilities.

  • Review Financing Options:

Regularly review your mortgage and financing options. Refinancing at favorable rates or exploring alternative financing methods can lower your costs, increasing your overall profitability.

  • Engage with the Local Community:

Active involvement in the local community can positively impact your property’s reputation. Attend community events, support local initiatives, and build a positive relationship with neighbors, enhancing the perceived value of your rental property.

  • Stay Flexible with Lease Terms:

Flexibility in lease terms, such as offering month-to-month leases or adjusting lease durations based on market demands, can make your property more attractive to a broader range of tenants, potentially minimizing vacancies.

  • Reinvest in Your Properties:

Reinvesting your properties by regularly upgrading amenities, appliances, and landscaping can contribute to increased property value. This, in turn, allows you to justify higher rental rates and attract tenants seeking modern and well-maintained living spaces.

  • Dennis Isong is a TOP REALTOR IN LAGOS. He Helps Nigerians in the Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

 

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BUSINESS & ECONOMY

Bank Of Industry, Imo Partner To Enhance Citizen’s Businesses

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Gov. Uzodimma

The Bank of Industry (BOI) has expressed an interest in working with Sen. Hope Uzodimma’s government in Imo State to improve citizens’ economic well-being and businesses.

 

The Bank committed on Thursday in Owerri, the capital of Imo State, during a working visit to Governor Uzodimma in Government House by BOI Managing Director/CEO Dr. Olasupo Olusi and his key officials.

 

While receiving Dr Olusi and his team, Governor Uzodimma assessed the role of the Bank of Industry in reviving the country’s economy, particularly the challenge posed by unemployment and a lack of jobs among the country’s teeming young men and women, noting that he could not help but accept the Bank’s offer to partner with him.

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The Governor stated that the BOI’s various policies help to stimulate the country’s economy, create jobs, and provide an enabling environment for lowering the cost of goods.

 

He commended the Bank’s management for their excellent work and urged them to ensure that Imo State benefits from the Bank’s diligent contribution to the national economy.

 

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Governor Uzodimma stated that he is confident they are “willing partners,” and that the state will cooperate with them.

 

“The State can never say no to the initiative that you have launched, which appears to be the solution to the country’s cancer of unemployment, to lower the crime rate and all other forms of criminality.”

 

He stated that the Bank’s visit will be a new partnership, and Imo State will gladly accept it, but only based on which they will operate.

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Governor Uzodimma specifically told Dr Olusi that “Imo State wants to benefit from the empowerment programmes,” given that “manufacturers are crying over the high cost of production, just as middle and low-income earners are crying.”

 

“So, anything that acts as an incentive to lower the cost of accessing money will be a very welcome addition.”

 

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The Governor emphasised the Bank’s role in boosting the local economy. He stated that the government will provide guarantees and indemnities to help private-sector business owners access funds.

 

“What the people need is encouragement, guidance, and proper documentation, like the artisans,” he exclaimed, adding that “BOI is like the password to open the business system in the State,” which he described as being teeming with human and material traffic, including boisterous tourism potential.

 

As a demonstration of his commitment to the partnership proposal, the Governor directed Dr Chika Abazu, Commissioner for Commerce, Trade, and Investment, to work with the team to ensure that some of the Bank’s available and affordable requests are addressed immediately.

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Earlier, Dr Olusi informed Governor Uzodimma that he had come with his management team to “explore the opportunities in Imo State and help drive the State’s economic growth.”

 

He stated that there are mutual areas of collaboration that he believes they should identify, as well as discuss opportunities for future engagements with the state.

 

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According to him, the BOI wants to be a strong development partner for Imo State.

 

He stated that doing so requires the Bank’s strong base in Imo, hence the visit to discuss and be assured of where they can position their operation in Owerri, having seen and recognised Governor Uzodimma as a strong ally.

 

He thanked the Governor for making Imo State an ideal environment for private businesses to thrive, as well as his promise to provide reasonable marching funds to willing genuine businesses.

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Barr Nnamdi Anyaehie, Chief of Staff, was joined by Dr. Chika Abazu, Commissioner for Commerce, Trade, and Investment, and other government officials during the visit.

 

 

 

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BUSINESS & ECONOMY

Over 5,000 Benefit From Gov. Oborevwori’s ‘MORE Grant Scheme.’

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Delta State Governor Rt. Hon. Sheriff Oborevwori has launched the MORE Grant Scheme for petty traders, artisans, and female entrepreneurs with 5,426 people from the state’s poorest and most vulnerable households benefiting.

Governor Oborevwori spoke at the formal launch of the M.O.R.E Grant Scheme at Asaba’s Event Centre, describing the initiative as a comprehensive support system that would empower 5,426 Deltans, including 1,600 petty traders, 1,826 artisans, and 2000 female entrepreneurs across the state.

He described Delta State as being rich in talent and ambition and praised the artisans, traders, and entrepreneurs for being the unsung heroes of the state’s local economies.

He stated, “Your hard work, creativity, and perseverance are the driving forces behind the vitality and resilience of our local communities. As we recognise your invaluable contributions, I want to reiterate the state government’s commitment and willingness to support your efforts.

“The MORE Grant Scheme is a beacon of hope and a catalyst for positive change, as it provides critical resources to help you grow your businesses and improve your livelihoods.

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“To our petty traders from low-income and vulnerable households, despite the daily challenges of life, you have continued to work for a better future for your families and communities through your small businesses.”

“As a demonstration of faith, the MORE Grant Scheme will continue to provide you with the financial assistance you require to improve your businesses, as we remain committed to transforming small businesses into thriving enterprises, thereby improving our people’s quality of life and contributing to the state’s economic growth.”

He challenged artisans to use their skills, craftsmanship, and dedication to preserve the state’s cultural heritage and promote sustainable living.

The Governor went on to say, “The grant being given out today will help you acquire better tools, access quality materials, and reach wider markets, which will, in turn, propel our people’s rich traditions to new heights.

“To our female entrepreneurs, you represent strength and innovation. Despite facing numerous challenges with courage and determination, you have continued to break down barriers and establish new standards. I am very proud of you.

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“This grant programme is designed to provide you and other young women with the resources and mentorship they need to grow their businesses and inspire other women to follow in your footsteps.

“Your success is critical to our state’s progress, and we are committed to supporting your entrepreneurial journey every step of the way.”

Governor Oborevwori assured the beneficiaries that the state would provide workshops, training sessions, and mentorship programmes to help them gain the knowledge and skills required to succeed in today’s competitive market.

“We want to build a community of empowered individuals who collaborate, innovate, and support one another,” the governor stated.

In her welcome remarks, the Commissioner for Humanitarian Affairs, Community Support Services, and Girl-Child Development, Orode Uduaghan, stated that the project was divided into three phases, each carefully designed to empower specific segments of the state and benefit over 5,000 people.

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Uduaghan revealed that the first phase of the project ‘targets the heartbeat’ of the state’s local economy, the petty traders, who, she claims, contribute immeasurably to the state’s tapestry of communities.

According to her, the state government’s MORE Grant Scheme aimed to revitalise their businesses, saying, “We are aware of how impactful even a small additional capital can be for these petty traders who work tirelessly to make a living.”

Weyinmi Eribo and Nneka Okekearu, the event’s keynote speakers, affirmed that human capital development was a platform for breaking the cycle of poverty and praised the governor for providing resources to grow small and medium-sized businesses.

They pledged to work with the state government through their agencies to mentor young entrepreneurs from the MORE grant scheme on how to grow their businesses into large-scale enterprises.

Some of the beneficiaries, including Mr Paul Onwochei (Delta North), Ogemuno Endurance (Delta Central), and Shodipe Gbubemi Sarah (Delta South), thanked Governor Oborevwori for providing funds to help them expand their businesses and urged him to continue the programme so that more Deltans could benefit.

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The symbolic presentation of cheques to some of the more than 5,000 beneficiaries was the event’s high point.

 

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BUSINESS & ECONOMY

How To Verify Certificate Of Occupancy In Lagos By Dennis Isong

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Lagos metropolise

In Lagos, Nigeria, a Certificate of Occupancy (C of O) is a crucial document for landowners. It proves legal ownership of land under the Land Use Act of 1978. With the rising cases of land fraud, verifying the authenticity of a C of O has become essential. Below is a comprehensive guide on how to verify a Certificate of Occupancy in Lagos.

Understanding Certificate of Occupancy

A Certificate of Occupancy is a legal document issued by the Lagos State Government to landowners and property buyers as a legitimate proof of ownership. This document specifies the rights of the individual or entity to the property and land.

Steps to Verify a Certificate of Occupancy

Step 1: Visit the Lagos State Lands Bureau

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Physical Verification: The first step in verifying a C of O is to visit the Lagos State Lands Bureau. This agency is responsible for land administration and registry in Lagos State. They have the complete database and records of all issued Certificates of Occupancy.

Step 2: Submit a Verification Request

Request Submission: At the Lands Bureau, submit a request for the verification of a C of O. You will be required to provide details such as the plot number, block number, survey plan number, and the C of O number. It’s essential to have all these details accurate to facilitate the verification process.

Step 3: Pay the Verification Fee

Payment of Fees: Verification of a C of O comes with a fee. Ensure you inquire about the current fee and make the payment accordingly. Receipt of payment will be required as part of the verification process.

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Step 4: Verification Process

Processing Time: After submission and payment, the Lands Bureau will conduct a thorough verification of the C of O against their records. This process may take some time, ranging from a few days to weeks, depending on the volume of requests being processed.

Step 5: Collect Verification Report

Collection of Report: Once the verification process is complete, you will be issued a verification report. This report will indicate the authenticity of the C of O. If the document is verified to be authentic, the report will serve as added proof of the legality of your property’s ownership.

Why Verify a Certificate of Occupancy?

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The importance of verifying a C of O cannot be overstated. Here are some reasons why it’s essential:

Prevents Fraud: Verification helps to prevent falling victim to land scams and purchasing properties with forged documents.

Confirms Authenticity: It assures the buyer or current owner of the land’s authenticity and legal standing.

Facilitates Transactions: A verified C of O is often required by financial institutions for loan approvals against land or property.

Common Certificate of Occupancy Frauds in Lagos

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While the Certificate of Occupancy is a critical document for property owners in Lagos, it is also a focal point for various fraudulent activities. Being aware of these common frauds can help property buyers and owners stay vigilant and protect their investments.

Forged Documents

Counterfeit C of O: There are instances where fraudsters create counterfeit Certificates of Occupancy. These documents may look remarkably similar to the original but lack the legal backing and verification from the Lagos State Lands Bureau.

Double Allocation Fraud

Multiple Owners: This occurs when a single plot of land is sold to multiple buyers, each provided with a seemingly legitimate C of O. This fraudulent practice not only leads to legal battles but also questions the authenticity of the C of O issued.

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Land Grabbing

Illegal Seizure: Land grabbers, also known as “Omo Onile” in local parlance, might forge a C of O to claim ownership of lands they do not legally own. They exploit unsuspecting buyers by selling these lands and providing fake certificates as proof of ownership.

Bribery and Corruption

Inside Job: Some fraudulent activities involve insiders within the land administration system. Unscrupulous officials might collude with fraudsters to issue or endorse fake Certificates of Occupancy for personal gain.

How to Protect Yourself from C of O Frauds

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To safeguard against these frauds, consider the following precautions:

Verify Before Purchase

Always verify the C of O through the Lagos State Lands Bureau before proceeding with any land purchase. This step cannot be overstated in its importance.

Legal Counsel

Engage a reputable legal practitioner or a property verification expert to conduct due diligence on the property and its documents.

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Research the Seller

Conduct thorough research on the seller or property developer. Check their reputation, past projects, and reviews from previous buyers.

Insist on Transparency

Demand transparency in every step of the buying process. Any reluctance to provide detailed information or rush the process should raise red flags.

Report Suspicious Activities

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If you encounter any suspicious activities or individuals during your property transaction, report them to the authorities. The Economic and Financial Crimes Commission (EFCC) and the Special Fraud Unit (SFU) of the Nigeria Police are competent authorities to handle such cases.

I hope you learned something new. Kindly scroll down to save my number and send a message.

*Isong is a TOP REALTOR IN LAGOS. He Helps Nigerians in the Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

 

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