Femi Oshofowora, the Chief Executive Officer (CEO) of Lagos State-based Mbraiz Innovations, a leading real estate company, which started seven years ago, discussed the critical role of technology in the industry. In this interview with OLADIPUPO AWOJOBI, Oshofowora spoke on how the organisation is revolutionising real estate in Nigeria through innovative strategies, staff development and cutting-edge technology. Excerpts:

What inspired you to start the company?
The inspiration came through the need to proffer solutions for people who have had horrible experiences buying properties. We came to preach that and let people know that there are genuine people in Nigeria who can do real estate business with them with peace of mind. Secondly, I discovered that real estate is one of the ways people can build massive wealth; therefore I have been able to raise a large number of young people who are now doing well in their businesses with real estate.

How have you been able to navigate the challenges of the real estate?
We leverage on the relationships we have built with people across the years because we are very intentional about these relationships and they help drive our success. Additionally, we make use of technology to ensure that economic challenges don’t hold us back. In this part of the world, 95% of businesses fail within the first five years, and 98% fail within the next five. But the key to surviving and thriving is learning how to leverage people from those you’re building with and clients at different financial levels. When you combine that with the right use of technology, you can not only overcome challenges but scale your business even through tough times.

You mentioned leveraging technology, what role does it play in the operations of organisations?
Like I am being covered currently in this interview, it is technology. You need to understand what technological system can work for you because what may work for me might not work for you. You need to look at your quality and social media, it also helps your business to go viral. For us, technology helps us stay connected, manage operations, and reach more people. It’s also key in building our brand, especially on social media because it can help your business go viral and reach a much larger audience.

Could you tell us how organisations can measure success?
Success can be measured by regularly evaluating performances and results. For instance, in our company, we compare what we’ve achieved to the goals and targets we set, then assess where we are and decide what steps to take next. As for balancing short-term and long-term goals, we break down every long-term goal into smaller, short-term ones. We also take our yearly goals and divide them into quarterly targets. Each quarter, we review our progress, assess the steps we’ve taken, and check if we’re on track to meeting those goals. It’s all about staying focused and making sure we’re moving forward, one step at a time.

How do you think the Nigerian government can help the real estate industry?
It’s very simple. They should help us with soft loans from banks, especially Bank of Industry (BOI) so that we can easily embark on housing projects. We also need tax holidays. If they do these, it will be easy for us to provide houses for Nigerians at relatively cheap rates. The current situation is not palatable. The cost of buying building materials is high and even to engage professionals for the job of building estates is not cheap. So, we need the support of the government in many ways. They can call a stakeholder meeting so that we can discuss.

How can an estate company stay ahead in the very competitive world of real estate?
In real estate, it’s crucial to understand the specific path you want to take, because the industry is so broad. You need to become an authority in that area and keep building yourself in that direction. That’s exactly what I do, and I’m very intentional about it. I make sure that the path I’ve chosen in real estate is one I’m fully committed to, and I continuously acquire the knowledge and skills needed to stay afloat and succeed in that field.

Could you tell us how ethical business practices can be ensured, especially when it comes to how staff interact with clients?
Every business, organisation, or even place of worship has its own set of policies. The key is to establish a strong working system that everyone understands and can follow. As the leader, it’s crucial not to abuse the system or policies in place. For us, we have clear standards that everyone must adhere to, and if changes are needed, I don’t make those decisions alone. I call a management meeting to discuss any changes and review our standards together. We also make it a point to review our standards every quarter to see how they’re performing and to stay updated on current trends, ensuring we’re always evolving and not left behind.

Have there been instances where you had to let a customer go because he or she wasn’t following the policies you’ve set for your brand?
Yes, this has happened a few times. In real estate, it’s essential to have strong core values, and one of ours is integrity. In this business, you discover that some people get money through questionable means and try to invest it. When someone applies for a property with us, we require their identification, address, and job details, among other documents because this is the standard prescribed by EFCC to avoid money laundering. Some individuals may try to invest stolen money, and we ensure that everything is traceable to protect the business.
Additionally, we sometimes encounter clients who resist following our standards because they had negative experiences with unprofessional real estate agents in the past, and in some cases, they’re the ones causing issues but just want to move on quickly, using us as an escape. For us, However, the money you want to pay doesn’t count here; it’s doing business the right and legal way that matters.

Could you expatriate more about promoting diversity and inclusion in a brand?
It’s all about understanding and recognising that everyone has their own unique strengths. In our organisation, we place people in departments where they can excel based on those strengths. The head of our marketing is a woman, and our head of accounting is a man. We also have women who go to the site, and sometimes, we all head there as a team. It’s about creating an environment where everyone plays to their strengths, no matter their gender or role.

So many risks are involved in real estates, how can they be handled?
Wisdom and prayer. Real estate is a high-risk industry, especially because it’s capital intensive, but the returns can be significant. We make sure to do thorough due diligence before making any decisions. This process helps us minimise risks by giving us the right information to make informed decisions with.

You want to tell us how you maintain financial stability in this economy?
I believe people will trust you with their money when they know you, trust you, and like you. In real estate, if you’re holding on to money and not reinvesting, it means you’re either already set for life or being too stingy. The reality is, once money comes in, it goes right back into real estate. We always have ongoing projects, so when funds come in, a portion is used for day-to-day operations, and the rest goes back into the system for further development. The more you develop and expand, the more you sell, and the more people see you actively in the business, the more they trust you and believe in what you’re doing.

How do you build partnerships with other companies?
We approach partnerships in different ways. We have partnership plans for both the organisations and private individuals. Right now, we have over 100 individuals partnering with us and we also collaborate with other companies. We currently have an estate in Asaba, which is a partnership deal with a close friend of mine who’s also in real estate.

Talking about the new trends, especially in this Gen Z-driven world, how do you adapt to them?
Every business needs to keep up with trends because if you don’t, you risk becoming outdated. It’s important to carefully examine these trends and choose the ones that align with your brand. Some trends can even harm your brand’s identity if you’re not careful. We also leverage the Gen Z trends because they are often so tech-savvy. They’re using their skills to help promote the real estate space in innovative ways, and that’s something we embrace.

What of innovations and goals, how can they be measured?
It’s important for organisations to do this regularly. On our part, we’ve been fortunate to build a large base of satisfied clients across 12 countries, and we measure our success by our level of delivery. We don’t sell what we don’t have, which builds trust with our clients. We also gather testimonials from clients who are grateful for becoming landowners through us. Also, we’ve trained several people who have made significant profits, ranging from N300, 000 to N6m in the real estate market. One of my goals for 2025 is to help at least five people consistently earn between N500, 000 to N1m every month through real estate.

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