From Suleiman Idris, Lagos
The real estate sector has the potential of running into N5 trillion within the next five years. Project Director of Prime Exchange Limited, a real estate multi-level marketing organisation, Mr. Olanrewaju Mabinuori, made this disclosure at the “3rd Achievers’ Nights and Awards”, organised by his organisation in Lagos.
He explained that the potential was based on the calculation that 20 per cent of housing needs would be fulfilled in the next five years.
Mabinuori, who stressed the need for people to invest in real estate business, described the landscape of real estate business as very wide.
“Real estate business transcends just land that people are used to. The cradle is land where people build. But there are about four layers of wealth you can create from owing a property in the value chain- the lease zone, sub-lease zone, sub-sub lease zone etc.
“The manufacturing activities are all conducted in the real estate. Anybody who wants to go into the industry would probably need to make a contribution into real estate because they need to own a factory where to build on,” he added.
Mabinuori said his organisation uses multi-level market strategy to build network of marketers. “Looking at the potentials of real estate industry and also understanding the need for job creation, we created multi-level marketing to enable individuals run marketing of real estate as their own business,” he said.
On how the organisation works, he explained that: “On the prime exchange platform, we have several levels of reward. The reward levels are in stages. In all, about 22 individuals have achieved different levels of reward; about 13 are in Star one and nine in Star two. Star one achievers are getting a bonus of N25, 000, in addition to every other commission and Star two achievers will be rewarded with N100, 00 with other commission.”