Talking about one of the most passionate, dedicated and hardworking young men who usually work round the clock to ensure that his clients always get the value for their investments, OLU FALODUN is one of the names to reckon with in the Real Estate Business in Oyo State.
He is the Founder and Chief Executive Officer of Landline Multinational Limited, a Real Estate company located close to Obafemi Awolowo Stadium in Ibadan, the capital city of Oyo state. He has worked with some top real estate companies in Nigeria before setting up his own in the ancient hilly city.
In this exclusive interview with OLUDOTUN AJIBOLA, he talked about different issues affecting the real estate business in Nigeria, how government can make a lot through the business and the reason why his estate, EMINENCE GARDEN is one of the leading estate companies in the city of Ibadan, the Oyo State capital.
Excerpts
Our readers will like to more about you sir…
My name is Olu Falodun. I started my primary education at C&S Nursery and Primary school and later to Ikorodu High School for my secondary education before gaining admission into Yaba College of Technology to study Industrial Technology. I later proceeded to study English Arts at the University of Ado Ekiti where I graduated with Bachelor of Arts in the year 2004.
What actually gave you the idea of venturing into real estate business?
My going into real estate business did not just happen, I first worked at Union Homes, a subsidiary of Union bank PLC. I got to the place as a corps member in Kano and I was retained after my NYSC in 2007. I was transferred to Lagos and later to Ibadan. I worked for two years in Ibadan before I was moved to the company’s Garki Branch in Abuja. So, I started as a banker and being a banker helped me a lot as it sharpened my adulthood and I was doing pretty well as a young graduate until the banking crisis affected a whole number of us in the year 2013. So, I moved on by starting my own block industry business.
At what point you did you now decide to go into real estate?
It was through my block industry business that I got exposed to the sale of properties. I always advise young entrepreneurs that sincerity will make people bring businesses you don’t even plan for to you. While I was doing my block industry business, many people came to me to buy some pieces of land and that set me on the way to fall in love with real estate business. Though my influence was my father who was at that time dealing in sales of properties while I was young. But I didn’t really pay attention to him then until when people started coming to me to buy land and properties. Then shortly after that, I got I employed by Xrister Savings and Homes. I was there in Lagos until I was transferred to become a Manager in Ibadan branch where we had our office inside Cocoa Mall in Dugbe, Ibadan. I later left for Toposyi Realtors also in Ibadan as one of the top management officials, in fact, I helped the company in setting up many branches before I moved to MKH Investment Limited. Most of these real estate companies I have worked with actually made me think of setting up mine, as I have already became a master of the game and I have known how to handle the technical part of the job coupled with number of experts I have in my contact.
When exactly did you launch Landline Multinational Limited?
We started Landline Multinational Limited immediately after I left MKH, that was sometime last year. I told my boss, Alhaji Muibi Kehinde Hammed about my plans and the dream for this business and he supported me wholeheartedly.
So what exactly is your company doing differently to make your services different from what others are offering?
The first thing we are doing differently is that we make the process very seamless and when people invest with us they can have peace of mind. The first thing that can make them do that is when they get an instant allocation of their property. So, at Landline Multinational Limited, we let the people have the benefit of their investment by allocating their land and we give them the documents immediately in accordance with our watchword which says ‘invest and sleep’.
Although I understand the reason why some real estate companies delay to allocate their properties to their customers, but that’s still not necessary. You can allocate their plots of land and later call them for a testimony kind of party where you can do your videos and interviews for your marketing purpose just the way we are doing this coming Saturday and I’m sure our clients will be very happy to attend such event.
Why did you choose to name your estate Eminence Garden and what are the prospects of the company?
You know I mentioned earlier that I have worked with different estate companies and the last place I work was MKH, a company owned by Dr. Muibi Kehinde Hammed who has been of great help to me. He stood solidly behind me and he is a mentor and personality I will forever be grateful to. So, I said to God and myself that my first estate will be named by him as a way of respect and honour to a great benefactor. So, the name, ‘Eminence Garden’ came from him and I also love the name. On the prospects of the Eminence Garden Estate and the selling point; let me start from the location of the estate which is directly opposite Ilaji Hotel and Sports Resorts in Akanran, Ona-Ara Local Government Area which is a beautiful place that people from across the board always visit for vacation and sporting activities. We have security gate coupled with an existing Police post within the neighborhood of the estate. We also have perimeter fence, drainage and stable power supply.
Apart from Eminence Garden at Ilaji, do you have any other estate elsewhere?
We already have a plan of moving to Ido and Moniya here in Ibadan. Those are part of the places that have prospects and can guarantee high return on investment in future because of projected development coming into those axes. By God’s grace, we will move to Ido from here and later to Moniya also in Ibadan, the capital city of Oyo state.
What is the difference between buying a piece of land from a company and the direct owner also known as ‘Omo onile’?
Real estate companies are more secure because they are traceable and registered under the government and it is not possible for someone who is registered under the law to think of scamming people. However, in some aspects, many registered companies are making it difficult for people to get a piece of land as they have become scammers in a packaged way and that is why some people prefer to buy from the ancestral owners who are referred to as ‘Omo oniles’. It’s a good thing that many real estate companies are doing well but on the other hand, it really saddens my heart that even the big names amongst us are the ones making things difficult for people. So, I am appealing to Nigerians to do their background check on any company they want to deal with. It is not about big billboards, offices and others; it’s about the history of the company. Therefore people should not get carried away by the promo offer.
What is your reaction towards some real estate companies with the promo of ‘pay 50k and get a bag of rice’?
Even before setting up Landline Multinational Limited, I told some people that I will never be part of companies who use edible foodstuffs as promo offer to attract people. I would have loved it if this concept has been used positively, but look at all the companies that attract customers with this and look at percentages of their clients who have successful built on their land. What causes this is that some of these companies are focusing their attention on how you will get promo offer instead of paying attention to how you are going to get your land and properties. At Landline Multinational, this is not our model; what we pay attention to is how you are going to get your piece of land and become a landlord.
What roles do your consultants play in developing your company?
Aside our clients, our second-best set of people that we pay attention to are our consultants. You hardly hear us going on radio, but our consultants have helped us beyond the imagination because they market us anywhere and any time they have the opportunity to do so. Therefore, we don’t joke with them here in our company and we rate them high because they are so important to the growth of the Landline Multinational Company.
What are the challenges facing the real estate industry and how do you want government to intervene?
The problem facing the industry is that of infrastructure such as good roads. If government can provide those amenities, I am sure they will also make some reasonable income through the real estate companies. I must give kudos to the government of Oyo State under Engineer Seyi Makinde for investing in infrastructural development in the state. For instance, the Moniya/Iseyin road has really helped in developing the area because of the accessibility to good road. I believe if Government can do more in aspect of road construction in some remote areas, it will spring up development and government will as well generate reasonable taxes from the real estate development companies.
What words of advice do you have for young entrepreneurs?
I want to advise them to stick to whatever field they choose without looking back. There is always a reward for diligence and hard work. Although one has to pay bills especially dues, but at end of the day, it usually pays. On a final note, they must be prayerful.
