MANAGING Director, Joe Etoniru and Associates, Mr. Chidi Etoniru narrates how despite being the son of a wealthy entrepreneur, he created a niche for himself in the real estate sector by applying the lessons he learnt from his father while growing up.
In Etoniru’s story the power of can-do spirit manifested fully in ways that could make the current generation of Nigerians remain positive about the innate ability to achieve success in any endavour. With inspirational examples, he discusses his life and craft. With offices in Lagos and Port Hacourt the firm has emerged as one of the leading real estate firms in Nigeria.
Growing up and lessons learnt
I was born in the city of Port-Harcourt in a close-knit Christian home. My mother, a music teacher made sure my siblings and I learnt to play an instrument. At age seven, I started playing the keyboard while my sisters learnt to play the violin and clarinet. I also grew up knowing a lot about real estate because my Father, an Estate Surveyor, and Valuer involved me in work- related activities.
I remember accompanying him to construction sites where he had several ongoing projects. Overtime, I developed a real love and interest in real estate.
On defining events and lessons you learnt
In 1993, my father bought a piece of land and car for the same value. Years down the line, I watched the value of the car depreciate as other cars came into the market while the value of the land kept appreciating.
This experience made me realize that land is one of the most valuable assets anyone can have and this knowledge further influenced my interest to go into real estate. My foray into the real estate sector started with a role as a facility manager in an oil servicing company.
After working for a year, I realized that I was not any closer to my dream of becoming a real estate developer. To kick-start this dream, I knew that I needed to gain a holistic understanding of the real estate industry especially the business of real estate. This propelled me to what I believe was one of the most defining moments in my life; starting a branch of the firm in Lagos State.
Steps to significance
I quit my 9-5 job in 2010 to set up a branch of the firm, Joe Etoniru, and Associates in Lagos State. The firm was established by my Father; Mr. Joseph Etoniru in Port-Harcourt Nigeria in
- I remember discussing my decision to quit and set up a branch with him and he made it clear that his role would be solely advisory. This meant that I was going to raise the capital, establish relationships and fund the branch on my own.
I eventually set up a branch of the firm at 284 Herbert Macaulay Way in Yaba with only half of the rent paid. Months down the line, we hadn’t sold or leased any property and so there were no funds to run the day to day operations of the firm. A table and chair were the only office furniture I could afford.
It was a tough time for me and I remember wondering to myself if I had made the right choice to quit my 9-5 job. However, after a year I finally made my first sale and from this came the first company car and office equipment.
Who were the people who inspired the choices you have made in life or are you self-motivated?
One of my inspirations in the real estate space is Mr. Olalekan Mutiu, a real estate property developer. In my experience in real estate agency, clients will usually insist on a physical viewing of a property before making a purchase. However, I remember a particular incident when a client made a purchase of a property after viewing only the pictures.
This client had viewed some of Mr. Olalekan’s properties in the past and was so confident in the quality and detailing of the property that he made a purchase without physical viewing. As a young man with a passion to build smart high-end houses, this experience was significant. I reached out to Mr. Olalekan who readily supported me and provided the guidance to start the development arm of the firm in Lagos.
My Father has also played a key role in shaping the choices I have made in business. I learnt a lot from him about making prudent business decisions. He is a highly ethical businessman and seeing how this has worked out for him has helped me imbibe similar values in running my business.
How did you create a niche for yourself in the real estate business?
Leveraging the power of advertising was instrumental in carving out a niche for the firm and putting us out there. Properties are fixed assets and so this meant that we needed to go the extra mile to reach potential clients with adequate information to pique their interest in our properties.
Above all, my faith in God has been the key factor in setting me apart from other players in the space. Over the years, I have learnt to anchor my business on biblical principles.
What lessons have you learnt in the industry and what do you think others can learn from you?
Starting early in business is key. After my NYSC, I worked in a company for a year and then
I left to start a branch of the firm. It was a risk but this gave me time and opportunity to learn, make mistakes and explore the industry without the responsibilities of taking care of a family.
As an Estate Surveyor, integrity should be the basis of your actions. Buying or renting properties is capital intensive and people need to know that their money is in safe hands.
Over the years, the relationships I have built with clients have been based on trust and this has led to numerous referrals and opportunities. What will you consider as your greatest achievement till date?
Launching the property development arm of the firm in Lagos in 2016. Studying the market over the years, it was clear that the demand for smart houses outweighed the supply. This informed our decision to focus on building smart homes.
Meeting gaps
We cover mostly residential real estate, because this area has the strongest participation by prospectors and investors. A sleuth of residential estates, apartment buildings and single family dwellings are built daily by real estate investors all over the country.
They come in all shapes and sizes, with interesting configuration, amenities and styling. Yet opportunities still abound even here because of the gap between current availability and demand. Our firm focuses on meeting these gaps coupled with the regularity of demand of properties in these high brow areas.
On personal relationships
Personal relationships are an integral part of the real estate business. Real estate is at most times about who knows what you are doing.
Most times, people deal with individuals you have never met before but come together and because of the huge sum of money usually involved in transactions, they need a sort of assurance that their money is in safe hands.
Building personal relationships will always be a key part to a successful real estate business. Personal relationships in real estate business increase the likelihood that the client will want to do business with you again. It also attracts referrals as clients are more confident to recommend you to others.
