Have you ever dreamed of owning a luxurious property with a breathtaking view of Nairobi’s bustling skyline? You are not alone- the dream of owning a slice of prime real estate is widely shared among Kenyans today.
Our country’s real estate market has witnessed significant growth in recent years, driven by factors such as urbanization, economic expansion, and increased foreign investment. Over the last decade, the sector has grown by an estimated 6-8% per annum, with its contribution to GDP rising from 10% to 12%.
Yet, amidst this growth and the allure of high-rise developments and promising returns, the path to wealth creation is not without its risks. We’ve all heard the stories: hard-earned savings vanishing into thin air, dreams shattered by unscrupulous developers. Land fraud in Kenya alone is estimated to cost a staggering KShs 60 billion annually. Imagine the anguish of families who have lost their life savings to a developer who simply disappeared.
The good news is that with careful research and due diligence, you can protect yourself from these pitfalls and enjoy the fruits of your real estate investment stress-free. For developers, building trust and credibility among investors and buyers is not just important- it is essential for success.
Here are key strategies developers can adopt to earn investor confidence, and factors buyers should be mindful of when choosing a developer.
- •Portray a Strong Track Record:
The most effective way to build trust is to showcase a strong track record and a portfolio of previous developments that have been completed and delivered to clients. A successful track record shows a developer’s ability to execute projects within budget and to a high standard of quality. This not only demonstrates expertise in the industry but also reassures potential investors.
A developer with a proven history of delivering successful projects inspires confidence in their ability to manage risks, navigate challenges, and fulfill promises- building lasting credibility.
- •Maintain a Client-Centric Approach:
Maintaining a client-first mindset throughout the entire process portrays a genuine commitment to buyers’ needs. This may involve providing expert advice, addressing concerns professionally, and offering referrals to trusted lawyers, mortgage brokers and land surveyors.
Even when unexpected challenges arise during construction, being transparent and keeping communication open portrays honesty and reliability. Over time, this fosters trust and can lead to after-sales relationships where satisfied buyers recommend the developer to their networks. Such word-of-mouth referrals are often more impactful than any marketing effort.
- •Humanize the Brand:
Featuring key personnel- such as the CEO, directors, project managers, and architects- helps put a face to the brand. This makes it easier for buyers and investors to connect with people behind the projects and even conduct background checks for added assurance. When staff act as brand ambassadors, they become personally invested in the company’s credibility, knowing it reflects directly on their own reputations.
- •Develop an Active Online Presence:
A visible and transparent online presence fosters stronger client relationships and trust. Developers can achieve this by maintaining a well-updated website, engaging actively on social media, and sending regular newsletters. These channels provide quick communication, project updates, and opportunities for customer feedback, while enhancing transparency and accessibility.
- •Commit to Environmental Sustainability:
Embracing green building practices- such as energy-efficient systems, sustainable materials, and waste reduction- signals a commitment beyond profit. While these initiatives may slightly reduce short-term margins, they enhance a project’s long-term value and reduce its ecological footprint, aligning the developer with environmentally responsible practices.
In conclusion, in today’s expansive real estate market, investors are more vigilant than ever about fraudulent real estate practices. For developers, building and maintaining credibility from the start of a project to completion is vital. This not only secures investor trust but also paves the way for long-term success in Kenya’s real estate sector.
Leo Toroitich is a Sales & Marketing Executive at Centum Real Estate.
The views expressed here are the author’s own and do not necessarily reflect the editorial stance of The Kenyan Wall Street.
