Diamond Ìlòrí has taken the real estate industry by storm with his recent strategic and purposeful plan in enchanting clients to patronize her business. In this interview, he expresses the step-by-step tasks in acquiring and investing in real estate property without any hassle. Please enjoy!
Can we meet you?
Absolutely! My name is Diamond Ilori, and I have an eclectic professional background spanning sales psychology, investment banking, and private investment advisory. With close to a decade in the real estate industry, I have successfully sold over $185 million worth of properties across Dubai, Singapore, the UK, and Nigeria. I am the founder of Wardiere Oakmount Developments in Abuja and have served as a lecturer of sales psychology at the prestigious Dubai Real Estate Academy for two years. My journey is driven by a passion for helping individuals grow their wealth and achieve financial independence through strategic real estate investments.
As Napoleon Hill states in “Think and Grow Rich,” “The starting point of all achievement is desire.” This desire has fueled my journey in real estate, leading to significant achievements.
Matching the fact that you are young with your achievement leaves one to wonder about your years of practice.
How long have you been in the real estate industry?
Despite my relatively young age, I have been immersed in the real estate industry for nearly a decade. My career began with an unwavering dedication to mastering the intricacies of real estate investment and sales, allowing me to achieve significant milestones and build a reputation for excellence. The journey has been a blend of continuous learning, strategic thinking, and leveraging my background in sales psychology to close deals and foster lasting client relationships.
As Malcolm Gladwell discusses in “Outliers,” “Practice isn’t the thing you do once you’re good. It’s the thing you do that makes you good.” My decade of practice has been integral to my success.
You recently sold an entire estate of 48 plots in just 13 hours. How were you able to do that?
Selling an entire estate of 48 plots in just 13 hours was the result of meticulous planning and a well-established client trust. Over 70% of these sales were to existing clients who had experienced success with our previous projects. As an investment banker passionate about wealth-building, I had set up a system where clients are continuously saving and preparing for lucrative opportunities. When this deal arose, they trusted our expertise and seized the chance without hesitation.
This approach underscores the importance of building a sustainable business model and nurturing client relationships.
In “The E-Myth Revisited,” Michael E. Gerber explains, “Systems run the business and people run the systems.” Our efficient system and strong client relationships made this rapid sale possible.
Is that why people call you ‘The Wolf of Real Estate’?
Indeed, the moniker “The Wolf of Real Estate” reflects my reputation for being exceptionally skilled in real estate investment and training others in the industry’s secrets. The term “wolf” signifies traits like assertiveness, shrewdness, and strategic thinking—qualities that I embody in navigating complex transactions and securing successful deals. It also speaks to my ethical approach: I am loyal, transparent, and committed to my clients’ success, much like a wolf’s loyalty and integrity. I pride myself on not deceiving clients or exploiting their weaknesses but instead guiding them towards wealth and prosperity.
As Tony Robbins emphasizes in “Money: Master the Game,” “The secret to wealth is simple: find a way to do more for others than anyone else does.” This principle is at the core of why I am known as “The Wolf of Real Estate.”
There is naira devaluation, removal of subsidy, and floating of the naira. All these are confronting businesses in the country with no exception to real estate. What are you doing differently?
In response to these economic challenges, we at Wardiere Oakmount Developments are setting a new standard with what I call “The Real Estate Business Model.” Our approach ensures clients see returns more rapidly to combat inflation while building assets. Our bespoke formula includes:
Store Money
Invest
Evaluate
This is coupled with a continuous cycle of investing, redressing, selling some properties, and keeping others, ensuring consistent growth and cash flow. This strategy enables our clients to navigate economic uncertainties effectively, positioning them for long-term financial stability and growth.
As outlined in “Rich Dad’s Guide to Investing” by Robert Kiyosaki, “The rich invest in time, the poor invest in money.” Our strategy focuses on timely and strategic investments to counter economic challenges.
As an authority in this business, what is the future of real estate in the country?
The future of real estate in Nigeria will be shaped by a combination of economic, demographic, technological, and social factors. Here are some key trends and projections that are likely to influence the real estate market in the coming years:
1. Technological Advancements
PropTech Integration: The adoption of property technology (PropTech) will revolutionize real estate transactions, management, and development. This includes the use of AI for property valuation, virtual reality for property tours, and blockchain for secure transactions.
Smart Homes and Buildings: Increasing demand for smart homes equipped with IoT devices that enhance security, energy efficiency, and convenience will continue to grow. This trend will also extend to commercial real estate with smart buildings offering better management and operational efficiencies.
2. Demographic Shifts
Aging Population: As the population ages, there will be an increased demand for senior housing, including assisted living facilities and age-friendly housing designs.
Urbanization and Migration: Urban areas will continue to expand as people move to cities for better job opportunities. This will drive demand for residential and commercial properties in urban centers, while also potentially revitalizing suburban and rural areas with improved connectivity and infrastructure.
3. Economic Factors
Interest Rates and Inflation: Real estate markets are highly sensitive to changes in interest rates. With potential fluctuations in economic conditions, interest rates, and inflation, there could be impacts on mortgage rates, property values, and overall market activity.
Investment Trends: Real estate will remain a key asset class for investors seeking stable returns. There is likely to be increased interest in alternative real estate investments, such as data centers, logistics facilities, and renewable energy projects.
4. Sustainability and Green Building
Eco-Friendly Developments: There will be a stronger focus on sustainable building practices and eco-friendly developments. Buildings with green certifications (such as LEED) will become more desirable due to growing environmental awareness and regulatory pressures.
Energy Efficiency: Energy-efficient buildings not only reduce operational costs but also meet the increasing demand from environmentally conscious consumers and businesses.
5. Regulatory Changes
Zoning and Land Use Policies: Changes in zoning laws and land use policies can significantly impact real estate development. There may be a push for more flexible zoning to accommodate mixed-use developments and affordable housing initiatives.
Taxation and Incentives: Government policies related to property taxes, incentives for first-time buyers, and subsidies for green building can influence market dynamics and buyer behavior.
6. Workplace Evolution
Remote Work: The shift towards remote work, accelerated by the COVID-19 pandemic, is likely to have a lasting impact. There may be reduced demand for traditional office spaces and increased interest in flexible co-working spaces and home offices so real estate developers may need to start incorporating home offices in their designs.
Commercial Real Estate Adaptation: Office spaces will need to adapt to new hybrid work models, with a focus on flexibility, collaboration areas, and health and safety features.
7. Market Dynamics
Housing Affordability: Affordability remains a critical issue, particularly in major cities. Strategies to address this, including affordable housing projects and government interventions, will be crucial.
Real Estate Cycles: The real estate market is cyclical, and future trends will be influenced by the timing and nature of economic cycles, including potential booms and busts.
The future of real estate in the country will be dynamic and influenced by a complex interplay of factors. Stakeholders, including developers, investors, policymakers, and consumers, will need to stay agile and informed to navigate these changes effectively. Embracing innovation, sustainability, and adaptability will be key to thriving in the evolving real estate landscape.
Amidst the economic hardship, what is your advice to property buyers and Nigerians at large?
Focus more on real estate business rather than just real estate investment.
For Property Buyers
Assess Financial Stability
Budgeting: Ensure you have a clear understanding of your financial situation. Create a budget that accounts for all potential costs, including maintenance, and unexpected expenses.
Emergency Fund: Maintain a robust emergency fund to cover unforeseen financial setbacks without jeopardizing your ability to maintain property payments.
Prioritize Affordability
Buy Within Your Means: Avoid overextending yourself financially. Choose properties that you can comfortably afford without straining your finances.
Consider Smaller Properties: Smaller or less expensive properties can reduce financial burden and allow for more flexibility in case of economic downturns.
Focus on Value
Location and Growth Potential: Invest in properties located in areas with strong growth potential, good infrastructure, and amenities. These properties are more likely to appreciate in value over time.
Quality of Construction: Ensure the property is well-built and requires minimal immediate repairs or renovations, which can be costly.
Consider Renting
Short-term Renting: If purchasing a property seems risky, consider renting in the short term. This can provide flexibility and financial stability while you monitor the economic situation.
For Nigerians at Large
Diversify Income Streams
Multiple Sources of Income: Diversify your income sources to reduce reliance on a single job or industry. This can include freelance work, part-time jobs, or starting a small business.
Invest Wisely: Consider low-risk investment opportunities to grow your savings. Diversifying investments can help protect against economic volatility.
Enhance Financial Literacy
Financial Education: Educate yourself about personal finance, budgeting, saving, and investing. Knowledge is a powerful tool for making informed financial decisions. We have a program for people who want to learn this.
Consult Financial Advisors: Seek advice from financial advisors to better understand how to manage your finances and investments during economic hardships.
We also offer this at Wardiere Oakmount Developments
Navigating economic hardship requires careful planning, prudent financial management, and a willingness to adapt to changing circumstances. For property buyers, focusing on affordability, financial stability, and strategic investments is essential. For Nigerians at large, enhancing financial literacy, diversifying income streams, and managing costs can help build resilience against economic challenges. By making informed decisions and leveraging available resources, individuals can better withstand economic difficulties and work towards a more secure financial future.
As Dave Ramsey advises in “The Total Money Makeover,” “A budget is telling your money where to go instead of wondering where it went,” emphasizing the importance of disciplined financial management.
