How to carry out due diligence on a real estate firm

real estate firm

I am George CEO Optiven Real Estate, I once lost Ksh.5 million shillings on a land transaction and it was one year of pain and stress. During that period, these are the lessons that I learnt that I would like to share with most of us who want to keep investing in real estate in a safe manner.

  1. Check whether the company is registered to conduct real estate business -  Feel free to ask for a registration certificate, as it's your right.
  2. Check how long the company has operated and whether it has been in business for a while - It's always advisable to trust companies that have been in business for over 5 years. Research shows that 75% of startups fail within 3 to 5 years. Be very keen on startups that promise to deals that appear too good to be true. As they say, when the deal is too good, think twice.
  3. Check who the directors of the business are and whether they are real and or alive - Look into their past records and carry out due diligence on them. You can know directors by asking for a copy of CR12. You can also Google the Directors to get more info on them.
  4. Ask the firm if they have a successful project and let them give proof of the same - Visit that project to ascertain the facts.
  5. Ask the competitors if they are aware of the real estate firm offering you a deal - Remember that hearing adverts from mainstream media does not mean that the company is authentic. Testimonials are not 100% proof of authenticity, nor isthe use of models or media personalities in the same.
  6. Check if they have a registered office, with staff and visit the office - This is not 100% proof but it helps.
  7. Insist on visiting the project site before committing your funds -  If in the Diaspora, send your representative or a lawyer.
  8. Always obey your gut feeling - Once again, obey your GUT feeling.
  9. Ask for the company profile and check the company structure.

Let's invest wisely and carefully.

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