United Kingdom-based real estate practitioner, Yemi Edun, tells TOFARATI IGE about the real estate business and other issues
You were recently named as one of the UK’s most influential black people in ‘The Powerlist 2021’. What do you think merited you that honour?
I did not start this journey thinking of recognition. My hard work, learning fast, earning trust and adding value to clients and the community in general must have influenced the judges’ opinion. Also, inspiring people in the industry and breaking the various glass ceilings might have also contributed to the recognition.
How did you feel when you were informed you made the list?
I naturally felt elated and grateful that my modest efforts had been recognised. To be found worthy of inclusion in a list of 100 people, that includes Lewis Hamilton, Anthony Joshua, and other renowned personalities, is quite humbling. It gave me a real sense of perspective on the journey so far and the impact I have made.
Why did you decide to set up the company, Daniel Ford and Co?
It was a natural progression, having worked in the industry for some years. The company provided a platform to create a niche that was otherwise overlooked, and the timing was perfect. It was established at a time when the sub-Saharan economy opened in various spheres such as the telecommunications, oil and gas, entertainment and sports industries.
For instance, a good number of African footballers moved to the English premier leagues and they were pleased to be served by someone that could best relate with them and their peculiarities.
How would you assess the journey so far?
It has been rewarding because of the returns, and inspiring because the journey started from Lagos.
In what innovative ways do you run your company?
By giving tailored personal service to clients which ensures real growth; adapting to various market reforms; and staying ahead. Also, using modern tools and identifying talents that can add value to the team and our clients is very important. 80 per cent of our business comes through referrals.
What is the nature of the property business in the United Kingdom?
The UK market is an old industry, extremely competitive and regulated. London is one of the most sought-after locations in the world and her properties, a major revenue generator for the Exchequer. To get a sense of the size of the market, a N60bn (£100m) transaction might not make headline news in the UK.
How have you been able to navigate the business terrain to achieve success?
Creating and curating personal relationships, and earning the trust of the community, have led to positive reviews.
How would you describe your experience as a black man doing business in the UK?
One must integrate and add value to ensure acceptance in a cosmopolitan city such as London. You cannot afford to be insular and expect success. London is a party; you must learn to dance.
Have you ever encountered racism?
Racism is evil, and bullies would always try to subdue the competition. The best way to respond is to be successful at what one does.
You are said to have set up London’s first paperless estate agent office. What does that entail?
We always endeavour to be ahead of the game. We embarked on the journey of a paperless office in November 2019 and we opened in February, just before the outbreak of COVID-19 in Nigeria. The paperless office is what everyone is considering now due to the obvious constraints of the pandemic.
Our team can effectively work from anywhere seamlessly without compromising on standards.
What is your opinion of the real estate business in Nigeria and in what ways do you think it can be further developed?
In Nigeria, there is a buoyant property market, a pricing mechanism and real value.
It can be further developed through adequate regulation to enhance the integrity of the industry and the process such as land registry automation and a stronger housing code. I have not heard of any building collapse in London despite the significant age of properties in the city. This can only be due to effective building control.
A more vibrant mortgage provision would take the property market to another level and this will consequently increase affordability and enable the ever-growing population a decent chance to own property.
Do you have plans to relocate and do business in Nigeria?
The world is a global village. I still do some business in Nigeria but the value I add is better served from my London base for now.
What are some of the challenges you face while discharging your duties?
Some situations are out of one’s hands and I have learnt to manage situations and people as best as I can.
Until the deal is finalised, one is not sure one has a deal. The buyer, seller or even the bank could withdraw at any stage of the process.
What are the highlights of your career?
Adapting to various milestones such as growing the property management from tens to hundreds of properties; partnering with major banks; buying homes for individuals and families; earning the trust of institutions like pension fund administrators in taking investment decisions for their portfolio; building a business that has withstood the various twists and turns in a competitive and highly regulated environment.
What are some of the personal qualities that have helped you get to where you are?
A resolute confidence in the fact that the pie is big enough for everybody to eat. This might sound simple, but in business, it is transformational. It means people have the confidence to approach you and not feel threatened in any way.
What are the things you know now that you wish you knew when you started your business?
As human beings, we must continually adapt and evolve. The industry is quite broad. Where you start from may not be where you would end up or where your skillset would thrive the most. So, keep an open mind. I started as a lettings negotiator, then transitioned to a financial adviser and I am now an acquisition agent and developer.
How do you relax?
I am fortunate to live in a city that serves as host to six premiership football clubs and presents opportunities to see the best talents in various sports such as football, tennis and horse racing.
I have been able to create a work-play balance by attending these sporting events regularly, especially those by my beloved Chelsea Football Club.
(Punch)
