BuildCon creates brand niche with competitive payment plan for customers

Consumer research and customer satisfaction are ingredients for outwitting competition in any sector. The two factors are significant to brand loyalty. Experts believe that brand loyalty cannot happen without a thorough understanding of the consumer and a deliberate decision to satisfy and exceed their expectations

Marketing experts also say that “branding sets businesses apart from the competition and gives them an edge. It attaches a personality and attitude to a product and the company that produces it. This personality is what people relate to, establishing relationships with consumers”

It is this understanding that BuildCon Global Services, a major player in the real estate sector in Nigeria leveraged to create a differentiation in the sector with unique services that would endear customers to it. Established in 2013, BuildCon run my Bukunola Gadzama as CEO has instituted a payment plan for houses that is light for customers.

“We also give customers a payment plan of between 2-3 years that helps and reduces the pain of outright payment. We encourage them to pay 20 percent initial deposit and they can spread the balance over the remaining number of months. This helps achieve ownership of the homes easily.  For those that cannot afford the detached spaces tend to go for semi detached or the terraces”.

Bukunola told BusinessDay recently that because of the payment plan, the company has agreement with the buyer that with every payment, there are milestones he or she is expected to see in the construction of the building. “When you don’t see those milestones you are not obligated to continue payment”.

With the spread payment plan, the intention of the company that is building more estates in Ikota area of Lekki, of Lagos is to make more people buy and own their homes. “We are looking further  beyond the Ajah axis to construct more houses that are affordable for more  income brackets”, she said.

Explaining that when somebody deposits money for a house and one year after, he/she could not continue to pay, Bukunola said “What we try to  tell our clients is  that as soon as there is an issue let us know. We are also human even though we are in business. If we understand what the issues are, we can give you some time frame to continue payment as long as it is within the time we have to deliver the estate. If you feel that the issue is beyond you and you might not continue we would help you sell the building and refund you”.

On fears of some people to buy houses even when they need the houses, Bukunola said real estate is one of the industries where the product you are buying cannot be taken away until you are ready to take ownership and move in to the building. At the point you are exchanging money, people are a bit cautious. From stories in the industry, a lot of fingers have been burnt and people are a bit careful. It takes a little bit longer to convince people to make payment. But my company payment plan for customers as they pay instalmentally is to ease their stress and assure them of their homes.

Speaking on the contribution of private developers to reduction of housing deficit and  provision of houses for people under the national housing policy, Bukunola said that it has not really had major impact because the houses are there but the affordability  is still an issue as a lot of people cannot still afford them. The houses that are springing up are still the expensive ones that are on the high side for the majority of people.  The issue is that the developer has to provide all the infrastructure and at the end of the day, he/she would put the cost on the client and this makes the house vey expensive.

On how she funds the building construction, the BuildCon manager who read accounting but ventured in to real estate by work experience attributed the fundsing  to investors. These are individuals that see what I am doing  and want to be part of it. The banks are not readily available to provide funds because they believe the risks are possibly high.  I was also advised against bank funds, she said.

The developer who was amazed why building largely collapse in Lagos, said she has engineers who in conjunction with Lagos State authorities certify the materials for construction.