Growing up in Enugu, Alex Udeze learned the value of self-reliance at a young age. As a teenager, he ventured into starting a business to meet his needs, starting with a video rental store at the age of just 16. The motivation for this early adventure in business was the fear of financial difficulties and the sense of responsibility as an older sibling in a large family.
Today, Alex is the co-founder of Distress Property Market Ltd (DPM), a thriving player in the real estate industry. His entrepreneurial adventure was born out of necessity and inspired by his dream of financial independence.
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The idea of DPM and the Distress Capital Investment instrument was to combine two passions: owning real estate and financial independence. These are often considered to be the ultimate goals of individuals. Alex and his partner Lyris’ goal was to create a brand that would help people achieve these dreams.
However, the path to success was not without challenges. In a new field where there was no formal real estate education or track record, trust issues were a significant obstacle. Another obstacle was the near miss syndrome in the real estate market, in which transactions could fail at the last minute. Even though customers were on the verge of finalizing the transaction, they sometimes changed their minds, which was discouraging for them.
To overcome these challenges, Alex and his team developed a structured approach that prioritized trust and integrity in every transaction. They learned that in the real estate industry, good intentions alone are not enough.
Another important aspect of this journey was building the right team. Alex had to adapt his leadership style to be both approachable and decisive. This balancing act was necessary to deal with the complexities of managing people and cultivating a dream team.
The turning point in Alex’s entrepreneurial career came when he closed his first transaction – a sale that was purchased for 120 million naira and resold for 160 million naira in less than a month in Lekki. This meant a transformation of the company, leading to the expansion of the team and the establishment of key performance and results indicators.
Alex emphasizes that for novice entrepreneurs entering a competitive market, the most important things are consistency, purposefulness, reliability and time. Even in crowded niches, there is room to dominate through passion and effort.
As for the future of Distress Property Market Ltd, the company is growing rapidly to become the go-to destination for property buyers looking for below market value deals in Lagos. Plans are underway to establish a branch in Abuja and expand to other African countries, including Egypt, South Africa, Liberia and Kenya.
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With new products such as a distressed equity investment facility and partnerships with major Nigerian banks, the company’s future looks promising. The journey from a small video rental store in front of his father’s house to a renowned real estate brand showcases the extraordinary entrepreneurial success of Alex Udeze and Distress Property Market Ltd.
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