1.Your name and what do you do?
Hussein Omar. Founder and Managing Director – Iman Properties Ltd, Kenya.
I am a techprenuer; specialising with real estate and systematic automation of property management functions.
2.Do you enjoy being an entrepreneur?
So much, it is the most fulfilling angle of my life. Entrepreneurship is one of the most cutting-edge careers a person can get into. I am never satisfied with the status quo, thus the potential and opportunities that entrepreneurship has exposed me to are very huge.
3.Have you ever been employed? If yes, how’s the difference?
I am also employed. In employment, a lot of time is taken to write plans and overanalyzing situations rather than taking action. In entrepreneurship, you invent as you go. Analyzing and integrating the challenges the two sectors offer is what keeps me in balance.
4.Property management is tough, how do you manage it?
With my abled dedicated Team, we involve processes, systems and manpower required to manage the life cycle of all the acquired property including control, accountability, responsibility and maintenance. I am increasingly facilitating this with my latest deployment of a simple web portal that will enhance property management by automating some of the functions. http://www.imanproperties.co.ke/nyumbacenter/login.php
5.What’s the big plan for your business?
The BIG plan for my business is simple, LISTEN TO THE CLIENTS. This will show us which of our products or services provide the most value. With the evolving technology, customer needs change very fast, we constantly plan to evolve, tweaking our business concepts in response to market feedback.
6.What are the trends in real estate to watch out for in Mombasa?
– Joint venture (JV): A joint venture is a business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets.
The middle and low income group possessing land are now teaming up with developers to see how they can partner on a Joint venture and overcome high costs of developing house units individually.
– Off plan purchase: Developers are also coming out with concepts where those interested can purchase a house off plan. This gives the purchaser time to raise deposit before project kicks off and amount required to purchase as the project is a work in progress.
7.Would you put your money in Kilifi? There’s lots of good projects there currently.
Anytime of the day.
Kilifi offers everything you need when looking for a location to develop; security, vast arable land for agriculture in Galana, tourism and hotel industry along white sandy beaches in Mtwapa, Kilifi and Malindi, marine national park, game and wildlife reserves, cement factory in Kaloleni and much much more. Kilifi County strategically borders Mombasa to the south, Kwale to the west, Tana River and Lamu to the north. What more can you ask from Kilifi as an investment destination?
8.What project are you currently working on?
I am currently working on two (2) projects: Three (3) Low cost housing typologies and The ‘Rental Property App.’
In shaa Allah the ‘Rental Property App’ will be a game changer in the rentals market. Looking for a rental property will involve 3 simple steps at the comfort of your smart phone: Search | Pay Online | Move in
Landlords/property managing agents can view/update information & details relating to their Rental Properties and Tenants from any location in the world.
9.In Mombasa, more people are constructing multiple story building and renting out. Is this trend profitable in the market?
No, I do not believe so. The numbers on constructing high rise apartments for residential rental units do not tally in my mind. The return on investment on multiple story buildings for residential rentals is very low especially in Mombasa. Furnished apartments with unique living experiences or hostels to accommodate the growing number of students from Universities and colleges in Mombasa offers a better return.
It is important to surround yourself with people smarter than you and to listen to ideas that aren’t yours. I’m open to ideas that aren’t mine and people that know what I don’t, because I think success takes communication, collaboration and, most of the times, failure.