In the world of real estate, the role of bookkeeping cannot be underestimated. Estate surveyors and valuers have been strongly advised to prioritize this essential practice in their pursuit of maximizing profits. This invaluable advice was dispensed during a recent webinar entitled "The Importance of Record Keeping in the Real Estate Business," hosted by the esteemed real estate firm, Ubosi-Eleh & Co, situated in Lagos.

During this enlightening event, Mrs. Mojisola Ogunkoya, the Co-administration Manager of Ubosi-Eleh & Co, emphasized the often-underestimated importance of effective recordkeeping. She highlighted that many companies tend to regard recordkeeping as a matter of convenience rather than an absolute necessity.

Ogunkoya went on to elucidate that the significance of record-keeping goes beyond the periphery of client meetings and transaction closures. It resides in the meticulous adherence to processes and the maintenance of a well-structured framework.

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"In the realm of real estate, proper bookkeeping provides businesses with invaluable insights into their financial health, enabling them to make informed decisions. Detailed records also unveil opportunities for cost savings and profit maximization. This encompasses the diligent tracking and organization of financial transactions related to properties, investments, and day-to-day operations. Unfortunately, in the fast-paced world of real estate, where transactions and client interactions take center stage, the documentation of business processes often takes a backseat," she eloquently stated.

Nonetheless, Ogunkoya underscored the pivotal role of recordkeeping in streamlining operations and ensuring accessibility to client documents. She firmly expressed, "If it isn't documented, it essentially doesn't exist. Relying solely on memory is perilous, as information stored in one's mind is susceptible to loss. In the real estate industry, such practices can be risky. The law often requires evidence, especially when dealing with property management. When entrusted with the management of an apartment, documenting the apartment's current condition, maintaining comprehensive tenant records, and diligently recording financial transactions becomes paramount. This comprehensive documentation acts as a valuable safeguard against potential disputes between landlords and property managers in the future."

She further encouraged the adoption of cloud storage solutions to protect client records. In a world where data holds immense value, these digital platforms provide accessibility, security, and resilience. They ensure that critical real estate information remains intact and readily accessible, thereby safeguarding both the business and its clients.