Perminus Kiage: Real Estate mogul

PERMINUS KIAGE, is the founder and chief executive officer of Landlord Holdings Ltd, which deals in real estate. NANJINIA WAMUSWA caught up with the enterprising 28-year-old.

What does your job entail?

I buy large land parcels of land; sub-divide them into smaller units, which I later sell to willing buyers.

How did you join this business?

After college in 2006, l made friends with land agents. They encouraged and initiated me into the business. I started with a client who wanted to sell land, I convinced him to allow me do it on his behalf. Since it was big and nobody was willing to take it whole, l subdivided it since smaller units are more sellable. I made a big profit and since then, I have never turned back. My passion for the industry has grown with time — I cannot do anything different.

 How much capital did you invest in the business?

I invested Sh300,000 most of which went to advertising the land.

 Break down the process of acquiring and selling land?

After locating land through advertisements, personal contacts and websites, I perform a site visit to ascertain whether the land is habitable, if investing in it is a viable option and if it would attract more clients. If all these concerns check out, I then proceed to confirm its legal status with the Lands office in a process that takes at least two weeks. With everything in order, my lawyers handle the paper work. I then put up a ten per cent deposit. This bit can take up to 90 days and only when complete do I make payment for the remaining amount. On average, the entire transaction takes between six months to one year. Selling more or less follows the same procedure.

 Have you ever been a con victim?

Not yet. This mostly happens when one fails to engage their legal team entirely. The 90 day period is for the buyer to conduct thorough research and get all vital information about the land.

 Is your job interesting?

Yes. You, however, have to pass the test of time before building a network of clients willing to trust you with their money for you to invest on their behalf.

 Any preferred region?

No. I have bought and sold land in Kilimambogo, Kabati, Kitengela, Ole polos, Kajiado and Gilgil. I have also extended my services to the larger East African region including Juba, Kigali, Dar es Salaam and Zanzibar.

 Any challenges?

Tough competition from bigger companies, which are already established in the market.

It does not make matters easier also when financial institutions do not readily avail loans to small upcoming companies despite their bright prospects.

 Tell us about your educational background?

I was born in Kisii, joined Elimu Academy for my elementary education before proceeding to Kericho High School and Nyambaria Boys High both in Kisii for my secondary education. I then pursued a Diploma in Automotive Engineering at Nairobi Technical Training Institute. Currently, I am pursuing a Law degree at Nazarene University.

 What are some of the highlights of your career?

The fact that I have had clean transactions with all my clients since l began, thereby winning their hearts, gives me great pride. I also recently signed a Sh2.1 billion project to settle 8,000 people in affordable and viable land in Thika.

 What are your future plans?

To cross borders and build my property business portfolio.