From a tender age, the entrepreneur demonstrated a passion for architecture, and design.
The idea that she could create, market and sell spaces where people could live, work and play would later drive her to explore a career in the real estate industry.
In 2019, she co-founded Olympia Gold Real Estate, a firm that collaborates with both national and international developers in selling luxury homes, affordable houses, and mixed-use developments to a clientele ranging from high net-worth individuals, to diplomats, business corporations, and ordinary citizens.
Before gaining prominence however, Terry says she had to overcome several challenges.
In an industry that was mostly dominated by men, she would have to put in extra hours at work just to make a name for herself in the industry.
“While both men and women in real estate face obstacles to advancement, women must contend with unique challenges as well as barriers. Some of those obstacles are the result of workplace inequality, others are a reflection of larger, socio-economic pressures,” says miss Odeny.
She says that unlike her male counterparts, she had to put in extra effort to get any recognition at all, and many times, she did not get the recognition she felt she deserved.
But because she had a vision that she wanted to achieve, this did not deter her, but rather pushed her to work even harder.
“Real estate is tough and frequently necessitates significant personal commitment. In the early phases of my career, late nights, long hours, and weekends were all part of the job,” says Odeny.
It took her some time before she was able to strike a work-life balance, but eventually, she says she got a better understanding of how to navigate the industry.
“I knew we were out of the woods when we started meeting all our fixed costs with ease. From going for several months without making any sales, we were now able to successfully close major deals. Satisfied clients would then refer their friends and family to us,” says miss Odeny.
From a workforce of less than 5, the firm now employs more than 30 staff, a majority of whom are women.
For their efforts in the industry, they have received both local and international recognitions including Realtor of the year award.
Though proud of how far they have come, the entrepreneur says things are still not easy.
She notes that the home buying process is a very emotive one for most people and being able to take a client through the process without pestering is crucial.
However, getting the right staff to do this is not easy, and oftentimes she has to look for people with the right attitude, and train them on how to do the job.
She adds that employees are at the heart and core of any business, and without the right staff, not just in terms of skill, but also the right attitude, a business cannot progress, because the staff have a very big effect on the customers.
“I believe an organisation should put as much emphasis as possible into taking care of its people, by showing them respect, upskilling them, supporting them to be better and making sure that they are comfortable in the environment that they work in,” notes Odeny.
The entrepreneur also acknowledges the power of networking and taking advice from people who have travelled a similar road before, as key ingredients for success. These are people who can point you to opportunities and help you avoid making mistakes which they made before.
“In my career, I have seen some people do extremely well, and I have also seen others make a lot of mistakes, but what sets apart those who are successful from those who are not is the ability to seek counsel and to form valuable relationships,” says Miss Odeny.
She advises anyone looking to venture into the real estate industry to first be very clear and specific about what they want.
Having measurable goals can help one avoid instances where for instance they purchase unproductive land, only to end up being stuck with that property because they are unable to sell it.
She also advises new buyers and upcoming entrepreneurs to grow their portfolios and their careers slowly, but surely, and avoid succumbing to outside pressures such as social media, which may compel one to take shortcuts.
“In real estate, you have to start somewhere, and interestingly, those who start at seemingly unattainable points and take the time and effort to grow are the ones who become champions in the real estate industry. If for instance you buy an affordable house that goes for between Sh2-5 million, you can be able to get a steady tenant, the property will grow in capital gains, and you will be receiving a lot of cash flow from it,” notes miss Odeny.
And with modern applications like Airbnb, even such affordable houses can give returns of up to 30 percent, compared to other real estate investment vehicles which generate about 10 percent in gains.
“You can start with one house, and if your cash flow is good, you can talk to your bank to get the next house, and in a few years, you have accumulated up to 4 apartments,” notes Miss Odeny.
With infrastructural improvements, an increase in consumer spending, and favourable market conditions driven by government’s willingness to implement various reforms and boost investment into the sector, Terry says she sees no better time for anyone to venture into the real estate market than now.
“Even though we are in a recovering market post Covid19, I believe that there is a great future in real estate investments. The outlook for the Kenyan real estate sector looks positive and is expected to remain strong in the current for year. We are also seeing a lot of amazing projects coming into the market, which is exciting,” notes Miss Odeny.
