The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has unveiled moves to begin the regulation of estate agency in Nigeria, through its pet project- Association of Estate Agents in Nigeria (AEAN), in conjunction with the government.
NIESV president, Dr. Bolarinde Patunola-Ajayi said that the estate agency is set for the regulation due to the infiltration of estate agency practice by quacks.
Patunola-Ajayi said over the years the agency had been infiltrated by other professionals, such as lawyers and accountants as well as other persons not necessarily trained to practice estate agency is creating negative perception about genuine professionals.
Patunola-Ajayi said this at the Investiture Reception /Luncheon organised in his honour as the 22nd president of the Institute, last week at the Civic Centre in Lagos.
“The incursion of many professionals and individuals into our Institution is giving the profession of estate agency “a bad name”. Estate agency is an important service, and should be practiced with full adherence to the code of conduct. We have commenced the programme to control estate agency in Nigeria with the establishment of Association of Estate Agents and collaboration with Lagos State Government on the commencement. At the end of the day, Estate agency will become regulated and give room for practitioners in the new Association to receive the training and start to practice.” he stated.
He also called on professionals in the industry to strategise and establish mega practice firms through partnerships due to a threat of invasion of the practice terrain in the country by established foreign big time real estates companies.
“We cannot hide from the fact that old foreign firms of real estate are flocking into Nigeria from abroad. We must initiate action that will ensure their compliance with the Nigerian laws, and protect our practice from their illegalities.
“Majority of our estate firms is operating on sole proprietorship basis. Many old firms operated under this system have closed down with the demise of the sole proprietors. My appeal is that members should please think of the future legacy which partnership can afford the profession. Corporate members should endeavour to team together in fives and tens to establish mega firms that are incurring into our practice in Nigeria.”