The Association of Estate Agents in Nigeria has blamed poor regulation for the incessant rise in land scams in the country.
The Chairman of the Conference Planning Committee of the association, Adeniyi Tinubu, stated this at a press conference recently in Lagos.
He said, “The Association of Estate Agents in Nigeria is an association that was birthed by the Nigerian Institution of Estate Surveyors and Valuers. Over the years, estate surveyors and valuers have noticed the balkanisation of an aspect of our profession, particularly estate agency, which for lack of a better word has been turned into an all-comers affair.
“There is a need for some legislative activism in this regard because we require a level of uniformity in real estate brokerage in Nigeria. The effect of the lack of regulation in this area has fostered haphazard practices such as a rise in land scams, overpricing of housing units, and letting of substandard structures and houses amongst others by unqualified agents.
“The resultant effect of these does not just affect the professionals who have painstakingly gathered industry knowledge and expertise on real estate brokerage but, most importantly, it affects the common man who is at the receiving end of these substandard practices.”
On the disciplinary measures meted out to agents found culpable, the National Secretary of the association, Osagie Odiase, said they organise training every month for agents who are members of the association.
He said, “If the public has any problem with any of our members, they can come to our secretariat. If anyone wants to deal with any estate agent, they should look for agents who are certified members of the Association of Estate Agents in Nigeria. Then, scamming will be immediately reduced because redress can be gotten from the association.
“We have a disciplinary committee who looks into this. If we find out that our member is wrong, he will be held accountable. One of the consequences is an immediate de-registration, followed by a newspaper publication, warning the public to avoid such a person.”
Meanwhile, Tinubu disclosed that with national development in mind, the association had been able to create a partnership via a bilateral agreement with the National Association of Realtors in the United States of America.
He said, “This partnership is geared at putting Nigeria on the global map as well as creating an enabling environment for real estate investment in Nigeria. Together with the NAR, we at the AEAN have worked to lay the foundation for sustainable development in the real estate sector.
“This partnership has necessitated the AEAN conference 2024 scheduled to be held from April 9 -12, 2024, at Eko Hotel, with the theme ‘Building enduring partnerships for a better future.’”
Tinubu noted that one of the association’s aims was to train and retrain real estate brokers, which would be showcased during the conference.
He added, “Overall, the AEAN Conference 2024 promises to be a conference of all conferences. We seek the support of concerned government ministries, departments, and agencies as well as all stakeholders in the real estate ecosystem.
“Together more can be achieved to create strategic change and policies for the betterment of Real Estate Brokerage in Nigeria.”