Real estate agency practice in Nigeria
ABSTRACT
CHAPTER 1
1.1 BACKGROUND TO THE STUDY
Real Estate agency is essentially a land based profession that deals with the business of buying, selling and leasing of interests in real estate, which may be land or building or the interest therein. Practitioners of this trade are generally addressed as Estate agents in our environment. Considering the importance of housing in mans hierarchy of needs and the huge deficit that exists in the housing sector in Nigeria, Real estate agents generally play a very important role in the socio-economic life of the country, Generally a real estate agent is a person, who possesses the authority to act on behalf of another person with a view to establishing contractual relationship between his principal and a third party. The person, who employs the agent, is usually called the principal (olatunji, 2008)
Commercial activities have been on the increase in Nigeria in the past few years. This is also reflected in the fact that there has been an increase in real Estate activities. The Real estate agency practice has therefore in the recent time become a business for all comers; mechanics, market men, lawyers, taxi driver etc. The practice of real estate Agency in Nigeria at present remains largely unorganized, unregulated and unprofessional. Apart from the Nigeria Institution of Estate Surveyors and Valuers that has set standards for its practice by its members i.e the Estate Surveyors and Valuers, the large majority of those who practice estate agency do so without the basic training in that field, without any certification or qualification, without any regulation and largely in an unprofessional manner (Gambo & Ashen, 2012)
In Nigeria, Section 25&26 of Decree 24 of 1975 empowers the Estate Surveyor and Valuer in carrying out operations as an estate agent. The organized body recognized for the regulation of practice is the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON). However, the Corporate Affairs Commission (CAC), body statutorily empowered for registration of every business outfit in the country, regards estate agency as a business concern and classifies it under general business practice (Akomolede, 2006; Oni, 2009).
The agency practice is regarded as an all comers’ affairs as lawyers, engineers, accountants and even laymenlearned in numeric details carry out this operation. An expression has become synonymous with the estate surveying profession calling every other profession dabbling into agency as quacks. However, there are no clear cut-out edicts granting the estate surveyor and valuer the exclusive preserve of operation even when series of protest has been made to that effect.( Iroham et al, 2011)
A multiplicity of local estate agents associations exists but these are essentially local bodies without the right structure, leadership or plan to advance the practice of real estate agency beyond the parochial interest of the founders (Hemuka, 2002).
Thereal estate agency is one major and vital aspect of estate management practice that deserves some level of decorum and adequate attention to be given to it so as to ensure that real estate agency practice in Nigeria maintains its course, goals, vision, mission and objectives with regards to the real estate market.
1.1 STATEMENT OF PROBLEM
Real estate agency practice in Nigeria like other countries of the world contribute massively to housing delivery system for residential and commercial purposes. It helps to meet as well as cater for the accommodation, office space, and shop demand of people. Due to the important roles real estate agents play in housing and accommodation delivery sector of the economy, in recent times real estate agency has experienced the influx of untrained and unqualified agents in the real estate practice. So many people have become victims of fraud and other related activities that are not internationally regarded as best practices from the hands of some of these agents who go about duping genuine property seekers, which has been the reason for calls from many quarters on the need to professionalize the profession in Nigeria. Identifying the challenges associated with real estate agency in Nigeria will benefit not just the consuming public but also the practitioners.
1.2 AIM AND OBJECTIVES
The aim of the study is to examine the challenges associated with Real estate agency practice in Ilorin, Nigeria
1. To assess the various types of agency practice in the study area.
2. To examine the system of real estate practice in the study area.
3. To examine the challenges associated will real estate agency practice in the study.
4. To recommend a reasonable solution to the challenge above
Departments
- Accounting Projects [85]
- Accounting And Management Projects [6]
- Accounting Education Projects [1]
- Adult And Primary Education Projects [6]
- Agricultural And Bio-environmental Engineering Technology Projects [8]
- Agricultural Economics And Extension Projects [57]
- Agricultural Engineering Projects [3]
- Agricultural Technology Projects [1]
- Agriculture Projects [104]
- Agriculture Education Projects [3]
- Anatomy Projects [1]
- Architecture Projects [28]
- Banking And Finance Projects [53]
- Basic Medical Sciences Projects [1]
- Biochemistry Projects [25]
- Biological Sciences Projects [46]
- Biology Education Projects [13]
- Botany Projects [3]
- Building Projects [58]
- Business Administration Projects [151]
- Business Studies Projects [76]
- Chemical Engineering Projects [24]
- Chemistry Education Projects [3]
- Civil Engineering Projects [80]
- Community Health Projects [35]
- Computer Education Projects [6]
- Computer Engineering Projects [28]
- Computer Science Projects [138]
- Construction Engineering And Management Projects [1]
- Cooperative Economics Projects [0]
- Cooperative Economics And Management Projects [2]
- Criminology Projects [68]
- Cyber Security Projects [2]
- Data Science Projects [1]
- Economics Projects [107]
- Economics Education Projects [1]
- Education Projects [189]
- Educational Foundation Projects [9]
- Educational Management Projects [44]
- Electrical/electronics Engineering Projects [140]
- English Education Projects [14]
- English Language Projects [6]
- English Language And Literature Projects [18]
- Entrepreneurship Projects [7]
- Environmental Science Projects [79]
- Epidemiology And Community Health Projects [2]
- Estate Management Projects [40]
- Fashion & Design Projects [1]
- Fine Art Projects [1]
- Food And Nutrition Projects [2]
- Food Science And Technology Projects [52]
- Geography Projects [24]
- Geography Education Projects [4]
- Government And Public Administration Projects [1]
- Guidance And Counselling Projects [132]
- Health Education Projects [9]
- Health Information Management Projects [3]
- History And International Studies Projects [3]
- Human Kinetics And Healthy Education Projects [2]
- Human Resources Management Projects [111]
- Industrial Relations And Personnel Management Projects [58]
- Information And Communication Technology Projects [2]
- Institute Of Education Projects [1]
- Insurance And Risk Management Projects [1]
- International Relations Projects [55]
- Islamic Studies Projects [3]
- Law Projects [21]
- Leisure And Tourism Management Projects [2]
- Library And Information Science Projects [85]
- Linguistics Projects [104]
- Marketing Projects [78]
- Mass Communication Projects [188]
- Mathematics Projects [3]
- Mathematics Education Projects [1]
- Mechanical Engineering Projects [86]
- Medical And Health Science Projects [82]
- Medical Laboratory Science Projects [2]
- Medical Radiography Projects [2]
- Medicine And Surgery Projects [2]
- Metallurgical Engineering Projects [2]
- Microbiology Projects [120]
- Minerals And Petroleum Resources Engineering Projects [32]
- Mining Engineering Techology Projects [2]
- Nursing And Nidwiffery Projects [124]
- Office Technology Management Projects [104]
- Parasitology And Entomology Projects [3]
- Petroleum Engineering Projects [3]
- Pharmacy Projects [18]
- Philosophy Projects [111]
- Physics Projects [3]
- Physiology Projects [1]
- Political Science Projects [123]
- Primary Education Projects [5]
- Project Management Projects [1]
- Psychology Projects [61]
- Psychology Education Projects [1]
- Public Administration Projects [123]
- Public Health Projects [100]
- Purchasing And Supply Projects [112]
- Pure And Industrial Chemistry Projects [8]
- Quantity Surveying Projects [59]
- Science Education Projects [4]
- Science Laboratory Technic Projects [108]
- Science Laboratory Technology (stl) Projects [21]
- Secretarial Administration Projects [40]
- Sex Education Projects [2]
- Social Studies Projects [8]
- Sociology Projects [126]
- Statistics Projects [107]
- Surveying And Geoinformatics Projects [4]
- Theology Projects [9]
- Transportation And Management Projects [3]
- Urban & Regional Planning Projects [1]
- Value Engineering Projects [1]
- Vocational Education Projects [1]
- Zoology Projects [1]