As a Property Consultant, it is really annoying to receive a call from a prospective Client and after so much analysis, advice and courtesy, the Client tells you to meet him up at a Landmark (most often an eatery, filling station, or the property you're sighting) because your office is "too far" or she doesn't have "the time" to come down.

No thanks to street quacks who have made meeting points their norm and restaurants their office, thereby reducing learned Estate Surveyors, builders and Property Lawyers to unworthy business terms. Such "Agents" are not credible as they have no address, no means of identification and no reason to have or protect an integrity. They just charge you for "survival" in the name of registration (they're willing to collect even 500 naira if you're stubborn enough), then you both embark on a blind search, "together". They are so miserable that they would wear a native attire or shorts on a monday morning.
Such Agents are only there to frustrate your search as they lack the knowledge to match your budget with your taste in relation to what is attainable on the market. They also lack customer service and they're a total waste of your hours.

But what were you thinking in the first place?

I understand that you feel you direly need to get out of that present habitation, but have you asked yourself a question I ask victims of Street Agents;

Do you go to Chemists for Antenatal?

Asides the frustration and the feeling of hopelessness they leave you with, you also stand the risk of being swindled of your hard earned money. No rent money comes easy. After much sweat, dedication, long savings and sometimes loans from family and friends; it would be suicidal to loose it all to someone you can never trace to anywhere. Even the most intelligent policemen won't fish him out. Its only typical that such a case dies with time after "dashing" the police the little remnant.

So when next an "Agent" asks you to meet him up at Mr. Biggs, Tantilizers, Total, Oando, Sweet Sensations, Mobil etc, ask to meet him in his office. If he's not in the office, pick a convenient day for both of you and fix a proper appointment. Don't rush!

Follow your heart too, if you ever smell anything fishy...RUN!!!

Best Regards,
Segun Babs
Vice Chairman, ERCAAN(Aguda Zone)

All of U guys are the same... The way property agency is run in Nigeria is nothing but reaping where you did not sow.

idupaul: All of U guys are the same... The way property agency is run in Nigeria is nothing but reaping where you did not sow.

Elaborate Sir..maybe I'll see sense in what you just said

10% legal

10% agreement

caution fee ...

dat's what he meant. . .

mxxpunkxx!:
10% legal

10% agreement

caution fee ...

dat's what he meant. . .

It is really funny that Nigerians don't know the right people to point fingers at.
In reality, the Agent only owns 50% of his own fee. Landlords especially in Surulere would tell you they also marketed the apartment, making them Agents too.

Let me analyse better. Let's assume 400k is paid for an apartment, the expected fees should be 40k agency, 40k legal.

The Agents only have business with the Agency fees, which after being divided by the typical Lagos Landlord, the Agents are only left with 20k to share among themselves. Isn't that rather too poor for a home searching process? After working for days and hours under the sun for a Client's property challenge. I mean, think about it Sir.

@OP,
whats wrong in wearing a native on monday morning

hbrednic: @OP,
whats wrong in wearing a native on monday morning

The same reason a banker won't wear native Agbada to work on a monday Sir.

.

HomesOfLife:

It is really funny that Nigerians don't know the right people to point fingers at.
In reality, the Agent only owns 50% of his own fee. Landlords especially in Surulere would tell you they also marketed the apartment, making them Agents too.

Let me analyse better. Let's assume 400k is paid for an apartment, the expected fees should be 40k agency, 40k legal.

The Agents only have business with the Agency fees, which after being divided by the typical Lagos Landlord, the Agents are only left with 20k to share among themselves. Isn't that rather too poor for a home searching process? After working for days and hours under the sun for a Client's property challenge. I mean, think about it Sir.

What does law of agency say about percentage of an agent. I understand is 5% but even u as a professional will charge upto 20% or advice the landlord to increase rent to high heavens so ur cut will increase. Both d professionals and the quacks r all behaving unprofessional

Cypost:
What does law of agency say about percentage of an agent. I understand is 5% but even u as a professional will charge upto 20% or advice the landlord to increase rent to high heavens so ur cut will increase. Both d professionals and the quacks r all behaving unprofessional

Mr Cypost, the Lagos Tenancy Law permits 10% on properties Less than a million and Only a stupid Agent would advice an increament in rent because of higher cut. If the price is above valuation, the property ONLY becomes impoSsible to market as over 80% of Clients are looking for the best deals.

So are you implying that if I'm renting a property above a million naira,
i should desist from paying the regular 10% blah blah blah ?

mxxpunkxx!:
So are you implying that if I'm renting a property above a million naira,
i should desist from paying the regular 10% blah blah blah ?

Well it depends on how lucky you are Sir. You may not even have to pay fees at all if you're dealing with a nice Landlord. I personally reduce my percentage from 10% on properties over a million naira, IF I'M THE ONE MANAGING THE PROPERTY as I'm usually able to advice them not to be greedy so as to facilitate quick returns. In other cases however, its the Landlord or his manager's decision on what to charge and its totally within your discretion whether or not you want to pay it.

Best Regards.

I so hate this practice so much by these quack agents looking for a quick buck and they know next to nothing about the property they are marketing. Mr. Biggs is practically their office extension and they handle all sorts of clients there looking for a simple 2 bedroom flat for N200,000 to a N2Billion property at Banana Island.

The funny thing is that they all have complimentary cards with an official address but they will never meet you at that address. Sometimes they surround you with 2 or more scruffy looking agents all dreaming of sharing your hard earned money as commission. Lets eveb talk about the aspect of you being their driver for one full day. You are the same person that will meet them at Mr. Biggs for a meeting, feed them or buy coke for them, take them around the whole of Ajah or Ikorodu to locate non existent lands or bad properties, still pick up 2 or more agents along the way hereby turning your luxury sedan into a temporary Danfo for one day and at the end of the whole trip, you still have to give them money to go home.

Very Very Sad

i think the quacks out there are begining to affect the way a highly trained professional thinks this days. in my opinion and as practiced in abuja 5% agency and 5% legal is ideal on a rental property.

the issue of 20% for agency and legal combined is real unassuming and unreasonable. its like the agents are competing with the landlord.

i will love to see an institution regulating the quack's activities by organising them under one umbrella and giving them good training.

the nigeria institution of estate surveyors and valuers should rise to this occasion and not be seen to have being part of this annomaly in the system.

,

Cool write up op buh u sound as if u av been scammed before,anyways great piece of advice....



Btw
When i was young i used to be afraid of the dark but now that i'm matured when i see my electricity bills i'm afraid of the light.


#BIGWIG OPENED DIS THREAD

Eje ka gbe asa wa laruge!

What do you mean its too small? what work did you do in the first place? I don't see why I should pay 40k or even 20k to an agent for what?
the amount should be at max 10k for agency. this is just a reap off by the agents and the shylock landlords. in the house I stay I refused to pay this fee, I just paid 600k for the 2 bdrm for 1 year and dats all.

HomesOfLife:

It is really funny that Nigerians don't know the right people to point fingers at.
In reality, the Agent only owns 50% of his own fee. Landlords especially in Surulere would tell you they also marketed the apartment, making them Agents too.

Let me analyse better. Let's assume 400k is paid for an apartment, the expected fees should be 40k agency, 40k legal.

The Agents only have business with the Agency fees, which after being divided by the typical Lagos Landlord, the Agents are only left with 20k to share among themselves. Isn't that rather too poor for a home searching process? After working for days and hours under the sun for a Client's property challenge. I mean, think about it Sir.

Hmmmmm

HomesOfLife:

The same reason a banker won't wear native Agbada to work on a monday Sir.

Is the dressing the problem or the delivery ? What I notice about most agents is that they know another agent who knows another agent to the landlord. The process is long and tedious. Secondly, most agents are not straight forward. I've dealt with one before. When I was desperately searching for a house for my mother, he was busy showing us bad options. Either the road was bad or the building was not completed or the price was just too much.
Its just that one needs to be very careful.

space for sale!







interested buyers should meet me at "bone cracking eatery." tenkz.

@OP, U just came hear blabbing cos of ur selfish interest. From my experience while working for a property firm, most ''so call'' proffessional are just been 2 greedy dats why you see the so call quack.

Has anyone taken time to ask why most properties given to 'professional' either to let or sell stay long in the market with their sign board on it, this is becos they only protect thier own interest & nothing else.

For example; when a property is given to those dat claim they are professional to let or sell they come up with different selfish rules. They'll insist dat the client pays 10% agent, 10% legal & in most cases a refundable deposit (causion fee).

Now they'll will insist of collecting 5% of d agency fee, 10% of the legal & d owner of the property still pays them for managing the property. The so call quacks most time plead with them to shift ground so their clients can pay 4 d property but d ogas refuse cos they know since they have the brief, someone esle will come; this inturn keeps the property long in the market.

Atimes; when other agents dat also knows d owner get prospective clients for the property, the so called professional now goes 2 advise d owner dat d property is under priced just becos d propective client is not coming through them.

@lawyer, if you are a property lawyer, build your own clinete if not, focus on you legal job and leave agency alone. You all are thesame.

As for the guy that thinks the agent deserve nothing, you are just been too greedy & a time waster. Y not try sourcing d property yourself without the help of the agent.

I'll be back

so true
[img]http:///ogPF/.jpg[/img][img]http:///ogPN/.jpg[/img]

All of dem na de same pple,All dis Scamming tins

60 PER 120

Most agents are fraudsters. I once had an experience with one who charged 30% agency fee for one year's rent

Nothing is wrong giving you a landmark or meeting in Eateries.But any agent that tells u to pay and fill a form is hungry and likely a scammer.Pls run!