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CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA - Properties - Nairaland

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CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by OakRealtorsNG: 6:40am On Feb 04, 2019
A real estate agent is one who makes arrangements for sale, leasing or facility management of both residential and/or commercial buildings. Real estate being a multi-faceted industry gives a lot of room to many practitioners playing different roles and duties. He is a go-beteeen the seller and the buyer. His core duty is to connect these two groups together for a fee or a portion of the fees popularly called ‘agency fees'.

Estate agency can be by both an individual or a corporate organization. The advantage lies in the organization and ease of doing business with them. The major selling point of estate agency however the experience the practitioner parades and the trust he could muster.. Herein lies the problem.

Over the years, many Nigerians have had sour tales concerning these professionals who in some cases display a near perfect building but end up trading properties not fit for purposes for which they were bought or leased.
There had been reported cases of connivance with other sets of people to outrightly defraud unsuspecting members of the public. The cases range from Selling properties with fake documents to selling a single property to two or more buyers. Worthy of note is the fact, that transactions are conducted with the buyer and seller's solicitors' inputs. But these unscrupulous individuals sail through when the solicitor(s) fail to carry out their diligent searches on behalf of their clients. Many of these have been reported in Lagos, being the commercial hub of the country, there is a constant real estate need by the people.

Fazed by this challenge, the Babatunde Fashola administration established the Lagos State Real Estate Transactions Department (LASERETRAD). The functions of this body include sensitising the public about estate agency and attendant rules, risks and benefits; keep a register of qualified estate agency practitioners who voluntarily registered with the department.
The organisation works with other relevant agencies of Government to ascertain that Lagos residents are adequately protected in the course of Real Estate transactions and to equally entrench the principle of fair-play, orderly conduct and accountability in the Real Estate sector of the state. The department is also to ensure that public and government activities are carried out in accordance with the laid down rules and regulations of the state on Real Estate Sector.
It remains to be known if the larger populace are aware of this department of the government to make enquiries or report fraud cases.

The Nigerian Institution of Estate Surveyors and Valuers (NIESV) under whose supervision the Association of Estate Agents in Nigeria (AEAN) was created to regulate the professional conducts of estate agents has said that to practise as an estate agent, such a person is expected to register with the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), failing which such a practitioner is portrayed as a quack.
This however, has not checkmated the excesses of these unscrupulous elements in the profession as they would willing trade their accreditation and goodwill for monetary gains.

In conclusion, while some experts and industry watchers have blamed the Corporate Affairs Commission (CAC), which regards estate agency as a mere business concern by classifying it under general business practice.
It is our opinion that the prevalent fraud in the real estate sector, is a reflection of the larger society, as there are still fine gentlemen and organizations with credible track record that bear the unblemished badge of integrity. But the would-be buyer or seller is advised to always be on the look out for red flags.

Source: https://www.linkedin.com/feed/update/activity:6497937799965089792

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Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by OakRealtorsNG: 7:41am On Feb 04, 2019
Cc: Mynd44 Lalasticlala Lawyer
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by MANNABBQGRILLS: 6:59am On Feb 05, 2019
It is our opinion that the prevalent fraud in the real estate sector, is a reflection of the larger society, as there are still fine gentlemen and organizations with credible track record that bear the unblemished badge of integrity. But the would-be buyer or seller is advised to always be on the look out for red flags.

3 Likes 2 Shares

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by Ayoswit(f): 7:01am On Feb 05, 2019
The writer just hit the nail on the head.

1 Like

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by INTEGRITYA1(m): 7:01am On Feb 05, 2019
We should always take preventive measures whenever we are dealing or transacting with people and some who hide under the fake companies. Almost all sectors are corrupt from government to private to individuals. Oil & gas na die. Banking, Transportation, Mining, Manufacturing and so on. We should always be careful not to be a victim of these scammers.

If comes to real estate, I created a thread on this forum on workable measures to avoid been scammed, though it's not applicable to all situations; nevertheless we can learn something meaningful from it.


https://www.nairaland.com/4619603/preventive-measures-when-buying-land

3 Likes

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by SuperModerator: 7:02am On Feb 05, 2019
Nice article
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by superjaks(m): 7:03am On Feb 05, 2019
Do you mean "omo onile"?

1 Like

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by amiibaby(f): 7:04am On Feb 05, 2019
Ok
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by hischoice(m): 7:05am On Feb 05, 2019
There was this one I met through Nairaland.

When we finally met at Àgùdà, he was so nice, smooth and sleek; took me to eatery fah and flipped the bill. I was so sure he was the real deal.

I couldn't have foreseen that he was fattening me for the slaughterhouse.

When my guy was done with me, I cursed the person that invented the internet.

33 Likes 6 Shares

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by don4real18(m): 7:10am On Feb 05, 2019
A good article but there are more areas you haven't touched especially in the aspect of rent. I should write on that

3 Likes

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by Histrings08(m): 7:11am On Feb 05, 2019
Lemme go nd read the post now
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by GreenNegro(m): 7:14am On Feb 05, 2019
Lagos state Agents are so greedy, never that set of people before in my life
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by itiswellandwell: 7:19am On Feb 05, 2019
Hmm
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by pacespot(m): 7:22am On Feb 05, 2019
Everything is subjected to fraud in Nigeria, even the mobile app rides, Uber and Taxify, are not exempted.

Take the seemingly perfect bike sharing that is happening in China and some parts of Europe to Nigeria, and people will still commit fraud with it.

6 Likes

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by golddeejay(m): 7:25am On Feb 05, 2019
hischoice:
There was this one I met through Nairaland.

When we finally met at Àgùdà, he was so nice, smooth and sleek; hook me to eatery fah. I couldn't have foreseen that he was fattening me for the slaughterhouse.

When my guy was done with me, I cursed the person that invented the internet.
It is not a laughing matter but sorry...I am still laughing.

Any deal especially online that seems too good... especially with the people been nice and smooth raises my "suspicious" antenna...

Sorry...we live and learn.

2 Likes

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by ijeshaboy: 7:28am On Feb 05, 2019
fxbot:
One thing I hate in Nigerian land matters is the omo onile

how much is the metre for ologuneru
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by logon599: 7:29am On Feb 05, 2019
Good article

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Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by valentineuwakwe(m): 7:33am On Feb 05, 2019
I just pity some landlords who gave their houses or properties to agents to manage for them.....imagjne you will tell an agent to charge certain price and they will go ahead to charge double of it....
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by INTEGRITYA1(m): 7:36am On Feb 05, 2019
hischoice:
There was this one I met through Nairaland.

When we finally met at Àgùdà, he was so nice, smooth and sleek; hook me to eatery fah. I couldn't have foreseen that he was fattening me for the slaughterhouse.

When my guy was done with me, I cursed the person that invented the internet.

That's painful. You can share the experience on here so people can learn from it in order to avoid similar occurrence

1 Like

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by Nobody: 7:39am On Feb 05, 2019
hischoice:
There was this one I met through Nairaland.

When we finally met at Àgùdà, he was so nice, smooth and sleek; took me to eatery fah. I couldn't have foreseen that he was fattening me for the slaughterhouse.

When my guy was done with me, I cursed the person that invented the internet.
hahaha I'm so happy it happened to you, afonja sla**s
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by hischoice(m): 7:43am On Feb 05, 2019
Princeofnigeria:
hahaha I'm so happy it happened to you, afonja sla**s

First time a tribal slur is directed at me online, and it comes from you - my brother, separated only by our States of origin. It hurts but I wear a bandage on it, and move on. I'm paying the price for not telling you "I love you" when I should have.

15 Likes 1 Share

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by pacespot(m): 7:44am On Feb 05, 2019
The worse is that if government wants to check the excesses of estate agency by setting up a constituted body that can issue receipt for every sale made by the estate agent to avoid the incidence of selling one property to two clients and some exorbitant charges, that government body will also start demanding bribe from estate agents.

Nigerians and fraud are 2in1, always looking for easy way out. Lazy people

4 Likes

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by AceRoyal: 7:53am On Feb 05, 2019
Even having a registered body will not curb the excesses of fraud as the body might/will be corrupted over time as seen in so many other agencies.

Nigerians are so resourceful when it comes to fraud and many Nigerians from experience don't like honest people.

2 Likes 2 Shares

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by fasho01(m): 7:55am On Feb 05, 2019
Ayoswit:
The writer just hit the nail on the head.

Honeyly. Those agents are a menace

1 Like

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by letout: 8:02am On Feb 05, 2019
Hmm
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by Acidosis(m): 8:05am On Feb 05, 2019
Lagos agents are unarmed criminals. I still wonder why the government can't seem to constitute a regulatory body to check their excesses.

Lagosians lose an average 1 trillion Naira annually in the name of "agency and agreement". How can someone rent a small shop of N150k per annum and asked to pay additional N120k for "agency and agreement"?

3 Likes 1 Share

Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by dayleke: 8:16am On Feb 05, 2019
hischoice:
There was this one I met through Nairaland.

When we finally met at Àgùdà, he was so nice, smooth and sleek; took me to eatery fah and flipped the bill. I was so sure he was the real deal.

I couldn't have foreseen that he was fattening me for the slaughterhouse.

When my guy was done with me, I cursed the person that invented the internet.

Do you mind sharing bro?
Re: CURBING THE MENACE OF ESTATE AGENTS IN NIGERIA by ifyalways(f): 8:21am On Feb 05, 2019
fxbot:
One thing I hate in Nigerian land matters is the omo onile

Buy from an estate developer. Tested and trusted ones.

They deal with omonile, you won't.

2 Likes

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