It is no news that more and more individuals are going into the real estate industry to become estate agents. While this is commendable, there have been reports of lots of unethical and inconsiderate actions by these agents.
It is a standard that not more than 10% should be the agent's commission in the case of sale, lease or rent yet how many follows this standard.
In Lagos State for example, an apartment might cost 150-300k for rent and an agent will be charging 50k for agreement and 50k for commission with no idea on how this amount came to be. This in turn adds more strain on those with need for accommodation with consideration to the present state of the economy.
Some even go as far as advising the landlords to collect an irreversible 50k for damages. The actions stated are unethical and criminal offenses.
The agents are being governed by Estate, Rent & Commission Agents, Association of Nigeria (ERCAAN) and there's a provision in the law that allows an agent risk losing his/her license and face a prison term for such unethical behaviours but until those who are in need for accommodation reports them to these authorities, they will keep up milking unknowledgeable individuals dry.