A Critique of Real Estate Agency in Nigeria: Policy, Pedagogy and Practice

Abstract

Real estate agency in Nigeria is confronted with various challenges that border on ethics and conduct in practice. This study assessed this situation by undertaking a tripartite review of the policy framework, pedagogy and practice of real estate agency. The position of policy on the practice of real estate agency was examined alongside pedagogic approach to training and issues of ethics in the practice. Questionnaires were used for data collection while relevant policy documents and extant literatures were also reviewed. Respondent groups include the thirty-five final year students of the Department of Estate Management Covenant University as well as the principal officers of fifty-two practicing Estate Firms in Ikeja, Lagos State, Nigeria. Data were analysed with 5-Point Likert scale and mean score and subsequently ranked while Paired Sample T-Test was used to compare and establish if there is significant difference between the opinions of the study groups about the adequacy of real estate agency training in tertiary institutions. It was found among others that the pedagogic approach was inadequate in terms of period of delivery. It was also found that agency was not properly grafted into real estate profession while issues relating to ethics, misconduct and conflicts are rife among practitioners. In addition, it was found that institutions' intervention mechanism in ethics and misconduct among practicing surveyors is weak and ineffective. The study therefore suggests improvement in pedagogic approach, amendment of existing policy to redefine and enshrine real estate agency in real estate profession thereby making it exclusive preserve of qualified practitioners. It also recommends empowering institutions' intervention mechanisms for a more effective monitoring.

Analysing the criteria for measuring the determinants of virtual reality technology adoption in real estate agency practice in Lagos: a DEMATEL method

“…Real estate agency is a relationship that exists between an agent and principal (property owner) where the former represents the latter in certain real estate dealings with a third party (prospective tenants/buyer) (Oloke et al , 2017). The traditional practice of real estate agency in Nigeria requires that the agents take the prospective tenants/buyers to the listed properties for a physical inspection.…”

The regulatory environment of real estate professional services firms (PSFs) in Kenya

“…In Africa, the story remains the same. In Nigeria, Oloke et al. (2017) and Mahama and Dixon (2006) and Obeng-Odoom (2011) writing about Ghana all have recommended regulation of the practice.…”

“…In Africa, the story remains the same. In Nigeria, Oloke et al (2017) and Mahama and Dixon (2006) and Obeng-Odoom (2011) writing about Ghana all have recommended regulation of the practice. Njuguna (2018) argued that one of the weakest links in the regulation of estate agency in the country is the clause that allows any person to be registered and licenced to practise as an estate agent without any requisite academic or professional qualification.…”

Is the real estate profession under threat? Assessing the effect of the involvement of non-professionals in Nigeria real estate agency service provision

“…Usually, non-professionals cannot be barred or sanctioned because they do not often belong to any professional body (Umoren, 2015). Thus, in spite of efforts by the NIESVS to instill discipline into real estate agency practice in Nigeria, the practice remains largely unregulated and unorganized (Oloke et al , 2017). Consequently, real estate agency has been regarded as an all-comers affair for every category of individual whether trained or untrained and thereby often viewed as a lowly vocation for school leavers or dropouts who do not possess a viable means of livelihood in the face of financial adversity (see Ayedun, 2016).…”