Competency Requirements for Real Estate Practice: the Nigerian Experience

Abstract

With a focus on the real estate markets of Abuja and Lagos in Nigeria, this paper examined the perceptual stands of real estate professionals on the competency requirements for real estate practice in the country. Design/Method/Approach: The paper adopted questionnaire survey conducted on all Estate Surveying and Valuation (ESV) Firms in Lagos and Abuja. The questionnaire solicited information on practitioners' views on the knowledge, skills and attributes required for effective real estate practice in the country. The respondents were asked to rank 24 knowledge areas, 10 skills and 10 attributes as identified and conceptualized from literature. Mean rating, frequency distribution and t-test were used in data analysis. Findings: For effective real estate practice in Nigeria, property valuation, property management and real estate agency were rated the most important categories of knowledge required whereas communication and honesty were rated the most important skill and attribute respectively. It appears the ESV Firms ranking of the identified knowledge areas was based largely on their practices and experiences, because over 80% of the practitioners considered these areas as essential priorities. The least rated knowledge area was basic accounting, while second language and commercial awareness were the least rated skills and attributes respectively. Practical Implications: The findings of this paper can be used as a guide for real estate continuing professional development plan and as a framework for curriculum development and redesign. Originality: This paper is one of the few that have identified the expectations of real estate practitioners with respect to graduates' competency in developing countries like Nigeria.

Evaluation of the Education and Training of Valuation Surveyors in Uganda

“…With education and training taking the lead in shaping a graduate Valuer, there is a need to adequately prepare and impart the required competencies in the form of knowledge, skills, and attributes that reflect the changing dynamics of the industry. This enables the graduates to not only gain employment on completion of the degree but also adhere to the changing dynamics through innovation, creativity and critical thinking, and ultimately drive the market towards increased productivity (Olaleye and Adama 2018).…”