Key players in the real estate industry have lamented over the unethical practices by some practitioners which has led to many failed and fraudulent real estate transactions, eroding confidence from potential investors and buyers.
The stakeholders, comprising realtors across the country, therefore, called for sustainable practices and the need to prioritise transparency among professionals as part of solutions to regain the confidence of investors.
Speaking at the maiden edition of the Abuja Real Estate Fireside Chat organised by 50 Rein, with the theme: ‘Truth Redefined’, the convener, Mark Onyekachi, an engineer, lamented that the industry is too porous leading to fraudulent transactions, especially from unethical professionals, who are desperate to dispose investors and buyers of their income.
He noted that the industry, being a multi-billion naira sector, must be protected from the hands of unethical professionals from denting the image of those who uphold the ethical standards.
While encouraging a strategic collaboration between the government and the industry, he noted that this would help the professionals regain the trusts of the investors as well as prevent many from being scammed.
Founder, Infinite Acres and Smart Residences, Olajide Abiola, noted that there is need to promote ethical practices in the industry to sustain mutual understanding with the investors.
He stated that building trust with the investors involves being transparent in all dealings and delivering on promises.
Also, Chief Executive Officer (CEO), Mshel Homes, Barka Msheila, offered that the trust challenge facing the industry could be addressed by partnering with the government to enforce ethical behaviour and professionalism.
He encouraged the implementation of disciplinary action to ensure practitioners are committed to the ethics of the profession.
Speaking at the panel section, Chief Executive Officer (CEO), Muna Real Estate, Munachino Eze, stressed the importance of building trust in business. Beyond the real estate sector, he noted that trust is one of the expected characteristics every businessman must possess in attracting investors and growth of the business.
