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Estate surveyors urged to adopt private treaty, auctions in property sales

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As the economy continues to rebound from the impact of COVID-19 pandemic, practitioners have been challenged to hone their skills in the act and practice of private treaty and auctions of properties.

The experts, who spoke at a forum organised by the Faculty of Estate Agency and Marketing, a business division of the Nigerian lnstitution of Estate Surveyors and Valuers (NIESV), said there are opportunities for valuers deploy new strategies in the post COVID-19 era.

Speaking at the forum, a civil and commercial mediator, Mr. Tope Yinka Ojo, who was the guest speaker, said estate surveyors could combine both private treaty and auctions in property sales to maximise profit. He said professionals could start from private treaty and extend transactions to auctioning.

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The options, he disclosed offer high volume of sales, organised market, high professionalism, data mining and market expansion. According to him, private treaty involves the process of selling an asset or property whereby the deal is privately negotiated between the seller and buyer without recourse to an auction process.

While auctions are a process of buying and selling of goods or services by offering them through bids, and selling the items to the highest bidder or buying the items from lowest bidder.

Although, there are pitfalls and merits in both processes, experts advised estate surveyors to explore the potential of both strategies.

Ojo, who is an auctioneer, advised practitioners to improve competence in negotiation, marketing, communication and organisational skills.

According to him, they must have the will to take responsibilities and improve in technological skills as an auctioners and private treaty practitioners.

For him, with estate management niche, covering valuation, marketing, tax urban economy, property management, facility management building and land economics, estate surveyors are well trained to excel in their fields.

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He charged the practitioners to boost skills through training from professional body. Ojo said: “Features of private treaty include, longer time to sell, greater control/negotiation, less expensive, saves money and gives room for privacy.

“List of items that can be auctioned or sold by private treaty, charity/ benefits, gems and jewelries, real estate, furniture and Fittings, cars/ vehicles, plant and equipment and household items among others. The stakeholders in private treaty and auction include, public sector, lawyers, estates agents, contractors and private sector.”

The faculty chairman, Mr. Kayode Ogunji, said as the industry has survived the effect of COVID-19 pandemic, there was need for estate surveyors to learn the rudiments of auctions and private treaty to enhance their practice.

He tasked members to use the opportunity and knowledge to sharpen their estate agency skills. Ogunji said: “We are aware of the various challenges facing the real estate sector as the economy struggles to bounce back from COVID-19 pandemic.

“We need to up our skills to survive. We need to also realise that a lot of government agencies are embracing auctioning.”

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