Surveyors set to regulate estate agency practice

Toward Shalting the infiltration of estate agency practice by quacks, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has reiterated commitment to begin the regulation of the agency aspect of the profession through its pet project- Association of Estate Agents in Nigeria (AEAN), in conjunction with the government.

NIESV president, Dr. Bolarinde Patunola – Ajayi said that the estate agency has been an all-comers’ affair over the years, and the move has become necessary as the incursion of other professionals, such as lawyers and accountants as well as other persons not necessarily trained to practice estate agency is creating negative perception about genuine professionals.

Patunola spoke at the Investiture Reception /Luncheon organised in his honour as the 22nd president of the Institute, last week at the Civic Centre in Lagos, and revealed that such persons will, under the coming programme, be liable to arrest and prosecution by the state if they fail to comply.

“The incursion of many professionals and individuals into our Institution is giving the profession of estate agency “a bad name”. Estate agency is an important service, and should be practiced with full adherence to the code of conduct. We have commenced the programme to control estate agency in Nigeria with the establishment of Association of Estate Agents and collaboration with Lagos State Government on the commencement. At the end of the day, Estate agency will become regulated and give room for practitioners in the new Association to receive the training and start to practice,” he stated.

Patunola also called on his colleagues to begin to strategise and establish mega practice firms through partnerships, as there is currently a threat of invasion of the practice terrain in the country by established foreign big time real estates companies.

“We cannot hide from the fact that old foreign firms of real estate are flocking into Nigeria from abroad. We must initiate action that will ensure their compliance with the Nigerian laws, and protect our practice from their illegalities.

“Majority of our estate firms is operating on sole proprietorship basis. Many old firms operated under this system have closed down with the demise of the sole proprietors. My appeal is that members should please think of the future legacy which partnership can afford the profession. Corporate members should endeavour to team together in fives and tens to establish mega firms that are incurring into our practice in Nigeria”.

He noted that estate surveying and valuation is a profession in the with a mandate to examine, measure, plan, market, supervise and coordinate the operation and use of land and its appurtenances on behalf of the owners, with a view to ensuring the optimum beneficial decision to the individual or organization who have vested interest in the landed property. He therefore urged the NIESV members to always ensure strict adherence to the ethics of the profession.

“Good image is very essential in professional ratings of any profession. The perception of the public and clients about our services is one of the strong yardsticks to determine the level of their patronage of our us. Professional negligence is a breach of the duty of care between the professionals and their clients. Our advocacy to members on professionalism will be intensive to ensure that we maintain the enviable standard required by the users of our services”.

“This administration is looking forward to a new Institution which will build on the achievements of the past ones. We know that there is a lot to do, and we shall work assiduously to raise the banner of progress in the such areas as: upgrading of our website to enhance online transactions in all areas of our daily operation”.

Pledging to make the NIESV a household name in the nearest future, he commended the past administration for their effort in procuring plots of land for the Institution in Abuja, and said his administration is committed to building a secretariat in the capital city.

Patunola also urged capacity building, professional development and strategic partnership with government, as, according to him, these are the determinants of professional competence, relevance and success.

“The level of our competence as professionals is what will dictate the regard and patronage of our services by the public and private sectors. This administration shall give serious attention to training and retraining of members through professional development programmes locally and internationally. Seminars, workshops and trainings will be organized on zonal basis where necessary. Members will receive training on internal standards and new real estate business procedures.

“My appeal to all members is that we must be retrained continuously. We must all realise that the Estate Surveyors and Valuers, Registration Board of Nigeria exists because of us to ensure our success in practice. We shall work with them to move the Institution forward, and protect our members’ businesses.

“We look forward to an institution where members comply with the code of conduct, and become a reference point all over the world. We shall work with the government to render our professional services in the areas of housing policy formulation, execution and management; Infrastructure concession and management including roads, ports, parks, tourist centers, etc; land acquisition, compensation and administration among others.

“Our members should be abreast with the laws that relate to the practice of Estate Surveying and Valuation services. Every practitioner must purchase the laws and go through them, wherever they need to meet their requirements. Some of their bodies include: FRCN, BPP, BPE, ITF, PENCOM, SEC, and others”.