REAL ESTATE AGENCY - MARKETTING, ITS CHALLENGES AND WAY FORWARD
An article written by Nwabuisi Dennis
Firstly, I would like to further elaborate on the need for real estate practitioners to be able to confront quacks in the field of estate management. This is because these quacks have further deteriorated the practice and made clients and property owners and investors have doubts in the profession. This is not supposed to be so especially at times like this.
The real estate agency is one major and vital aspect of estate management practice that deserves some level of decorum and adequate attention be given to it so as to ensure that real estate practice in Nigeria maintains its course, goals, vision, mission and objectives with regards to the real estate market.
Real estate profession as practiced by professionals in other parts of the world do have this at the back of their mind that for professional and best practice, an estate surveyor and valuer must be one that is unbiased, reliable and who is also able to protect his/her client's interest and his interest too without further causing damage or alterations to any party involved in a real estate transaction.
Nigeria been a developing country, has its own challenges and with the economic situation of the country not helping matter and also lack of proper knowledge by various stakeholders involved in the real estate buisness. Furthermore, the Nigerian real estate sector though in the recent years have been acknowledged both by public and private investors as a breakthrough for long term investments in the country and that is why real estate practice today has been on the increase. But the persistent problem facing the practice today have also been enormous in the sense that there are so many quacks in the field who are causing damages to the real and registered practitioners in terms of fraud and other related activities that are not internationally regarded as best practice. This is so because of the challenges faced upon by the regulatory bodies in trying to curtail this menace through avrious administrative and regulatory policies been set aside to guide the practice of estate management practice in the country but at all these efforts, quackery in real estate buisness today has still not been swept under the carpet which have various negative impact in the professional practice today.
One of the major challenges facing the real estate agency aspect of estate management is the issue of "TRUST". This is so because various individuals and property owners have in one way or the other have some negative notion in mind as a result of their previous experiences with quacks in the field which has left them with little or no option but to make them the landlords of their own and agents alike as the case may be. Nevertheless, this has in turn caused a persistent and unwarranted increase in the values of the property in the Nigerian Real Estate market today. This is so because these individuals now take it upon themselves to inflate prices of properties without actually following the rudiments of the laid down rules and principles by the regulatory bodies of the profession. Just like the saying goes, "Trust is not bought in the market, rather it is earned" in other words, for there to be an effective real estate agency practice in Nigeria and in general, real estate practitioners must learn to ensure that they are accountable for any real estate transaction they carry out at any point in time so as to win back the lost hope and trust that clients and property owners have in entrusting their properties to the real professionals in the field.
Secondly, one of the major challenges facing the real estate agency practice in Nigeria today is Lack of proper awareness and know-how on the part of the clients also as the case may be. This is so because most property owners do in most case prefer to sale and market their properties by themselves without the consent of the real estate practitioners. Many would give an excuse that they don't want to share the proceeds gotten from their property with any body or firm as the case may be. But sincerely speaking, this is so wrong because in involving real estate practitioners who are registered, the tendency for avoidable disputes and uncertainties encountered during real estate transactions are properly averted as one may have it and also professionals in their own way have various means of making sales (Selling of property), or negotiating for buy or purchase (property acquisition) using the rightful means and strategies.
The future of Real Estate Practice in Nigeria in the nearest future is very bright and as such one should endeavor to ensure that all priorities are met accordingly, timely and appropriately as it should be.
Note:
More insights are coming your way on this subject matter.
So Far, You can drop your comments below if this information was useful to you.
Happy Reading.
Firstly, I would like to further elaborate on the need for real estate practitioners to be able to confront quacks in the field of estate management. This is because these quacks have further deteriorated the practice and made clients and property owners and investors have doubts in the profession. This is not supposed to be so especially at times like this.
The real estate agency is one major and vital aspect of estate management practice that deserves some level of decorum and adequate attention be given to it so as to ensure that real estate practice in Nigeria maintains its course, goals, vision, mission and objectives with regards to the real estate market.
Real estate profession as practiced by professionals in other parts of the world do have this at the back of their mind that for professional and best practice, an estate surveyor and valuer must be one that is unbiased, reliable and who is also able to protect his/her client's interest and his interest too without further causing damage or alterations to any party involved in a real estate transaction.
Nigeria been a developing country, has its own challenges and with the economic situation of the country not helping matter and also lack of proper knowledge by various stakeholders involved in the real estate buisness. Furthermore, the Nigerian real estate sector though in the recent years have been acknowledged both by public and private investors as a breakthrough for long term investments in the country and that is why real estate practice today has been on the increase. But the persistent problem facing the practice today have also been enormous in the sense that there are so many quacks in the field who are causing damages to the real and registered practitioners in terms of fraud and other related activities that are not internationally regarded as best practice. This is so because of the challenges faced upon by the regulatory bodies in trying to curtail this menace through avrious administrative and regulatory policies been set aside to guide the practice of estate management practice in the country but at all these efforts, quackery in real estate buisness today has still not been swept under the carpet which have various negative impact in the professional practice today.
One of the major challenges facing the real estate agency aspect of estate management is the issue of "TRUST". This is so because various individuals and property owners have in one way or the other have some negative notion in mind as a result of their previous experiences with quacks in the field which has left them with little or no option but to make them the landlords of their own and agents alike as the case may be. Nevertheless, this has in turn caused a persistent and unwarranted increase in the values of the property in the Nigerian Real Estate market today. This is so because these individuals now take it upon themselves to inflate prices of properties without actually following the rudiments of the laid down rules and principles by the regulatory bodies of the profession. Just like the saying goes, "Trust is not bought in the market, rather it is earned" in other words, for there to be an effective real estate agency practice in Nigeria and in general, real estate practitioners must learn to ensure that they are accountable for any real estate transaction they carry out at any point in time so as to win back the lost hope and trust that clients and property owners have in entrusting their properties to the real professionals in the field.
Secondly, one of the major challenges facing the real estate agency practice in Nigeria today is Lack of proper awareness and know-how on the part of the clients also as the case may be. This is so because most property owners do in most case prefer to sale and market their properties by themselves without the consent of the real estate practitioners. Many would give an excuse that they don't want to share the proceeds gotten from their property with any body or firm as the case may be. But sincerely speaking, this is so wrong because in involving real estate practitioners who are registered, the tendency for avoidable disputes and uncertainties encountered during real estate transactions are properly averted as one may have it and also professionals in their own way have various means of making sales (Selling of property), or negotiating for buy or purchase (property acquisition) using the rightful means and strategies.
The future of Real Estate Practice in Nigeria in the nearest future is very bright and as such one should endeavor to ensure that all priorities are met accordingly, timely and appropriately as it should be.
Note:
More insights are coming your way on this subject matter.
So Far, You can drop your comments below if this information was useful to you.
Happy Reading.
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