The Association of Estate Agents of Nigeria (AEAN) has enjoined estate agency operators to comply with the ethical codes and conducts of real estate practice.
Mr Adeolu Ogunbanjo, AEAN Chairman, gave the advice on Wednesday at the Mandatory Continuous Professional Development (MCPD) programme of the Association in Lagos.
Theme of the programme was: “Fundamentals of Estate Agency Law and Practice”.
Ogunbanjo said that focus of the programme was to ensure operators in the profession became acquainted with its ethical conducts.
He said estate agents should strive to uphold the integrity of the profession by exhibiting professionalism, trust, honesty and commitment in their transactions with the public.
According to him, lack of regulation which allowed ease of entry and exit in the profession is one of the major challenges hindering effective operation of estate agency.
He said estate agency practice was regarded as “all comers’ affairs”, adding that this could be corrected through effective regulation and monitoring.
Ogunbanjo said government could check the trend by mandating estate agents/firms to register with the umbrella body/association of estate agents before they start practicing.
He urged the Federal Government to regulate the operations of estate agents nationwide to check fraudulent and unethical practices.
“The profession has become an all-comers’ affairs where anyone puts a signpost indicating that he or she is an estate agent.
“But, if government can issue such a directive and one or more agents are sanctioned for violating the rules, it will serve as deterrent to others,” he said.
Also, Mr Ayobayo Babade, a Real Estate Consultant, stressed the need for proper documentation of estate agency transactions for transparency of operation.
Babade said many estate agents had entered into big troubles as a result of poor documentation and lack of transparency in their transactions.
He listed ‘Tenancy agreement, Deed of sublease, Contract of Sale, Deed of Assignment, Memorandum of Understanding (MoU), Acceptance letter, Letter of Engagement, among others as some transaction documents an estate agent should keep.
Babade added that networking and knowledge were key in business of estate agency practice, saying that the real estate market operates in circles which follow economic trend.
“Let every estate agency transaction be dully documented for reference purposes; a major responsible factor for loss of public confidence in estate agency is lack of transparency in the transactions.
“There is need for creation of good relationship interface between the estate agents and the clients. Lets strive to restore confidence to the profession.
“Some of us think that the moment an estate agent collects fee from the client, that comes the end of the transaction.
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“But this is not true; it is actually the beginning of the transaction.
“This is because you need to follow up on the client to ensure that he/she secures the property and became satisfied with your services,” Babade said.
