The Association of Estate Agents in Nigeria (AEAN) held its 2nd annual conference in Lagos recently.
The conference which was tagged Estate Agency Practice and National Development hosted several delegates and guests from the country.
Mr Chudi Ubosi, the Chairman of the Association stated that AEAN is a body being midwifed and launched by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in other to sanitize the real estate sector of the Nigerian economy and develop the estate agency into respectable professional practice in the country by training and retraining members of the association.
He stated that the theme of this year’s conference is intended to reveal the correlation between Estate Agency Practice and National Development as the Real Estate sector offers a great potential source of growth for Nigeria.
Mr Gbenga Olaniyan, one of the speakers at the event emphasised on the prospects and challenges of Estate Agency practice in the country.
Olaniyan emphasised on the fallen rent; increase in empty properties as a result of rent default; misrepresentation by professional colleagues and also the hurdles of land grabbers (Omo-onile).
He stated that proper personal presentation, detailed website and employing the Real Estate Investment Trust (REITs) will help proffer a solution to estate agency issues in Nigeria.
Another speaker, Barr Hakeem Ogunniran discussed the impacts of agents in the sector. He described real estate agents as catalysts.
According to Ogunniran, a barrier must be put in place to curb the free entry and exit of unqualified estate agents into the sector. This will ensure genuine players in the value chain, he said.
He stated that well equipped estate agents serve as intermediary and a repository of the market position which will in turn saves time of both potential buyers and sellers.
Estate agents are gate keepers and advisers to their clients. They also aid negotiations as they provide mediator roles, he said.