ROLES OF ESTATE SURVEYORS AND VALUERS IN THE SOCIETY

The estate surveyor and valuer is a professional trained in the art and science of estate management to direct and supervise an interest in landed properties with the sole aim of obtaining optimum returns for the owners of such properties has an important role to play in the wellbeing of people and overall development of the society at large.

As members of the three (3) arms of government have various roles they play and perform in attaining better wellbeing and living standards for the people, so also does the Estate Surveyors and Valuers, whose roles and duties in the society cannot be overlooked or ignored.

For the benefits of those that might be wondering the roles Estate Surveyors and Valuers actually play in the society, I have identified and explained some of these roles below:

  • Maintenance of public infrastructures/assets
  • Act as land economists for infrastructural development schemes
  • Custodian of land and landed properties
  • Land dispute arbitrators
  • Professional property consultation and expertise
  • Act as Educators and instructors
  • Employers of labour

Maintenance of Public Infrastructures/Assets:

Wikipedia defined infrastructure as “the basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function. It also defined it in military parlance to mean buildings and permanent installations necessary for the support, redeployment, and operation of military forces”.

Public infrastructures/assets are important terms used in judging a country or region’s development status because they are physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions.

The physical state and conditions of public infrastructures/assets in Nigeria is nothing to write home about or befitting to us – a nation – as giant of Africa. I’m very sure most of you know the state in which the country’s public infrastructures/assets are in today presently.

It must be sadly said at this juncture that public infrastructures/assets in Nigeria has been in serious decay and deteriorating state over the years due largely in part to mismanagement and inadequate or poor maintenance, which has left some of these infrastructures/assets in dismal state of repairs and abandonment.

Estate Surveyors and Valuers trained in the art and science of estate management has important and inevitable roles to play in the management and maintenance of the nation’s public infrastructures – land and buildings, plant and machinery, furniture and fixtures – based on their professional expertise, training, qualification, years of working experience and the knowledge they possess in all matters relating to land and landed properties.

Some of the roles Estate Surveyors and Valuers will/can perform in the course of managing public infrastructures/assets in Nigeria are:

  • Formulate a well detailed planned preventive maintenance policy to the government for managing public infrastructures/assets
  • Help to identify and establish the operative life span and renewal of the component parts that makes up such public infrastructures/assets
  • Carry out continuous renovation and remedial works on some of the infrastructures’ component parts that require minor or early repairs before they affect other parts of such assets/facilities
  • Continuously act in the capacity of a facility/asset manager of public infrastructures/assets on behalf of government for the overall beneficial interest of the government, citizens and nation as a whole

Act As Land Economists For Infrastructural Development Schemes: One of the major determinants of a country’s development rate, standard of living and social wellbeing is massive investment in infrastructural development schemes by the government and private sector. Land economics for infrastructural development schemes focuses on the allocation of land in a particular region within a state/country for residential, commercial or other uses.

In the provision of infrastructural development schemes, Estate Surveyors and Valuers have important roles to play because they act and serve as land economists through their education and training in the concept, theory and principles of land economics – rural and urban – to give expert opinion and advise on the various locations within a region where different types of land uses – residential, commercial, agricultural, etc – can/should be developed based on the  needs of the populace, as well as other urban and non-urban land issues.

The roles expected of Estate Surveyors and Valuers as land economists in relation to infrastructural development schemes are:

  • Analyze organization of activities in a region
  • Establish factors that determines prices of land in a region
  • Examine intra-location choices of firms and households
  • Formulate policy for various land-use control
  • Identify all the various urban and non-urban issues inherent in carrying out infrastructural development schemes in a particular region
  • Assist in formulating a region’s development master plan

Custodian of Land And Landed Properties: Trained in the art and science of estate management to deal with all matters relating to the maintenance and management of land and landed properties within a country for the overall beneficial interest of the citizenry, Estate Surveyors and Valuers should be engaged always because their level of expertise and training spreads across various aspects of real estate discipline.

Estate Surveyors and Valuers while acting as custodians of land and landed properties performs the role of ensuring that those classes of land and landed properties been entrusted onto them are continuously properly managed and maintained in order to improve their aesthetic value, monetary value and lifespan, as well as achieve the expected optimum returns which are in varying forms for the owners of such land and landed properties.

Some of the roles expected of Estate Surveyors and Valuers while acting as custodians of land and landed properties in the society include:

  • Management and maintenance of land and landed properties for the owners
  • Advise on the highest and best use of any land and landed properties
  • Act in the overall beneficial interest of owners of land and landed properties
  • Help to formulate a master plan for infrastructural development projects in the society
  • Determine the monetary value and worth of land and landed properties

Land Dispute Arbitrator: Right from the creation of man, the issues of land and property disputes in various forms have been rampant among people of different backgrounds and ethnicity.

Different categories of land and landed properties’ disputes ranging from land alienation, rightful ownership claims, compensation for land/property acquired compulsorily by government, tenant – landlord issues, etc are continuously been presented and determined in various law courts of the land. Some and if not most of these land disputes have been dragging for a long time without any positive outcome.

To curb and minimize the time taken to determine and give judgements on some of these land disputes, government has set up civil mediation centers acting as an alternative to dispute resolutions, mandated to handle and cater for cases relating to various land and property disputes in a non-judicial manner through the appointment of an arbitrator.

The roles Estate Surveyors and Valuers perform in the society when appointed as land and property disputes’ arbitrators by the aggrieved parties are:

  • Act as intermediary between the aggrieved parties to the land and property dispute
  • Act as a neutral umpire without taking sides to any of the aggrieved parties to the land and property disputes
  • Form member of a land dispute tribunal to determine arbitration cases relating to land and property disputes
  • Proffer professional and expert opinion on compensation valuation cases as well as all matters relating to land and landed property disputes

Professional Property Consultation And Expertise: As medical practitioners cannot perform the roles and duties of legal practitioners, so also are the various roles and duties of Estate Surveyors and Valuers in the society can’t be performed professionally as expected of them by non-real estate professionals, except the professional Estate Surveyors and Valuers themselves.

It is the sole role of Estate Surveyors and Valuers to offer professional expertise, advise, services and opinions to people of different classes in the society based on their individual real estate needs and wants.

The various roles Estate Surveyors and Valuers play in the society on all matters relating to issues of land and landed properties has made them to be very relevant in the development of a nation’s economy and social wellbeing of the total populace. This is so because there is no person or institution that will not require the professional services of Estate Surveyors and Valuers for various individual purposes and needs.

Some of the roles performed by Estate Surveyors and Valuers as professional property consultants and experts which make them to be very relevant in the development of a society as whole are:

  • Advise on various types of real estate investments that can be embarked upon
  • Management and maintenance of both public and private real estate facilities and assets
  • Provide an opinion of value for all land and landed properties, plant and machinery, furniture and fixtures on property valuation matters
  • Serve as property managers to clients’ properties
  • Serve as professional estate agents to clients on matters relating to land and landed property sales, acquisition and lease

Act As Educators and Instructors: This is another role Estate Surveyors and Valuers performs in the society for the betterment and training of those aspiring to become future Estate Surveyors and Valuers, or those that wants to gain an understanding and knowledge about the concepts and principles of estate management as a discipline.

Estate Surveyors and Valuers act as teachers and trainers in various capacities either in private practice, public sector or institutions of higher learning where they continuously perform the role of educating people about the nitty-gritty of real estate management as a profession and course of study. They are able to do and achieve this task based on their level of experiences, skills, training and technical know-how in all matters relating to land and landed properties.

It is the training and education given by Estate Surveyors and Valuers to prospective and future real estate professionals/practitioners that will equip such people to also become vast in knowledge, understanding, practical skills and experiences in performing exceptionally well in any capacity they find themselves as real estate professionals in the society.

Employers of Labour: Estate Surveyors and Valuers who have set up their own private real estate firms are directly performing the role of employers of labour in the society as they create jobs in this regard by employing different kinds of people to work in various departments within their firms.

While performing this important role as employers of labour, Estate Surveyors and Valuers are helping government to curb the issue unemployment which is very rampant in the society through the creation of paid employment opportunities to the citizens that desire to work in real estate and surveying firms.

With the statements I have written above to buttress my point on the roles Estate Surveyors and Valuers play in the society, you will agree with me that the professional services and expertise of Estate Surveyors and Valuers can and should not be under-estimated or ignored towards achieving economic development and social wellbeing of the populace.

 

I implore you to kindly share this post/article because there are so many people out there looking for this particular piece of information but can’t get or have access to it.

 

ABOUT ME
Femi Atoyebi is a Bachelor of Science Degree (BSc) holder of Estate Management from the prestigious University of Lagos,Akoka , Lagos state, Nigeria. He possesses a Professional Practice Certificate in Estate Surveying and Valuation from the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
He is the principal consultant of Starlight Professional Services Ltd, a highly progressive and consolidated property and construction project management company, which is committed to providing the highest level of professional services in meeting clients’ real estate needs.
Feel free to contact him at: femi.atoyebi@gmail.com

 Hope you do that now!!!!!

6 SIGNIFICANT LAND ACQUISITION METHODS IN NIGERIA

 

Acquiring or purchasing land for developmental purposes of any kind in Nigeria is a very tedious and rigorous process for anyone who does not know the appropriate channel/avenue to follow in doing so. This is due to the high level of protocols and bureaucracies that any aspiring land purchaser will inevitably go through.

 

Because of these factors, I have decided to write on the various avenues by which anybody (Public, Corporate or Individual) aspiring to acquire or purchase land for varying developmental purposes in Nigeria can do asuch.

 

The various avenues to purchase/buy land for developmental purposes in Nigeria are:

 

  • Government estate schemes
  • Private property development companies
  • Government’s property investment companies/agencies
  • Mortgage/financial institutions
  • Individual property investors
  • Traditional land owners (Omo-Onile)

 

  1. GOVERNMENT ESTATE SCHEMES

 

Acquiring or purchasing land for any developmental purpose from government (State and Federal) is the most authentic avenue to do asuch, as this is statutorily stipulated in the Land Use Act of 1978.

 

The Act vested all land lying in the territory of each state (except land vested in the Federal government or its agencies) solely in the Governor of the State, who would hold such land in trust for the people and would henceforth be responsible for allocation of land in all urban areas to individuals resident in the state and to organisations for residential, agriculture, commercial and other purposes while similar powers will with respect to non urban areas are conferred on Local Governments.

 

Section 1 of Act states that Subject to the provisions of this Act, all land comprised in the territory of each State in the Federation are hereby vested in the Governor of that State and such land shall be held in trust and administered for the use and common benefit of all Nigerians in accordance with the provisions of this Act”

 

In adhering to the laid down laws of the Land Use Act, government (State and Federal) do acquire large expanse of land to be developed into either site and service estate schemes or built-up estate schemes which are then advertised to the general public for purchase and acquisition.

 

Any body that acquires or purchases land in government estate schemes will be issued a statutory right to use that land for a fixed term/period of 99years. The evidence for granting such purchaser the statutory right on the land is issuance of a Certificate of Occupancy (C of O) to that successful applicant/purchaser.

 

But as secured and legitimate as it looks or sounds in acquiring or purchasing land from government estate schemes, the process in doing is still a tedious one as many people who subscribed/applied to these government schemes are yet to be allocated their plots of land largely due to over-subscription and/or non availability of government estate schemes which people can readily purchase for developmental purposes.

 

Because of these negative factors, many people have diverge different ways in acquiring/purchasing land from other sources since government’s various estate schemes cannot cater for nor meet the high demand of people in dire need of land for different developmental purposes (most residential).

 

  1. PRIVATE PROPERTY DEVELOPMENT COMPANIES

 

Another avenue which people can take to acquire or purchase land for developmental purpose in Nigeria is through site and service (land) estate schemes been massively embarked upon by the various private property development companies carrying out real estate development activities and business in the country.

 

What these private property development companies do is to acquire large expanse of land from either the traditional land owners (omo-onile), government (state and federal) or private/corporate land owners, and afterwards divide the land into lots/units/plots to be sold to the general public in the form of a site and service estate scheme or built-up estate scheme.

 

Anybody that is interested in acquiring/purchasing land for developmental purpose from the various private property development companies will need to apply and subscribe to such estate scheme either directly with the property development company or any of their associate marketing partners.

 

Payment for land in any of these private property development companies’ estate schemes is made either out-rightly, in installments or as may be prescribed by the developers of such estate schemes.

 

The title documents that are given to successful subscribers/purchasers of private company development estate schemes is letter of allocation of the particular lot/plot of land bought coupled with a Deed of Assignment/Conveyance bearing the purchaser’s name.

 

Many private property development companies forbids people in buying more than one plot of land from any of their estate schemes mainly to discourage speculative motives of some property investors.

 

Examples of private property development companies in Nigeria are UPDC, HFP engineering ltd, etc

 

  1. GOVERNMENT PROPERTY INVESTMENT AGENCIES

 

Government (state and federal) have also created and established various property investment agencies/companies to cater mainly for the provision and availability of large expanse of land to the general public for acquisition/purchase but this is embarked upon from the investment perspective of the government.

 

Real estate is regarded as one of the best investment machine that generates adequate returns on investment through provision of streams of income for the owner. It is in this regard that government also established property investment companies/agencies to make large expanse of land available for sale to the general public so as to generate more revenues inform of income to the government.

 

So, government’s property investment agencies/companies is another avenue where all prospective purchasers/buyers of land for developmental purpose can go to in acquiring or purchasing the land of their choice.

 

Examples of government’s property investment companies/agencies in Nigeria are: LSDPC, Ibile Holdings, Ogun state property development company, etc

 

  1. MORTGAGE/FINANCIAL INSTITUTIONS 

 

Yes, it is also possible for anybody looking for land to acquire or purchase for developmental purpose to get such land from any of the mortgage or financial institutions operating in Nigeria.

 

There are some foreclosed properties such as land and buildings which some mortgage and financial institutions always advertise for sale to the general public due to non-payment of the loan advancement granted owners of these land and landed properties which have been used as collateral for the repayment of such loan advancement.

 

Anybody that needs land for developmental purpose might be lucky to get a good bargain for any of this foreclosed land and landed properties as their monetary values is not always in consonance with their real Market Values.

 

So you can always be on the look out for the availability of foreclosed lands from mortgage and financial institutions operating in Nigeria if and when you want to acquire or purchase land for developmental purposes.

 

  1. INDIVIDUAL PROPERTY INVESTORS

 

Individual property investors refer to those investors who buy land from various sources and/or avenues mainly for speculative and investment motive to be sold back to the general public afterwards.

 

They are investors who buy land so as to keep hold of it till when it appreciates in monetary value and afterwards sell such land at a higher price to anybody who may be interested in acquiring or purchasing such land from them.

 

So many people are now going into the act of real estate investment as they are certainly sure of making higher returns on their investment afterwards.

 

Also, there are some individual property investors who buy land to undergo different classes of property development (residential, commercial, leisure, etc) activities to be leased or sold to people after its completion, while there are some who just buy land to re-sell such after some time when it has appreciated in monetary value.

 

Acquiring or purchasing land from individual property investors is another avenue which can be relied upon by anyone looking for genuine means of getting land for developmental purpose in Nigeria.

 

  1. TRADITONAL LAND OWNERS (OMO-ONILE)

 

This is by far the most popular means by which one can acquire or purchase land as far as land acquisition for developmental purpose is concerned in Nigeria. It is the easiest avenue and the most direct means which one can acquire or purchase land in Nigeria for developmental purpose.

 

This is so because it is not everybody that are properly enlightened or aware as to the other various avenues where and how land can be bought/purchase for developmental purpose in Nigeria.

 

Also, buying land from the traditional land owners popularly called Omo-Oniles is very cheap and readily available for everyone to access as compared to the other avenues mentioned above.

 

Most and if not all of the various avenues I mentioned above in acquiring or purchasing land for various developmental purposes in Nigeria are through the traditional  land owners – Omo Oniles – whose family and forefathers lay claim to the ownership of land in the country.

 

This has been so, long before the enactment of the Land Use Act of 1978 and even afterwards till today.

There are so many things that must be considered when buying land from the traditional land owners – Omo-Oniles – in Nigeria as whoever does not take cognizance of these things may end up falling into the wrong owners of such family land.

 

Be on the lookout for my next post as I will be writing on the various factors to be considered when buying land from traditional land owners – Omo Onile.

 

Always employ the services of the professional Estate Surveyor and Valuer to guide you through the process of acquiring or purchasing land from any of these various avenues written above as they are professionally trained in the art and science of diversified areas of Real Estate Management discipline.

 

I implore you to kindly share this post/article because there are so many people out there looking for this particular piece of information but can’t get or have access to it.

 

ABOUT ME
Femi Atoyebi is a Bachelor of Science Degree (BSc) holder of Estate Management from the prestigious University of Lagos,Akoka , Lagos state, Nigeria. He possesses a Professional Practice Certificate in Estate Surveying and Valuation from the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
He is the principal consultant of Starlight Professional Services Ltd, a highly progressive and consolidated property and construction project management company, which is committed to providing the highest level of professional services in meeting clients’ real estate needs.
Feel free to contact him at: femi.atoyebi@gmail.com

 Hope you do that now!!!!!

PROPRIETY RIGHTS ENJOYED FROM PROPERTY OWNERSHIP

 

Owning land and/or landed property is one of the fundamental ideologies behind man’s existence on earth. This is largely due in part to it been used as a yardstick in determining one’s level of success, influence, status and socio-political power among family members and relatives, peer groups, colleagues and the society at large.

 

However, there are some certain types of propriety rights that are enjoyed from owning land and landed properties which I will explain to you today. But before I go on with my explanations, let me briefly define Estate Management as a course of study in order to ignite your enthusiasm and curiosity on the topic.

 

Thorncroft, M (1965) defined Estate Management as “the direction and supervision of an interest in landed property with the aim of securing an optimum return. This return need not always be financial but may be in terms of social benefits, status, prestige, political power or some other goals or group of goals”

 

From the definition above, you will realize that it is through directing and supervising the various interests inherent in land and landed property ownership that brings about the study of estate management to assist and guide the property owner in achieving their identified goal or group of goals.

 

Propriety Rights and Interests are the Bundle of Rights which an owner of land and/or landed property has and enjoys from its ownership. 

 

Some of this bundle of rights includes:

 

  • Right to lawful possession
  • Right to alienate of transfer
  • Right to lease
  • Right to sell
  • Right to income accruing from land and landed property
  • Right to develop and/or redevelop
  • Right to mortgage it
  • Right to claim possession and ownership
  • Right to grant lesser interests and rights

 

  1. RIGHT TO LAWFUL POSSESSION

One of the rights which an owner of land and/or landed property enjoys from its ownership is the right to lawful and actual possession.

 

An owner of land and/or landed property who has acquired a land and/or landed property legitimately from the appropriate source, has an exclusive right to take actual and lawful possession without any fear of been ejected or dispossessed from doing so.

 

In the event of any government acquisition exercise, the owner of such land and/or landed property will be entitled to adequate compensation for the exclusive right of lawful possession which has been taken from him/her in such circumstance.

 

  1. RIGHT TO ALIENATE OR TRANSFER

Another right which an owner of land and/or landed property has over its ownership status is the right to alienate or transfer the land and/or landed property to his children, wife/husband, immediate family or any other person he/she so desires to alienate or transfer the land and/or landed property to.

 

What is only required from the owner of such land and/or landed property in transferring or alienating the land and/or landed property in question is a well written, signed and stamped document which specifically spells out who the land and/or landed property is been transferred or alienated to by the right owner.

 

  1. RIGHT TO LEASE

This is one of the most common types of rights which an owner of land and/or landed property enjoys from its ownership. It is commonly found among property investors who owns residential and commercial land and/or landed properties that are leased out to prospective clients in need/demand of such class of land and/or landed property.

 

What the right indicates is that an owner of land and/or landed property has the exclusive right to lease out his land and/or landed property for tenancy or leasehold purpose in consideration for money paid in form of rent.

 

In exercising his right to lease the land and/or landed property, the owner usually employ the services of a professional real estate agent who is given the mandate and instruction to manage the land and/or landed property as well as accept rent paying tenants with good characters/beaviours into the property.

 

  1. RIGHT TO SELL

Another right which is synonymous to the right to alienate or transfer land and/or landed property by the owner is the right to sell such land and/or landed property which he/she enjoys absolute ownership and possession anytime he/she wishes to do so.

 

An owner of land and/or landed property having absolute possession of the land as well as legitimate/genuine title documents on the land and/or landed property has the sole right to sell the land and/or landed property anytime he so desires to do asuch.

 

The owner of the land and/or landed property can as well sell at any price he desires or as been advised by the professional Estate Surveyor and Valuer whom he has consulted for his/her expertise.

 

  1. RIGHT TO INCOME ACCRUING FROM LAND AND/OR LANDED PROPERTY

An owner of land and/or landed property also has the exclusive right to streams of income accruing from the land and/or landed property which he has absolute possession and ownership claim of.

 

The streams of income accruing to owner of the land and/or landed property may be in form of leasehold, sales or development of the land and/or landed property.

 

  1. RIGHT TO DEVELOP AND/OR REDEVELOP

What an owner of land and/or landed property can also do from owning land and/or landed property is the right to develop or re-develop the land and/or landed property anytime he/she wishes to do so.

 

An owner of a bare land can for instance develop such land into different classes of built-up structures based on the need and demand for that type of structure. Such developed built-up structures may be in the form of residential accommodations, commercial and recreational structures.

 

Another scenario is a situation whereby the owner of land and/or landed property due the right he has on the ownership of such land and/or landed property redevelops it either to enable it meets up with the current building standard or modifies it into something different entirely.

 

  1. RIGHT TO MORTGAGE

The owner of land and/or landed property also has the exclusive right to mortgage his/her land and/or landed property with a mortgage or financial institution in consideration for loan advancement.

 

The land and/or landed property which an owner has mortgaged will serve as collateral for the loan advancement which he/she is seeking from the mortgage or financial institution.

 

The mortgaged land and/or landed property will revert back to the rightful owner once the loan instrument has been offset with the mortgage or financial institution by the owner.

 

  1. RIGHT TO CLAIM POSSESSION AND OWNERSHIP

The owner of land and/or landed property also has an exclusive right to claim possession and ownership from illegal occupants of such land and/or landed property.

 

In claiming possession or ownership of the land and/or landed property back from illegal occupants, the rightful owner will need to tender all his title documents legally tenable in any court of law which specifically indicate and reveal that the claimant is the rightful owner of such land and/or landed property in question.

 

  1. RIGHT TO GRANT LESSER INTERESTS AND RIGHTS

The other right which an owner of land and/or landed property also enjoys from such ownership is the right to grant lesser interests and rights on his/her land and/or landed property with some specified restrictions indicating the obligations of enjoying such rights and interests for whom it is granted by the actual owner.

 

Some of the lesser rights and interests which can be granted by an owner of land and/or landed property are: easement, license, profit aprendre, way leaves, covenants, etc.

I hope with all these explanations above, you have been adequately acquainted with the various propriety rights you can enjoy from owning land and/or landed property

ABOUT ME
Femi Atoyebi is a Bachelor of Science Degree (BSc) holder of Estate Management from the prestigious University of Lagos,Akoka , Lagos state, Nigeria. He possesses a Professional Practice Certificate in Estate Surveying and Valuation from the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
He is the principal consultant of Starlight Professional Services Ltd, a highly progressive and consolidated property and construction project management company, which is committed to providing the highest level of professional services in meeting clients’ real estate needs.
Feel free to contact him at: femi.atoyebi@gmail.com

 Hope you do that now!!!!!

THE LAGOS STATE TENANCY LAW(A CRITIQUE)

 

 

THE LAGOS STATE TENANCY LAW,Four( 4) years after its promulgation and enactment  into Law, leaves  a lot of questions unanswered in terms of its effectiveness  and efficiency  in Lagos State.

Many Lagosians have criticized the effectiveness and implementation of the Lagos State tenancy law, which was enacted on August 5, 2011, to protect the interest of tenants.

However, four years down the line, many are still questioning the potency of the law, due to the astronomical increase in rent in the state.

Lagos is home to over 21 million people with additional people trooping into the city on a daily basis, and housing remaining a major challenge for the teeming population. While some live in highbrow areas, many are contented to live in slums and densely populated areas.

This brings to the fore the question which many have been asking as regards how affordable it is, living in the city of Lagos. Others ask if the poor man can get by. The answer, however, lies in the hands of Lagos landlords. While the state government is a proponent of affordable housing, landlords simply want to get the most from their properties.

This also brings to the front burner, the question of how effective the Lagos State tenancy law really is. The law was enacted by a sympathetic government that saw the plight of Lagosians; many who reel under the burden of paying in advance outrageous house rent in areas where the living conditions are really pathetic.

The Lagos State tenancy law applies to all premises within Lagos State, including business and residential premises, unless otherwise specified

The law stipulates that it is unlawful for a landlord or his agent to demand or receive from a sitting tenant, rent, in excess of three months in respect of any premises.

The law stipulates that it is unlawful for a sitting tenant to offer or pay rent in excess of three months in respect of any premises while also adding that any person who receives or pays rent in excess of what is prescribed in this section shall be guilty of an offence and shall be liable to a fine of N100,000 or to three months imprisonment or any other non-custodial disposition.

In a nutshell, the law hopes to achieve two things; make rental housing more affordable for Lagosians, by outlawing the practice where building owners require prospective tenants to pay multi-year rent upfront, sometimes requesting up to three years advance payment. The other objective is to punish erring building owners and tenants.

The law is clearly stated but many have questioned its tenacity when it comes to holding to account, erring landlords, and even tenants.

Ever since the tenancy law was publicly enacted, things have gone from bad to worse. With the law at the back of their minds, landlords now charge double as rent in one year while others blatantly refuse to acknowledge the law. The statement, “did Fashola build my house for me?” has now become common among many landlords.

While the government urges Lagosians to know their rights concerning issues of rent and tenancy, landlords continue to reign supreme,. Challenging a Lagos landlord is synonymous to having your things thrown out.

Recently, the Lagos State Government urged sitting tenants whose landlords unreasonably increase their rents after the expiration of their advance payment to seek redress in the law court.

Attorney-General and Commissioner for Justice, Mr. Ade Ipaye, who gave the advice pointed out that the right of tenants was provided for in the new law to check landlords who use arbitrary rent increases to unlawfully eject sitting tenants who, in most cases, could not afford such increases.

He pointed out that the tenancy law bans landlords from collecting advanced rents in excess of one year in respect of new tenants and six months for sitting tenants. It prescribes a N100, 000 fine or three months for violators which also includes tenants who offer to pay more than what is prescribed by the law.

“We are aware that some landlords deliberately increase rents after the expiration of their initial contracts with their tenants as a way of ejecting them and get new tenants who would pay them in advance. Most times, these increases are as high as 100 per cent or more.

He further pointed out that the state government believes it is exploitative. “We made a provision in the new tenancy law giving tenants the power to challenge such unreasonable increases in court. The courts would now determine whether such increases are right based on some considerations and if not justified, the landlords would be asked to review such downwards,” he said.

Ipaye further noted that the state has, in the alternative, established mediation centres across the state to intervene in conflicts arising from rent increases with a view to achieving amicable settlements.

On why the state exempted some highbrow areas in some aspects of the law, the commissioner said the government based the exemption on the peculiarities of the areas as well as the status of tenants.

The government had said the ban on advance payment of rents in excess of one year did not apply in Victoria Island, Ikoyi, Ikeja GRA and Apapa.

“Most of the tenants in these areas are companies who, as a matter of convenience, prefer to pay in advance, sometimes ten years. We don’t want to discourage them and we don’t want to discourage investments in real estate in those areas,” he said.

However, many have argued about the exemption of some places. While the state encourages tenants to go to mediation courts as a way of seeking redress, the question of timing comes to the fore.

Most mediation cases take a minimum of three months to be resolved thereby leaving the tenant at the mercy of the landlord. Some tenants get so frustrated by the system that they opt to move out on their own thereby having to face another barrage of high rent from another landlord.

The question of whether the state government is able to protect tenants from landlords, and the effectiveness of the tenancy law, readily comes to mind.

In his reaction, Mr Akintade(Not real name), who is a tenant residing at Ketu, pointed out the obvious.

“These laws are just in black and white without any serious implications for erring landlords. With price of building materials increasing on a daily basis, I don’t think the government should dictate to landlords how much they should collect on their houses.

“But they should also be brought to check. How can a landlord charge three years in advance for a one-bedroom apartment? I don’t think it’s fair,” he said.

Also commenting, Mrs Funke Akinwunmi(Not real name), who lives in Gbagada, pointed out that though the law is good, the government still needs to do more to put erring landlords in check.

“I believe there should be a regulatory body mandated to enforce the tenancy law. If the government can successfully ban okada, then I believe they can do this,” she said.

For Ibrahim Shittu(Not real name) living in Ojodu Berger, the law was just a way of encouraging landlords to increase their rent. “You can’t tell a landlord not to collect rent in advance and not expect him to increase his rent. What people need is affordable housing that they can call their own.

“I believe the people who are shouting and making noise about this law are mostly real estate agents who had been driving the real estate market into chaos before now and getting most of the money.

“I hope the Lagos State government stays determined and makes enforcement possible by properly manning and expediting cases that will come initially, hopefully in the long run, tenants and landlords will see the gains and push the agents out of the way,” he said.

There are fears that the law, which stipulates punishment for erring landlords may go the way of other similar laws enacted by past administrations in Lagos State.

The reason is very simple. Private building owners enjoy an absolute monopoly in the rental housing market in Lagos State in particular, and Nigeria in general. This is already evident in the reaction of building owners in Lagos to the law.

Without real competition between private and public investment in housing rentals, it may be difficult to effectively enforce the controversial law though a Senior Advocate of Nigeria is the chief executor.

ABOUT ME
Femi Atoyebi is a Bachelor of Science Degree (BSc) holder of Estate Management from the prestigious University of Lagos,Akoka , Lagos state, Nigeria. He possesses a Professional Practice Certificate in Estate Surveying and Valuation from the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
He is the principal consultant of Starlight Professional Services Ltd, a highly progressive and consolidated property and construction project management company, which is committed to providing the highest level of professional services in meeting clients’ real estate needs.
Feel free to contact him at: femi.atoyebi@gmail.com

 Hope you do that now!!!!!

NIGERIA HOUSING SHORTAGE RISING WITH SLUM DEMOLITION AND MORTGAGES

Biola Macaulay(Not real name) used all of her five-foot frame to face down a bulldozer and save her freezer from being destroyed as a wrecking crew guarded by armed security forces razed her home in Badia East slum ,Lagos,Nigeria

While she salvaged the cooler, the 40-year-old is still waiting for the Lagos state government to fulfill a pledge to help replace the home she used as a store to sell beverages and food. The wooden shack was flattened last February along with the dwellings of thousands of others that authorities said were moved for a housing project that’s yet to get off the ground.

“We can’t be living in this kind of condition forever,” Macaulay said as she prepared to move back home about 100 miles east of Lagos. “We’re citizens of Nigeria. Let them have mercy on us.”

The demolition is making way for more than 1,000 one-to two-bedroom apartments that will be beyond the means of Nigerians like Macaulay. Lagos, sub-Saharan Africa’s most populated city, is trying to narrow a national housing shortage that the World Bank estimates at 17 million. While Nigeria is Africa’s most populous nation with about 170 million residents, the real estate market is hobbled by a dearth of home loans, interest rates about six times those in the U.S., poverty, and the continent’s second-most expensive real estate market. 
Property investors in Africa’s largest oil producing nation are aiming to lease the apartments to foreigners and the wealthy residents of Lagos. In the city of about 21 million people, landlords typically demand one to two years’ rent upfront due to the cost of land and land use charge payments, the continent’s most expensive after Angola’s, according to Knight Frank LLP, a London-based property broker.

Lagos Oil 
“The management of land resources is considered to be the oil of Lagos,” said Felix Morka, the executive director of the Social and Economic Rights Action Center, which provides legal assistance to evicted slum residents. 
Lagos State Governor Babatunde Fashola, whose second term expires after elections next year, is attempting to create a workable city out of one that’s currently best known for crime, gridlocked traffic and daily power outages. Lagos is the smallest inland area, yet most densely packed of the West African nation’s 36 states. Seventy percent of Lagosians live in slums, according to Amnesty International. The state government says Lagos needs 4 million extra homes to close the gap. 
Companies including Johannesburg-based FirstRand Ltd. (FSR), Africa’s second-largest bank, Resilient Property Income Fund (RES) and Actis LLP, a London-based private-equity firm, are funding construction of office blocks and shopping malls rather than rushing into residential mortgages, which are offered by some local lenders such as FBN Holdings Plc (FBNH) and Zenith Bank Plc.

Addressing Shortfall 
The government last month started Nigeria Mortgage Refinance Co. to tackle the deficit. It will fund lenders to help encourage the building of 75,000 homes a year for low- to middle-income earners. The country doesn’t publish house-price data, according to Global Property Guide, and real estate transparency is the worst of 97 markets after Sudan, according to a 2012 index published by Jones Lang LaSalle Inc. (JLL) 
The World Bank estimates there were 44,000 mortgages with an average size of 5 million naira ($31,472) each from 2004 to 2010. The ratio of home loans to gross domestic product of Africa’s second-largest economy was 0.6 percent at the end of 2011, even after the market surged fourfold from 2006. That compares with 31 percent in South Africa and a European average of 50 percent, according to the Washington-based lender. 
While GDP per capita more than trebled to $1,725 in the decade through 2013, according to International Monetary Fund estimates, inequality has worsened with 68 percent of Nigerians living on less than $1.25 a day, compared with 63 percent in 2004, World Bank estimates show.

Buyers Beware 
Nigeria’s oil wealth over the decades has come at the expense and mismanagement of other industries, resulting in a lack of formal jobs with crude revenues being siphoned off by corruption without benefiting the majority of the population. Property scams run rife with buildings often painted with warnings such as “This House is Not for Sale” to avoid conmen selling homes to unsuspecting buyers or “Beware of 419,” referring to the Nigerian fraud code. The nation ranks 144th among 177 countries in Transparency International’s Corruption Perceptions Index. 
Even in Lagos’s most affluent districts of Victoria Island and Ikoyi, trash builds up on pavements and in open drainage gutters, while derelict and poorly maintained buildings decay in the tropical heat. Knight Frank estimates office rents in those areas can typically amount to about $1,000 per square meter each year, while residential rents can cost $10,000 a month.

‘Quickly Deteriorate’ 
“Buildings quickly deteriorate,” Peter Welborn, head of Africa at Knight Frank, said by phone. “After five, seven, maximum 10 years a building in Lagos will probably look like a building in Europe that’s 20 to 25 years old.”
Less than seven miles from Badia East, a local construction company is pumping sand out from the sea, reclaiming eroded coastline to turn the desolate stretch of land into a section that will resemble Nigeria’s equivalent of New York’s Fifth Avenue, said David Frame, the managing director of South Energyx Nigeria Ltd., which is leading the development. 
The district, known as Eko Atlantic, probably will become home to 250,000 residents, while 150,000 will be commuting there every day, Frame said in a December interview. A 15-story commercial building is set to be the first completed development by March 2015 with the land reclamation and sea wall due in 2017.

Ocean View

Residential and office plots on the first phase of the marina overlooking the ocean will sell at $2,500 per square meter, while those away from the waterfront will go for $1,250 to $1,500, he said. Manhattan’s Fifth Avenue, home to retailers Saks Fifth Avenue and Tiffany & Co., had the world’s second-highest retail rent per square foot at $2,500, behind only Hong Kong’s Causeway Bay, according to a November report by global real estate services firm Cushman & Wakefield. 
The location will have its own power, sewage, drainage and garbage disposal services, while developers have expressed interest in building a shopping mall and an international-standard hospital and school, Frame said. The appeal of reducing the often three- to four-hour gridlocked commute from Lagos’s mainland to the island’s business districts will be a big draw, he said. 
The housing market can expand more than 10-fold in the short term, Finance Minister Ngozi Okonjo-Iweala said in a Bloomberg TV interview last month, while the creation of Nigeria Mortgage Refinance will help bring interest rates on mortgages to around 10 percent.

Broken Ecosystem 

Interest charges on home loans run 18 percent to 25 percent, Michael Chu’di Ejekam, a director at London-based Actis, said in an interview in Lagos. The Central Bank of Nigeria has kept its benchmark rate at a record 12 percent to keep the naira stable and curb inflation before elections next year. 
“The ecosystem for residential investment development still remains relatively broken,” said Ejekam. “The lack of affordable mortgages is a major challenge, a major deterrent, a major hindrance to the development of residential properties in this market.” 
There’s little incentive or money for private developers to provide low-cost housing, Knight Frank’s Welborn said. 
“The cost of the land, the cost of what an average individual expects to have in terms of square footage in a number of rooms, none of it makes commercial sense,” he said. 
Plans by Lagos to develop 5,000 affordable homes is a “drop in the ocean” of what is needed and private investors are needed to help end the shortage, Bosun Jeje, the state’s housing commissioner, said in a Jan. 10 interview.

Poor Payments

The state is using a 284.4 million-naira loan to compensate 1,933 tenants and 319 landlords affected by the Badia East clean-up, Lagos State Attorney General Ade Ipaye said in an interview Jan. 14. Estimates by Amnesty International that the shanty homes of 9,000 people were destroyed are exaggerated, he said. 
The government must ensure people erect legal structures so it can formalize housing and clamp down on crime to make the city more attractive, he said. “If we cannot relax because all of the parks are now market places or places where people have put up shanties, then we don’t have a city,” Ipaye said.

Lagos state’s efforts to clean up its act is of little help to Macully, who used to pay 15,000 naira a month for the two-bedroom shack she shared with her three children. 
“They want to improve the city, but they don’t want to take the steps responsible governments are required to take to achieve that goal, steps that make sure the poor are not paying disproportionately,” the Social and Economic Rights Action Center’s Morka said.

Macaulay’s children are now scattered with various relatives as she seeks another means of surviving, willing to take what she can get from the government. 
“Whatever they say they want to give us,” she said. “Let them give it to us, so we can cope.”

We have to continue to watch as further developments arise in this regard………

ABOUT ME
Femi Atoyebi is a Bachelor of Science Degree (BSc) holder of Estate Management from the prestigious University of Lagos,Akoka , Lagos state, Nigeria. He possesses a Professional Practice Certificate in Estate Surveying and Valuation from the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
He is the principal consultant of Starlight Professional Services Ltd, a highly progressive and consolidated property and construction project management company, which is committed to providing the highest level of professional services in meeting clients’ real estate needs.
Feel free to contact him at: femi.atoyebi@gmail.com

 

Hope you do that now!!!!!

THE PROFESSIONAL REAL ESTATE AGENT

21 REASONS WHY YOU SHOULD CONSULT A PROFESSIONAL ESTATE AGENT

Long before now, estate agency practice in Nigeria is regarded as an all comers’ affair where people with no prior or adequate training and/or knowledge in the act and science of estate management and valuation find their way into the real estate profession.
With reference to an article I read the other day, the writer referred to the requirements for anybody wanting to go into estate agency practice as been able to read and write as well as having good marketing skills.
While the two factors mentioned above are really important, I tend to disagree with – all due respect – the author of the article to a large extent because estate agency practice as an aspect of estate surveying and valuation discipline is more than just knowing how to read and write or having good marketing skills because it has its own concept and laid down principles guiding its activities.
Kuye Olusegun (2008) in his book title “Estate Office Practice” identified the various range of services which estate agency practice embraces;
·         Advising the vendor, purchaser, lessor or lessee on the state of condition of the property
·       Compiling details of all types of properties namely – offices, warehouses, shops, residential accommodation and industrial premises
·         Assessment analysis and comparison of values and rents of all types of real estate transactions
·         Determining the values and rents of these properties generally
·         Introducing purchaser of lessee through the property
·         Negotiating the sale, purchase, seeking tenants and arranging leases of properties on behalf of his clients
·    Preparation and administration of leases, collection of rents, dealing with maintenance and operation of accounts.
Estate agency practice involves carrying out business-like activities in the sales, acquisition/purchase and leasing of various classes of land and landed properties by “an estate agent” based on the instructions of “the client”, in consideration for monetary compensation – usually a percentage of the monetary value – known as commission”
The person that carries out any act of estate agency activities is referred to as an estate agent while the person whom such act is carried out on his/her behalf is known as the client.
An estate agent is described as the person who carries out business activities in estate agency practice and whose duty is to sell, acquire, lease and manage of various classes of land and landed properties on behalf of the client in consideration for monetary compensation usually referred to as commission.
Professional estate agents in the context of estate agency practice refers to registered Estate Surveyors and Valuers, as well as all those that have undergone rigorous and thorough training in the act and science of estate management and valuation but are yet to be registered and/or elected into the Nigerian Institution of Estate Surveyors and Valuers (NIESV), and Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) respectively.
Professional estate agents can specialize in either one or all of the following areas of estate agency practice; property/land sales, lettings, acquisition, management and valuation, but this will be based on their level of education, qualification, professional training, skills and competences.
There are other allied professionals – architects, builders, lawyers, etc – in the estate management profession who also carry out estate agency activities for people.
Due to the indiscriminate and uncontrollable encroachment of quacks and non-professionals in the estate agency practice, I have identified the following 21 reasons why you should consult a professional estate agent for any or all of your estate agency needs.
The reasons why you should consult professional estate agents are:
1.      A graduate of estate management trained and skilled in all estate agency matters
2.      He is a registered and/or elected member of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) and Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON)
3.      Have good track records in the profession and with clients on all estate agency matter
4.      He has a good reputation/name to protect
5.      He possesses adequate and professional knowledge about the property market
6.      He has clients’ interests at heart always
7.      Creates a good and continuous relationship with the client
8.      Understands the ethics and morals of real estate agency practice
9.      Possess good tenant selection and background check skills
10.  Help in preparing tenancy/lease agreement and/or property transaction documents
11.  Gives expert advice on the highest and best use of clients’ real estate investments
12.  Determines market value or monetary worth of properties for various purposes
13.  Carry out routine and continuous inspection on clients’ properties been managed
14.  Ensures proper and adequate maintenance and/or improvements of clients’ properties are carried out always and as at when due
15.  He possesses good negotiation skills for purchase price and rental value of clients’ properties
16.  He gives good professional advice on the best way and method to market/advertise clients’ properties to prospective clients/tenants.
17.  He exercises good professional skills and diligence in carrying out his duties clients
18.   He operates an escrow/separate account for all clients’ monies
19. Help and assist clients to undertake appropriate and thorough property search at the  land registry to ascertain the title documents and ownership status of land and landed properties for purchase prior to them making payments
20.  Submit all written sales/lease/purchase offer letters to clients and assist with negotiations prior to acceptance
21.  Disclose any information that might influence clients’ decision to buy or sell their land and/or landed properties
In the words of Kuye Olusegun (2008) “Agency is a very complex aspect of the estate surveying and valuation profession hence, it demands that the Estate Surveyors and Valuers in charge have necessary background in law including the law relating to estate agency practice, knowledge of the property market, the principles and process of valuation, sources of finance and high degree of meticulousness”
With the reasons highlighted above as well as the various explanations, I guess you will strongly agree with me on the need to consult a professional estate agent for all your estate agency matters.
ABOUT ME
Femi Atoyebi is a Bachelor of Science Degree (BSc) holder of Estate Management from the prestigious University of Lagos,Akoka , Lagos state, Nigeria. He possesses a Professional Practice Certificate in Estate Surveying and Valuation from the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
He is the principal consultant of Starlight Professional Services Ltd, a highly progressive and consolidated property and construction project management company, which is committed to providing the highest level of professional services in meeting clients’ real estate needs.
Feel free to contact him at: femi.atoyebi@gmail.com

 

Hope you do that now!!!!!

The Real Estate Surveyor

 

 

Wednesday, 15 January 2014

ESTATE AGENCY PRACTICE IN NIGERIA: THE NEED FOR STATUTORY REGULATION

Estate agency practice in the Nigerian context involves carrying out business-like activities in the sales, acquisition and leasing of various classes of land and landed properties by “an estate agent” based on the instructions of “the client”, in consideration for monetary compensation – usually a percentage of the value – known as a commission”
The person that carries out any act of estate agency activities is referred to as an estate agent while the person whom such act is carried out on his/her behalf is known as the client.
Estate agency practice in Nigeria like other countries of the world contributes massively to housing delivery system as it helps to meet as well as cater for the housing/accommodation needs of people.
Due to the important roles estate agents play in the housing and accommodation delivery sector of the economy, so many people have become victims of accommodation fraud from the hands of some of these estate agents who go about duping genuine accommodation seekers.
Just of recent (November 18, 2013), there was a wide-spread report of an estate agent been jailed by a Lagos state High Court for 15years imprisonment because of defrauding 100 accommodation seekers on a particular property which was actually leased to him. The said estate agent collected large sums of money from 100 people in order to help them get accommodation on a property which he was actually not given any instruction to do or act likewise by the property owner as he was a tenant.
This is just one of the many numerous and un-accounted cases of accommodation seekers that have been defrauded by some of these people who parade themselves as estate agents in the country.
The activities of some of these estate agent fraudsters have led to negative perceptions from people about those genuine estate agency practitioners and professionals in the country.
As a matter of fact, the poor public perception and image of professional Estate Agents and in effect the profession of Estate Surveying and Valuation, is as a result of the activities and incursion of non professionals into the practice of Estate Agency.
Hence the urgent need for a regulatory statute to guide the activities of estate agency in Nigeria and protection of accommodation seekers.
In order to tackle and checkmate the activities of estate agency fraudsters as well as estate agency activities in the state, the Lagos state government in November, 2012 established a regulatory agency known as Lagos State Real Estate Transaction Department (LASRETRAD) in the Ministry of Housing to regulate and restore confidence in the activities of Estate Agents in the State.
Among the responsibilities of the agency are to:
·         Sensitize the public about estate agency and attendant rules, risks and benefits
·         Keep a register of qualified Estate Agency Practitioners who voluntarily register with the Department
·         Ensure protection of citizens from illegal trade practices
·         Prosecute estate agents suspected of having violated the applicable laws
Most importantly, to ensure that estate agency practice is no longer an all-comers’ affair as been generally believed it to be, the Lagos State Government went further in introducing a code of conduct for practitioners, which specifies the rule of practice, and punishment for defaulters.

The document mandates that a registered agent transacting business must have operational business premises or office within the state that will be verified ; maintain a record of his or her business transactions and shall open a separate bank account for that purpose; ensure that a prospective tenant or purchaser takes physical possession of the property paid for within 14 days except otherwise stated in writing and that his principal performs all necessary obligations due to the government under applicable legislation and regulation.

On its own part, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) which is the statutorily established professional body responsible for Estate Surveying and Valuation practice/activities in the country has also formed an association known as Association of Estate Agents in Nigeria (AEAN) for all those people (professionals and non-professionals) practicing estate agency activities in the country.
The association was purposely set up to in order to streamline activities of estate agents and checks the activities of non-professionals in estate agency practice.
It was officially launched on October 22, 2013 at Lagos Airport Hotel, Ikeja, Lagos state, with the Director General of Standards Organisation of Nigeria (SON), Dr Ikem Joseph Odumodu as the special guest of honour.
Among the goals of the association are to:
·         Sanitize the real estate sector of the Nigerian economy
·         Develop the Estate Agency into a respectable professional practice in Nigeria
·         Maintain a database of Estate Agents in Nigeria
·         Train and re-train Estate Agency Personnel
·         Ensure a high standard of professional ethics by members
·         Reduce to barest minimum, incidents of fraud in property transactions
·         Cooperate with governments and government agencies.
The newly formed association will be working together with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) as well as partner with the Lagos state government and Federal government to develop a template for regulation of estate agency practice in the state and Nigeria as a whole.
 
While the Lagos state government has established an agency to regulate and monitor the activities of estate agents and agency practice in the state, the Nigerian Institution of Estate Surveyors and Valuers (NIESV) on its own part has set up a dependent association (Association of Estate Agents in Nigeria) in terms of provision of training and study materials for all those people carrying out estate agency activities as well as those wanting to become estate agents in the way and manner to be successful in the operation and practice of estate agency in the country.
The categories as specifically highlighted by the Nigerian Institution of Estate Surveyors and Valuers (NIESV) for membership into the Association of Estate Agents in Nigeria (AEAN) are:
·         Certified Estate Agents (CEA) made up of professional Estate Surveyors and Valuers;
·         Registered Agents made up of professionals from other fields
·         Estate Brokers for people with minimum qualification of secondary school certificate.

CEA are strictly reserved for members of the NIESV, while other practicing agents and professionals can become members under any of other categories.
The Association of Estate Agents in Nigeria (AEAN) through its parental association; The Nigerian Institution of Estate Surveyors and Valuers (NIESV) is working towards setting parameters for training, minimum qualification requirements and ultimately present a bill to the National Assembly for government’s recognition and charter for the association.
When estate agency practice is statutorily recognized and established in Nigeria, it will go a long way in helping to curb the activities of accommodation frauds which people have been subjected to.
The association well duly backed by a government statute will help guide the activities of those practicing estate agency services in the country as they will be statutorily mandated to work and carry out their estate agency services based on the rules and regulations as stipulated by the government
In the words of Ed Hatch: “In many places in the United States, you have to be licensed to sell houses. The National Association of Realtors oversees the behaviour of all estate agents. So, there is a code of ethics. When someone does something that is a bit shady, he risks losing his license.
If you are a client and you have a relationship with a licensed agent, you will understand that there is a legal responsibility to that relationship which the client cannot share with more than one person. As soon as this country creates the expectation that estate agents need to be licensed, as soon as that happens, it becomes a legal issue, and you have got the law involved.
Once the practice becomes sophisticated, it needs more oversight and when you create the oversight, you also have to create the licensure and the licensee and also the law; and when the law is involved, the problems in the practice will go away”

ABOUT ME
I am a Bachelor of Science Degree (BSc) holder in Estate Management from the prestigious University of Lagos,Akoka, Lagos state, Nigeria. I also possess a Professional Practice Certificate in Estate Surveying and Valuation from the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
I am the principal consultant of Starlight Professional Services Ltd, a highly progressive and consolidated property and construction project management company, which is committed to providing the highest level of professionalism and services in meeting clients’ real estate needs.
Feel free to contact me at: femi.atoyebi@gmail.com

Twitter’s IPO: A Financial Perspective on Social Media

twitterFor the past several decades, the stock market and the financial world seem to be increasingly abstracted from “the real world.” The epic housing bubble and economic downfall of the 2000’s are just a few obvious manifestations of this phenomenon. My rough understanding of how any valuation should work is based on my experience of everyday consumerism, paying for basic products whose cost is based roughly on the cost of production and a bit of added expense for the psychological value of an object based on brand and commercial image.

Obviously, the wild world of valuation on the stock market is a much different kind of enterprise. I was struck by this anew when considering Twitter’s IPO last week, and how this flurry of financial activity relates to our understanding or lack thereof about the “value” of social media.

I first became curious when I read that Twitter stock prices…

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