Estate agents tasked on research and innovation

Members of the Association of Estate Agents in Nigeria (AEAN) have agreed to embrace new innovation and imbibe the culture of research to keep abreast with latest trend in the practice of the profession.

They resolved to step up their understanding and improve in their professional performance at the second yearly conference of Th e Association of Estate Agents in Nigeria (AEAN) held in Lagos. Gbenga Olaniyan, a fellow of Nigerian Institution of Estate Surveyors and Valuers, while speaking on the theme stressed the need for estate agents to embark on research in order to update themselves on real estate trends. Lamenting the current recession and its adverse eff ect on foreign currency, he said, members need right information, to properly advise their clients to invest even in the midst of the current economic challenges with huge profi ts in view. He assured that certain measures introduced by the federal government are having positive eff ect and rise hope that Nigeria would soon exit recession.

Olaniyan urged estate agents to be innovative by giving incentives to sitting tenants rather than driving down contractual rents in order to remain relevant in the face of economic challenges. He expressed worries that many agents do not know more than their clients noting that agents’ fees must be earned not given on a platter of gold. Also speaking on the “Impact of Estate Agents in Property Development and Management, the Managing Director of UACN Property Development Company PLC, Mr. Hakeem Ogunniran, who spoke on the theme: “Impact of Estate Agents in Property Development and Management”, tasked estate agents sound professional advice to their clients, especially on the importance of investing on property during recession.

The Managing Director of UACN Property Development Company PLC further said there were still several opportunities for estate agents who can do some things diff erently, despite the challenges posed by the economic downturns. Ogunniran lamented that multiple agencies in the system have inflicted pains in the business causing unnecessary disputes and litigations. However, he appealed to real estate agents to seek collaboration and build a reputation and insist on integrity which is the core value of the industry. Chairman of the Association and fellow of the NIESV, Chudi Ubosi, was worried about the low understanding, growth, and usage of the real estate composition in Nigerian national accounts.

Ubosi said despite the economic recession and the contraction of the real estate sector in the last few quarters, no one will doubt that the fundamentals for growth in the country remain strong. “According to a 2014 forecast by the international Monetary Fund (IMF), strong developments in the construction, real estates and technology sectors in developing countries such as Nigeria has supported the world economy through tough fi nancial periods in recent years”, he said. IMF, he said, also predicts that these developing nations will account for about 70 per cent of world growth over the next decade. Nigeria is touted at the moment as one of the developing countries with great potentials in real estate and one of the competitive players in the global real estate market that has fast becoming increasingly attractive to investors.

The conference with a theme; “Estate Agency Practice and National Development”, was designed to highlight the correlation between the practice and national development and was attended by practitioners across the country

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