The Dos and Don’ts of Real Estate Practice in Nigeria
The Managing Partner, Broll Property Services, Esv. Omotosho Olayinka has enlightened Estate Management students of Covenant University on the ethics of Real Estate profession and other numerous opportunities in the profession.
He informed the students during his presentation at a recent Town & Gown seminar of the Department of Estate Management, titled, ‘The Dos and Don’ts of Real Estate Practice in Nigeria,’. He explained that the industry is currently controlled by quacks making the profession lose credibility due to unethical practice in its service delivery.
The guest speaker gave an overview of the profession stating that Estate Surveyors and Valuers, lease, manage, value, buy and sell residential, rural, commercial and industrial property or business on behalf of clients. Esv. Olayinka highlighted the numerous opportunities in the industry. In his words, “Working in the real estate profession offers opportunity to meet wide range of individuals and it takes a special person to work in the industry. One should be prepared to comply with the high ethical standards”.
Educating the students on the ethical practices in the profession, he said, “Continuous learning attitude, staying in tune with the professional body, acting with integrity, at all times, openness and transparency, acting within ones limits, objectivity at all times, treating others with respect, setting good example and courage to take a stand”, are what makes a good professional.
The Guest Speaker urged the students to desist from the don’ts of the profession that includes representing both the buyer and the seller in the same real estate transaction, charging special per transaction fee to clients in addition to commission, regular cost of service amongst others