The Proliferation of Unregistered Estate Agents in Real Estate Market
Chapter One
Objectives Of The Study
The major objective of the study is the proliferation of unregistered agents in the real estate market.
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
As the world population increases every second, our urban areas are increasingly being faced with the problems of inadequacies of basic facilities such as good housing as a result of over population, rural-urban migration, etc. Hence, there is an increase in demand for the construction/setting up of new houses. (Mwangi and Kuria, 2011). Majority of the people in our today’s world want to sell a property or house rely entirely on a real estate companies, individual brokers, newspapers or, more recently but to a lesser degree, the Internet. Unfortunately these sources do not provide an effective way to transmit all the necessary information that a customer needs in order to make an informed decision better than the Internet which more effective. For instance the newspaper provides the price, the size, the number of rooms and the exact location’s name. However information such as, whether it is close to my work place, map description, if there is any principal road access nearby will not be available on the newspaper advertisement.
A HISTORY OF REAL ESTATE
Real estate and land are among the oldest asset markets with which humans have had extensive experience. The significance of agricultural, residential and commercial real estate assets in mankind’s history can scarcely be exaggerated. Social structure, marriage institutions, inter-state relations and, more broadly, socio-economic organization have been affected by and simultaneously have influenced the nature and functioning of real estate markets. ( Bardhan and Edelstein, 2007). The complex interaction of real estate markets with social, political, cultural and economic institutions through the ages, combined with the impact of technological changes, makes the task of assessing what is or was known, unknown and unknowable in real estate economics and real estate investment a particularly daunting task. ( Bardhan and Edelstein, 2007)
Real estate is a significant investment asset class, a major contributor to economic worth and forms a significant and growing part of cross border direct investment. Hence, it is in the interest of national governments, the valuation profession and the public that the pricing of real estate is carried out reliably, consistently and transparently ( Nakatudde, 2004) Over time societal and civilization advances outside the immediate ambit of real estate have significantly impacted the latter. For instance, the development of property rights for land created the first “defensible property” and marks a seminal moment in real estate markets, in terms of engaging a primary historical element of a fundamental uncertainty involving the trinity of (a) usage, (b) the benefits accruing from usage, and (c) their appropriation. Housing is a mixed consumption-investment good, and the attributes of commercial real estate are a function of derived demand. ( Bardhan and Edelstein, 2007). The creation of specialized real estate was another development that impacted real estate markets in a non-foreseeable way. Separation of commercial and residential real estate was brought about by the rise of professionalization as well as by organizational imperatives. (Bardhan and Edelstein, 2007)
CHAPTER THREE
RESEARCH METHODOLOGY
Introduction
In this chapter, we would describe how the study was carried out.
Research design
The study employs quantitative descriptive research design to examine proliferation of unregistered estate agent in real estate market. It was a was a cross-sectional survey that investigates the subject and describes the opinion of respondents/stakeholders on real estate agency practice in Nigeria.
Sources of Data
The data for this study were generated from two main sources; Primary sources and secondary sources. The primary sources include questionnaire, interviews and observation. The secondary sources include journals, bulletins, textbooks and the internet.
Population of the study
A study population is a group of elements or individuals as the case may be, who share similar characteristics. These similar features can include location, gender, age, sex or specific interest. The emphasis on study population is that it constitute of individuals or elements that are homogeneous in description (Prince Udoyen: 2019). In this study the study population constitute of both students and professional real estate practiciners.
CHAPTER FOUR
RESULTS AND ANALYSIS
Response rate
Questionnaires were administered to final year students of estate management as well as professionals in the practice. All questionnaires administered to students were retrieved while 90% of the ones administered to professionals were retrieved. The analysis of the rate of response is presented in Table 1.
CHAPTER FIVE
CONCLUSION AND RECOMMENDATIONS
This study has examined the proliferation of unregistered real estate agent in the real estate market in the light of the existing policy framework and pedagogic approach to acquiring skills and ethics for credible, competent and sustainable practice. It could be observed from the response of the students that the present mode of delivery of real estate agency education in terms of the robustness of the curriculum, number of semesters and contact hour between lecturer and students are not sufficient enough to engender a change in attitude and mode of practice after the training. The study further revealed that the classification of estate agency practice by the corporate affairs commission under general business practice will continue to do more harm than benefits. This on one hand has made it difficult to control the entry and exit into the practice. Despite the laudable steps to regulate the practice among the professionals as well as the promulgation of estate agency practice regulation law by Lagos State, lack of effective monitoring and implementations of the various provisions of the codes of professional practice had seriously encouraged unwholesome practices among sundry practitioners.
In view of the above, this study there recommends that the curriculum of the discipline of estate management in tertiary institutions be reviewed alongside that of the Nigeria institution of Estate Surveyors and valuers. It is recommended that the Institution’s education committee work with the Academia to come up with a more comprehensive syllabus for real estate agency. In addition, there is the need for the institution to set up a committee for monitoring the practice and implementing the provisions of the code of practice. Last but not the least is that there is the need to correct the classification of estate agency practice by the corporate affairs commission. Giving the exclusive preserve and right of practice to the professionally trained and qualified practitioners which the institution of Estate Surveyors and Valuers stands for will go a long way to curb quackery and unprofessionalism in the practice and engender sanity, credibility and reliability in the system.
References
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