Posted: 2022 | Pages: 86 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

In this research work, the study attempted to examine the operations and the problems of Estate Agency practice in Enugu Metropolitan property market. In carrying out this research work, questionnaires were distributed to Estate Surveyors, non professionals Estate Agents, Landlords, and Tenants that need service of the estate surveyors. Also personal discussions were conducted with these people. These accounted for my primary source of data; literature of textbooks, journals related to the subject matter, all these formed the secondary sources of data. Analysis of the above which was carried out using stratified random sampling method. Also from the question, questionnaires were sent out and retrieved from the Estate Surveyors and non professional Estate Agents, Landlords and Tenants, the following inferences were drawn. The problem professional Estate Surveyors face is quack. It was notice that the forms of marketing property are too poor. It was also noticed that the quack affect the activities of real estate agency. Finally, in view of the above findings some recommendations were proffered that would help to reduce the practice of non professional Estate Agent and also reduce number of quacks in real profession, then the conclusion.  

CHAPTER ONE

• INTRODUCTION:

The global history of real estate is one of a rare and respectable noble profession, but was the exclusive preserve of kings and princes, Lords and their sons of nobility and the powerful land owning class.

          They held this monopoly for too long until civilization and pressure brought land into lime light, then doors were thrown open to larger class of rich people until it eventually become open to all.

          It started centuries ago in Great Britain and later on it spread throughout the five continents of the world. Today the real Estate Profession has spread to the united state and all Corners of Europe. The profession is so well known and respected for its importance that there is hardly any country in the world that has not embraced the real estate profession. Professional Real Estate Association have developed in Sweden, Nether Lands (Holland) India, Ghana, Keya, South Africa and numerous. Other countries of the world including Nigeria, it has attained national and international acceptance in all corners of the world. Due to the formal entry of trained estate surveyors and valuers into the field of estate management in Nigeria.

1.1     BACKGROUND OF THE STUDY:

          Shortly before independence the modern practice of estate surveying and valuation began to gain prominence in Nigeria with the establishment of a sub-professional course leading to the award of the Royal Institution of chartered surveyors (Rics) diploma at the then Nigerian College of Arts, Science and Technology, Enugu Campus in the then Eastern Nigeria. It was affiliated to the present body in the United Kingdom.

          In 1962, a full – fledged degree programme in Estate Management was established at the University of Nigeria, Nsukka. Also in 1970, the then University of Ife (now Obafemi Awolowo University) has a full – fledged programme in Estate Management with these as foundation.

          Other universities, colleges of technology and polytechnics came up with their own programmes offering course leading to the award of diploma or degree in estate management.

          However, with the increase in the number of locally produced estate management graduates and their foreign trained counter parts, the need to have a regulating body become necessary which necessitated the inauguration of the Nigeria institution of Estate Surveyors and Valuers in 1965 but the decree formally establishing the institution was not promulgated until 1975. It did not only establish the institution, it was also charged mainly with regulating and controlling of the practice of Estate Surveying and Valuation by way of registration.

          The abuse of the profession emanated when this unskilled agent started making a lot of money by collecting double commission from landlord and tenants, due to the nature of the business during the boom days, many people some educated and some uneducated started establishing their own practice under various names like estate agents, auctioneers, property consultants and things like that, some of them often dupe the public by collecting rent from people more than accommodation available to accommodate them, some lucky prospective tenants track them down to collect back their money. In 1969, the Nigeria Institute of Estate Surveyors and Valuers (NIESV) were born. It was recognized as a corporate body under Decree No. 24 of 1975 which gave way for the (ESVARBON) Estate Surveyors and Valuers Registration Board of Nigeria. The awareness on the part of the public of the role of estate surveyors and valuers is still inadequate.

          Quacks were more than the real estate surveyors and hence could make their monstrous impacts much felt on the public, but the estate surveyors and valuers have not relented in the effort of the emergence of the profession. Estate surveying or agency in Nigeria and the functions and services they could render or execute to the public including to both private individuals and governments.

          This efforts, however has not been adequate because the activities of the quacks are waxing stronger in denting the image of the profession through their dubious way of practicing. Apart from the ignorance on the part of the public on the role of estate surveyors and valuers in estate agency, other allied profession like Architecture, Building Engineers and quantity surveyors do not appreciate the role of estate surveyors in estate agency. They have at one time or the other been quarreling on the locus of estate surveyors in the construction team. They forgot the fact that no production is complete without it getting to the ultimate consumer.

          So after the completion of the development and they all might have left, probably after the defective liability period the completed development has to be brought to the market by someone who has been authorized by law and also have sound knowledge of the property market.

          Estate surveyors and valuers are the only recognized body with the professional skill of marketing the products of the construction industry by finding suitable tenants or sell the scheme.

          It is surprising therefore, to discover in Nigeria that the public at, viewed the profession in such a low esteem.

          Something must be done to ride the profession of some undesirable elements that parade themselves as the real estate agents.