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.

Hope you do that now!!!!!

ABOUT ME

Adeniyi Akinjiyan is a Higher National Diploma (HND) holder of Estate Management from the prestigious Yaba College of Technology, Yaba, 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 Aakient Consultants 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: aakientconsultants@gmail.com