LAGOS – Mr. Kunle Ilorin, Chairman of Wardiere Oakmount Real Estate has canvassed for the introduction of an active regulatory body in the sector to curb the activities of scammers and quack in the industry.
He lamented that the country’s real estate was riddled with unwholesome activities, which should be checkmated to control its escalation.
Ilori insisted that one of the major reasons for chaos in the sector was the absence of regulation body unlike in other professions where standards and prerequisites were strictly maintained.
He regretted that as it stands, any unscrupulous in the country could wake up one day and decided to be a real estate agent, consultant, or even start a real estate academy without any formal training or proven certification.
The Wardiere Oakmount Chairman, explained that the existence of a regulatory body would serve as checks and balances, which not only protected buyers and tenants, but also maintain the integrity of the profession.
He added: “Accountants and bankers take professional courses to qualify for practice. But when it comes to real estate, it’s a free-for-all. No license. No training. No accountability. To make matters worse, some people who have merely sold a few properties believe they are now qualified to establish real estate academies. Without a solid background or certification in real estate, these individuals churn out a new generation of unqualified, misinformed practitioners.
“In developed countries, the story is different. Real estate professionals are required to take courses, pass exams, and obtain licenses before they can practice. They are given a code of ethics that guides their actions and ensures they operate in good faith. If they violate these codes, they risk being penalized or losing their licenses altogether.
“Unfortunately, this is not the case in Nigeria. Here, there is no fear of penalties because there is no regulatory body to oversee the industry. This is why scams are rampant, landlords and tenants are exploited, and many buyers end up with properties riddled with issues. Worse still, there is no avenue for victims to seek redress.”
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He expressed worries that this lack of regulation had tarnished the reputation of the real estate profession in the country, noting that people no longer trusted real estate practitioners because of the attitude of a few unscrupulous element in the system who had infiltrated the industry.
Ilori proposed that the responsibility of regulating the real estate sector should be in the purview of the Ministry of Lands and Housing, advocating that there was the need for the ministry to create a department dedicated solely to real estate regulation.
He advised that the department should establish a licensing system for real estate professionals, develop a comprehensive code of ethics to guide real estate practice, create training programmes that aspiring practitioners must complete before being licensed and issue Real Estate Regulatory Agency Cards (RERA Cards) or certificates to licensed practitioners.
Ilorin also suggested that the department should build a public portal that would have the list all licensed real estate practitioners, which would allow buyers and
tenants to verify who they were dealing with.
He further advised that State governments could also take the initiative to create commissions or small agencies to regulate real estate practices within their regions if the Federal Government was not keep in setting up a regularly agencies for the players in the sector.
Ilroin declared that the lack of action at the national level should not hinder progress at the state level.
He added: “Regulating the real estate industry is not just about protecting buyers and tenants from scams. It’s about restoring the dignity and respect of the profession. It’s about creating a system where real estate practitioners are trusted and valued for their expertise.
“It’s about fostering an environment where the industry can thrive and contribute meaningfully to the economy. With RERA Cards, a public portal, and legal consequences for malpractice, we can create a system that deters scammers and encourages professionalism.”