Lagos State Real Estate Regulatory Authority Calls for Realtors' Support to Improve Real Estate Integrity.
The Lagos State Real Estate Regulatory Authority (LASRERA) is calling for the support of all practicing realtors to help the state government improve the integrity of the real estate development in Lagos, Nigeria. This move aims to secure the future of the state, its residents, and potential investors. The appeal was made recently by the Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, at an event organized by the Association of Estate Agents in Nigeria and the International Association of Realtors. The event took place at the Eko Hotel and Suites in Victoria Island, Lagos.
Represented by LASRERA's Project Manager, Mrs. Bolanle Asuquo, Benson-Awoyinka emphasized that the real estate market is a massive sector, and all players, especially agents, must abide by laws that guide practitioners to carry out their duties in a professional manner. This will not only benefit the state but also the entire industry, by ensuring that the services offered are of the highest quality and standards.
LASRERA is taking a proactive approach to the future of real estate development in Lagos and is determined to work hand in hand with realtors to achieve its goals. The authority recognizes that a healthy real estate sector is essential for the overall economic growth and development of the state, and is therefore appealing to realtors to support the efforts of the government.
Lagos Takes Steps to Root Out Unqualified Practitioners in Real Estate Industry
Special Adviser Benson-Awoyinka emphasized that simply being registered with professional bodies is not enough to guarantee ethical behaviour in the real estate sector. In order to protect potential renters and buyers from fraud and deception, the state government is taking strong measures to eliminate unqualified practitioners. These measures include the requirement for a license to practice as a realtor and the creation of a database of all individuals and organizations operating in the real estate market.
The intervention by the state government is aimed at raising the standards of the real estate industry to meet global standards and to ensure that the real estate market in Lagos is safer and more transparent. Benson-Awoyinka noted that in developed countries, becoming a realtor requires a license, while in Nigeria, anyone can claim to be an agent at any time. This has led to numerous cases of fraud and deception, making it necessary for the state to take action.
She also highlighted that there are many professional real estate sectors in Lagos who provide excellent services, but the presence of unqualified individuals has cast a shadow on the entire industry. The government's efforts to eliminate these individuals will help to restore the integrity of the real estate sector, ensuring that renters and buyers are protected from unscrupulous practices.
In conclusion, the state's intervention in the real estate sector is a positive step towards creating a safer and more professional market for all participants. The database of practicing real estate individuals and organizations will help to monitor and enforce ethical behaviour, bringing the real estate industry in Lagos in line with global standards.