Experts Harp on Quality Standardisation in Real Estate Industry

Oluchi Chibuzor
Real estate experts in the country have called on the regulatory agencies in the industry to enforce various processes and mechanisms that would ensure quality and standards in the sector.

According to them, this could be achieved through knowledge-sharing and capacity building on the code and ethics guiding the operation of the professions.

They stated this at a virtual meeting organised recently by Northcourt, a real estate investment solutions company, with the theme, ‘The Future of Real Estate’ which focused on professionalism, Data, gender balance and technology.

Northcourt adopts a research-based approach to developing and managing property as well as providing real estate advisory services in West Africa.

Speaking at the event, the Principal Partner, at Ismail and Partners, Gbenga Ismail, said the future of the industry would be determined by the adherence to ethics and principles guiding the profession.

He said the regulators have to ensure that various standards by professionals are implemented and adhered to, in order to guarantee quality.

“Going forward there is a more pressing need to ensure that standards are maintained. Before you could easily get away with doing things haphazardly, but now the game has changed.

“This era has brought about transparency. The truth is this: If you are not transparent going forward, you are not going to be getting business. There is a general standard for valuers internationally which sets general standards,” he stated.
However, the Chartered Real Estate Consultant was optimistic the industry was getting better with various stakeholders’ engagement around professionals doing the right things, while the regulators stepped up their game.

On validity of valuation reports, which participants said was a challenge in the industry, panelists emphasised the need for valuers to include a commentary on the value derived as it would summarise the logic behind the process.

According to them, this commentary would reflect on economic trends, market conditions at the time of the valuation.
“When these changes, the validity of the reports will certainly need to be re-authenticated,” panelists advised.
Corroborating Ismail’s views, a Chartered Surveyors, Olurogba Orimalade, said with the help of technology, practitioners must begin to innovate solutions that meet the demands of their clients in view of the current economic situations prevailing.

“We need to begin to innovate or die in the current market driven by various disruptive technologies and for the regulatory bodies to come up and begin to explain various changes happening in the professions,” he urged.
On her side, Lead Consultant, ‎Awoyokun Consulting, Nnenna Awoyokun, however, stressed the need for collaboration to generate data that can monitor decision making processes in the industry.

“Professionals in the industry must begin to collaborate to generate data that reflects market trends,” she said.
Meanwhile, the incoming Chairman, Lagos Branch, Nigerian Institution of Estate Surveyors and Valuers, NIESV, Mrs. Olabisi Demola-Alade urged operators to encourage more participation of women in the sector.