WHY ONLY PROFESSIONAL SHOULD BE HIRED FOR YOUR REAL ESTATE TRANSACTIONS
By ESV Folorunso Olanrewaju Isaac,
The Nigerian economy today is at crossroads, all macroeconomic indicators are in the reds, and with a galloping inflationary rate that has made investments so un-appealing and difficult for the investing public. Be you an investor or not, the harrowing economic hardship is being felt by both the low and mighty in Nigeria.
Over the years, it is an established fact that investments in the real estate sector of the economy is the only tested investment opportunity that has edge over inflationary pressures, and it is on this premise that virtually every forward-looking investor in Nigerian, and even beyond want to commit their money in real estate value chain.
Unfortunately, the quest for quick gains, profit maximization, and wealth creation has made so many investors to cut corners, and landed their real estate transactions cum investments in the hands of non-professionals, quacks, and fraudsters.
For expert guidance, up-to-date market insights, intelligence, and seamless transactions, a professional that is licensed to carry out real estate businesses must be consulted and hired accordingly. For instance, when it comes to property valuation, the only qualified professional in the real estate space is an estate surveyor and valuer. An estate surveyor and valuer is a professional in the real estate industry, who is qualified, registered, and authorized by law to determine the value of assets. Thus, hiring or engaging a non-estate surveyor and valuer to ascertain the current economic or market value of your asset (valuation) is an aberration.
The real estate space has so many professional components that must work together to galvanize the efforts of other professionals and make the entire process and the industry business transactions seamless. It is however most unfortunate that some professionals in the industry have made themselves as a one-stop for all real estate transactions.
As an investor in the real estate space, the inherent dangers of not patronizing professionals in the entire value chain of the industry are much and in most times regrettable.
In combating this challenge, different professional bodies should embark on aggressive advocacy campaigns on why real estate investors and the government and its agents should patronize only certified and licensed professionals. The damages being caused by quacks and non-professionals in the industry is huge and has devastating effects on the industry and the economy at large. The most unfortunate aspect of this trend is the fact that these non-qualified persons have penetrated the entire page of the real estate business in Nigeria, and even in other climes.
The government at all levels; professional bodies and key stakeholders in the industry should not rest in their oars in their collective campaigns aimed at entrenching professionalism in the entire value chain of the Nigerian real estate industry.
ESV Folorunso Olanrewaju Isaac is an Abuja based Registered Estate Surveyor and Valuer.
