The Need To Uphold Ethical Standards Among Real Estate Professionals

By ESV Douglas Omachugo,

All over the world, one of the major issues plaguing the business landscape, including the real estate industry is lack of transparency and ethical standards. In a very simple definition, a set of principles that promotes trust, good character, fairness, and strict adherence to professional codes of conduct is what we refer to as ethical standards.

 The professional code of ethics should serve as a reference material for decision making when it comes to real estate transactions.  The parameter of behavior is established in the code of conduct documents of every professional body, and this should serve as a compass for transactions and general business relationships.

In the Nigerian real estate space, unethical practices by some professionals have resulted in failed and fraudulent transactions. Over the years, this ugly development has caused damage to the industry and eroded the confidence of investors. The importance of building trust in real estate transactions cannot be overemphasized. In large millions and billion transactions like real estate, no investor will part with his or her money without trust and confidence.

To attract investment and investors, trust must be built over time to retain existing clients and open a window of opportunities for prospects to come in. Building trust with investors goes beyond being honest and transparent in the area of finance, all the offerings, promises, and deliverables that the client paid for must be delivered in record times.  Returns to both private and institutional investors should.

The way forward in upholding ethical standards is for the professionals to play by the laid down guides as contained in the book of professional code of conducts. The various professional bodies should strengthen disciplinary actions against erring members. Those who commit ethical issues should be punished according. The wrongdoing of one person or group of persons can affect the integrity of the entire real estate space.

The study of ethics and regular training on the subject of ethics should be taken seriously. This is another way of addressing ethical issues that is bedeviling the real estate industry and businesses across the world.

Even at the secondary school level, the study of ethics should be introduced and made a core subject. Gross abuse of ethical standards in most climes is the root cause of most problems in our societies today.
ESV Douglas Omachugo is an Abuja-based Estate Surveyor and Valuer.