The Role of Professional Bodies In The Real Estate Space

ESV Michael Ezechukwu Okeke

Worldwide, professional bodies play a catalytic role in their various industries or sectors, and these roles come in diverse ways to the government, their members, and the general public.  For this opinion article, I focused my professional submissions on the roles being played by professional bodies like the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in the Nigerian and global real estate space. By providing clear-cut guidance, and support to its members and the government, professional bodies in the Nigerian real estate industry help in maintaining sanity and provide timely information and education to its members and government agencies. Professional bodies in the highly risky real estate industry help in the promotion of ethical standards that promote order and integrity in the industry.

The NIESV, for example, ensures that its growing members adhere to ethical standards in their daily business operations even in the face of a tough business environment.Every professional body in the real estate industry has its code of ethics, and this document serves as a guide in their business engagements with clients.  Simply put, it serves as their rules of engagement with clients and other stakeholders in the real estate space.  It stipulates the expected behavior and serves as a guiding compass for estate surveyors and valuers as in the case of the Nigerian Institution of Estate Surveyors and Valuers (NIESV). This set of documents helps professionals to navigate ethical dilemmas that are part of daily business transactions.

Professional associations or bodies in the real estate industry also play the role of members’ education through regular training of their members. These regular training help members to be up-to-date with industry trends, and navigate successfully in the ever-changing industry.  When members are empowered with the regular and needed skills, it helps them to remain relevant in the world of real estate.  In their various conferences and committee meetings, professional bodies formulate programmes and policies for the government at all stages. Thus, serving as an adviser to the government on key issues as it relates to the real estate industry. 

These policies and communiqués if well implemented could serve as a blueprint for managing the Nigerian dynamic and complex real estate industry.  Another angle to the role being played by professional bodies in the Nigerian economy is the provision, and promotion of guidelines for young professionals to be agents of change at the secondary and tertiary education levels.In all, the role being played by professional bodies in the Nigerian built environment is huge, impactful, and pervasive for the common good of the industry and the national economy. This should be sustained for the continuous growth of the industry in Nigeria and beyond the shores of Nigeria.  The government at all levels should work towards empowering professional bodies, and see 5hem as partners in progress in the formulation and implementation of government policies as it relates to the all-important real estate industry.ESV Michael Ezechukwu Okeke, a practicing Estate Surveyor and Valuer is a member of the Nigerian Institution of Estate Surveyors and Valuers.