Lagos insists pretenders must go, seeks support of real estate practitioners

The Lagos State Real Estate Regulatory Authority (LASRERA) has urged all practising realtors to complement the efforts of the state government to boost the integrity of real estate sector in order to woo potential investors, which will be to the benefit of the state.

A statement by the LASRERA spokesperson, Adeoti Sobowale, said the Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, stated this on Friday on the Victoria Island during the Association of Estate Agents in Nigeria- International Association of Realtor event.

Benson-Awoyinka, who was represented at the event by LASRERA’s Project Manager, Mrs. Bolanle Asuquo, pointed out that the real estate market being a huge sector, demanded that players in the sector must abide by laws that guide the practitioners, especially agents, to carry out their duties in a very professional manner.

While noting that pretenders had encroached into the profession, the Special Advisers said there were many professionals doing credible business.

“In developed countries, becoming a realtor requires a license, but in Nigeria, anyone can become an agent at any time. This unfortunate situation had led to potential renters/buyers being swindled and deceived by unscrupulous individuals/organizations.

“The intervention of the state government in the real estate sector is to eliminate the incidences of fraudulent practices by some unscrupulous persons.

“The role of LASRERA is to basically monitor and collate database of all practising real estate individuals or organisations operating in the state’s real estate sector in order to strengthen and conform to global standard in the industry.”