ESTATE AGENCY PRACTICE: A PROFESSION OF ESTATE SURVEYING AND VALUATION

Abstract

Real Estate in many economies ranks as one of the largest components of wealth generation. The growth and development of this viable and important industry is largely dependent among other things, on the quality of professionals operating within it, namely the Estate Surveyors and Valuers, Architects, Quantity surveyors, Builders, Developers, Bankers, Accountants, Mortgage brokers and Investment analysts. The escalating demand for the utilization of limited land supply as being stimulated by the exponential increase in human population, rapid urbanization and evolving economic activities have ultimately influenced the placement of higher value on the need for effective and efficient means of coordinating transactions in land and landed properties over the globe. The building industry which constitutes a vast network of economic sectors, have  motivated a pattern of sustained interaction between diverse intermediate professionals, contractors and service providers thereby leaving a question within the society on who is really in charge of agency practice. This paper therefore examines the authentic professionals involved in the activities of the estate agency practice and other real estate activities. Data was collected from practicing Estate Surveyors and Valuers who are involved in real estate professional practice but not limited to Estate Surveyors and Valuers. Opinions from Architects, Builders, Land Surveyors, Quantity Surveyors, Town Planners, Civil, Electrical, Mechanical and Structural Engineers are also sampled. Findings revealed that the Estate Surveyors and Valuers amongst these other professionals in the construction industry and built environment play a huge part in land use and housing development from inception to finish and also involved in selling and letting of same, thereby making them the licensed and trained professionals in the field of estate agency. Personal visit was made to Niesv secretariat and Estate Surveyors and Valuers Registration Board of Nigeria office to preview some relevant laws empowering Estate Surveyors and Valuers in Estate agency practice and interview was conducted on some of their staff so as to gather relevant information. Secondary data was also collected from textbooks, past theses, past journal papers and other academic work. Conclusion was drawn from the findings and useful recommendations were proffered.