PROLIFERATION OF UNREGISTERED ESTATE AGENT IN REAL ESTATE MARKET
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PROLIFERATION OF UNREGISTERED ESTATE AGENT IN REAL ESTATE MARKET
CHAPTER ONE INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The terms real estate and real property are frequently used interchangeably to refer to land and all items permanently related to it. Property is made up of valuable rights that are held to the exclusion of others (Betty and Ely, 2008).
Real estate is often defined as land, fixtures (attachments) to land, anything incidental or appurtenant to land that benefits the land owner, and anything immovable by law.
Because of its spatial immobility, heterogeneity, fixity, indivisibility, and indestructibility, real estate is a reading commodity with a specialised market. Furthermore, real estate investing demands a substantial capital outlay and is surrounded by numerous legal concerns and government regulations (Ventollo and Martha, 2001).
Real estate investment is quickly becoming the favoured option for most Nigerian investors, who regard it as one of the most dependable kinds of investment. Furthermore, due to the rapid increase in the price of Nigerian real estate, many investors have turned to real estate as a source of income.
In recent years, the Nigerian real estate market has seen a new breed of investors that are focusing on capital growth/appreciation as the primary source of return for real estate investments through its sale.
In recent years, Nigeria has been inundated with developers putting property to market for sale rather than to generate a source of income in the form of rent. Ventollo (2001) describes a market as a place where people purchase and sell things. Because of the unique characteristics of real estate, the global real estate market does not meet the criteria of an efficient market.
An efficient goods market is one in which the items have close replacements, there are numerous buyers and sellers with precise knowledge of prices and commodities, there is little government intervention, and the product is easily transferable.
Real estate requires specialists who understand the processes to arbitrate between the various parties involved, which include, but are not limited to, financiers, developers, sellers, and purchasers. Because of the significant rise in real estate values, many investors and unregistered agents have turned to real estate as a source of income.
1.2 STATEMENT OF THE PROBLEM
In Nigeria, the practise of estate agency is not new. However, it has traditionally been connected with strictly economic transactions such as letting properties for landlords, buying and selling land, factories, residences, commercial premises, enterprises as it pertains to hotels, and the ownership rights associated with them.
For a commission, the agents operate on behalf of the seller or the buyer. In this regard, in addition to firms registered to carry out this practise, a considerable number of estate agents have been practising without any previous knowledge and/or understanding of real property as a commodity and the real estate market as a special one. As a result, there is a need to evaluate the expansion of unregistered estate agents in the real estate industry.
1.3 OBJECTIVES OF THE STUDY
The study’s main goal is to increase the number of unregistered agents in the real estate market.
1.4 RESEARCH QUESTIONS
(1) What exactly is real estate?
(2) What exactly is the real estate market?
(3) Who works as a real estate agent?
(4) What is the pace of growth of unregistered agents in the real estate market?
1.5 SIGNIFICANCE OF THE STUDY
The survey provides a clear picture of the proliferation of unregistered real estate agents in the market. The need for this study arises from the fact that estate agency as a profession in this country has seen an influx of many unqualified individuals due to a conflict between professionalism and commercialism in the practise.
These people come in to give real estate agency services but have no expertise of real estate or the market in which it is traded. As a result of unregistered agents,
the real estate market is plagued by inefficiency and lack of transparency. The report also emphasises the importance of enforcing a legislation that governs real estate agents.
1.6 SCOPE OF THE STUDY
The study focuses on the proliferation of unregistered real estate agents in the industry.
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