LASG Seeks Support Of Practicing Realtors To Eliminate Quackery In Real Estate

The Lagos State Real Estate Regulatory Authority- LASRERA has pleaded for the support of all practising realtors to complement the efforts of the State Government to alleviate the integrity of real estate development for future of the Lagos State, Nigeria and potential investors/investees.

This appeal was  made by the  Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka, on Friday, at   the Association of Estate Agents in Nigeria- International Association of Realtor held at Eko Hotel and Suites, Victoria Island Lagos.

Benson-Awoyinka, who was represented at the event by LASRERA’s Project Manager, Mrs. Bolanle Asuquo stated that  Real Estate Market being a huge sector, demands 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

She added that the fact that individuals/organizations are already registered with their relevant professional bodies should not be the reason why they would disregard the provisions of state  laws guiding real estate  practice.

While alluding to the fact that there are core professional real estate practitioners in the State, the Special Adviser maintained that many people have encroached into the profession because of the belief that the real estate sector   is the best market sector that promotes ease of doing business.

According to her, “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.”

She mentioned that the intervention of the State Government in the real estate sector was to basically  eliminate the incidences of fraudulent practices by some unscrupulous persons because of the reported cases.

Benson-Awoyinka  said that the Lagos State Real Estate Regulatory Authority –LASRERA is to  basically monitor and collate database  of all practising real estate individuals or organizations operating in Business Transactions in the State’s Real Estate sector in order to strengthen and conform to global standard in the industry.   

“This is clarion call of caution  to everyone  to do the needful and not folding of  arms.”She admonish

Adeoti Sobowale

Deputy Director Public Affairs LASRERA

28th January, 2023.

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