Abuja – January 30, 2024 – Viewpoint Housing News.
The National Association of Realtors (NAR) in the United States and the Association of Estate Agents in Nigeria (AEAN), which is an affiliate of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), signed a bilateral partnership agreement. Since then, both organisations have worked to advance international best practices in the nation.
Through the relationship, AEAN members would be able to transact referral businesses with most of these worldwide organizations as they will be introduced to global affiliations of over 100 additional broker associations. NAR is the biggest trade group in the United States, with 1.4 million members working in all facets of the residential and commercial real estate sectors. Across 87 nations, it has 107 global network partners.
Through these bilateral relationships, members of NAR may transact business globally with dependable experts who adhere to a rigorous code of ethics. The adoption and spread of cutting-edge tactics and approaches into international markets, such as fundamental lobbying, uniform licensing requirements, and property platforms, strengthening and enhancing transparency within specific markets, and providing benefits to real estate brokers and buyers worldwide.Speaking to the media last week, Adeniyi Tinubu, the National Publicity Secretary of AEAN, bemoaned the way estate surveyors and valuers have seen some element of their profession, especially estate agency, distorted over time and converted into an open-to-all affair.
“The actions and intrusion of non-professionals into the practice of real estate brokerage is the cause of the negative public perception and image of real estate brokerage as it impacts the profession of estate surveying and valuation. The organisation established AEAN in an effort to buck this tendency,” he stated.
He demanded legislation to guarantee consistency in real estate brokerage as the absence of rules has encouraged haphazard actions like overpricing apartments and renting out subpar buildings and homes to unfit brokers, among other things.
“The common man who is at the receiving end of these substandard practices is most importantly affected by many of these, not just the professionals who have painstakingly gathered industry knowledge and expertise on real estate brokerage,”he stated.
Tinubu stated that the bilateral agreement with NAR is intended to foster real estate investment and lay the groundwork for sustainable development in the nation’s real estate industry, even as the association expressed its willingness to collaborate with the government to develop new real estate brokerage regulations.
The AEAN conference this year, which will be held in Lagos with the theme “Building enduring partnerships for a better future,” will feature highly specialised training in the Certified International Property Specialist (CIPS) designation, according to Tinubu, who also serves as the chairman of the Conference Planning Committee
With this certification, Nigerians may become certified international property professionals and have access to global buyers and markets. They can also help customers abroad make wise global real estate investments.
According to Tinubu, participants in the course will leave with the appropriate resources, including research, tools, expertise, and networks. Additionally, professionals will receive immediate NAR membership. He said the Proptech session will cover the nuances of using technology to real estate in a way that promotes growth and development in the industry as well as sustainable practices.
In order to promote domestic innovation and strengthen Nigeria’s indigenous content in the real estate industry, it will also offer chances to pitch ideas to international venture investors.
According to AEAN National Secretary Osagie Odiase, agency work is a profession in other countries, but in Nigeria there is no oversight or regulation, which is why the group was founded, he maintained that, all prospective agents must undergo certification and adhere to a code of ethics. Members who break any of the regulations governing the profession may be deregistered if found guilty by the disciplinary committee.
