Mr. Kayode Ogunji is the chairman of, Faculty of Estate Agency and Marketing, Nigerian Institution of Estate Surveyors and Valuers (NIESV). He spoke to VICTOR GBONEGUN on issues in the sector such as fraudulent practices in the property market, hike in property prices, multiple taxation and housing data.
Stakeholders are worried about the prevalence of fraudulent practice and online scams in the real estate business. What is fueling this problem and how can it be tackled?
Scamming is not limited to the property market; every business has one way or the other been impacted by such illegal activity but it is more pronounced in the sector because it is capital driven.
In other businesses or industry, when any scam occurs, the money involved may be around N5 million or N500, 000, while in the property market, it could be over N100 million.
It will always be there, but for people not to be scammed due diligence and process is needed and must be observed. The society needs to deal with certified professionals, who have to do their job by advising their customers on the pros and cons of where they intend to purchase properties and the problems they are likely to encounter.
The professionals have to do due diligence by finding out if the property has necessary title, the government plans on the property in the location where it’s situated and others. They need to do this because the institution can sanction professionals that failed in their responsibility to get clients best of deals in the market.