Urgent Need to Curb Quackery in Real Estate Marketing in Nigeria and the Advocacy for Patronizing Qualified Estate Surveyors and Valuers in Real Estate transactions.

By ESV Onah Sam Ejike

Nigeria’s real estate sector has been a significant driver of economic growth, providing employment, investment opportunities, and infrastructural development. However, the industry faces a growing menace—quackery in real estate marketing—that threatens to undermine its integrity, investors’ confidence, and sustainable development.
The menace of quackery in real estate marketing involves unqualified individuals or organizations selling, marketing, or managing property transactions without proper credentials, knowledge, or adherence to professional standards. They often exploit unsuspecting investors through fraudulent schemes such as fake listings, false promises of high returns, or selling non-existent properties.

The proliferation of such unverified actors is fueled by several factors, including lack of regulation enforcement, low awareness among the public, and the increasing complexity of property transactions. Many investors and prospective buyers fall victim to these schemes, resulting in financial losses, legal disputes, and erosion of trust in the real estate market.
The Dangers of engaging quacks exposes investors to multiple risks which include but not limited to financial losses, legal complications, lack of due diligence, loss of confidence, and so on.

Estate Surveyors and Valuers are accredited professionals mandated by law to provide reputable services in property valuation, management, and consultancy. They ensure transparency, legality, and fairness in property transactions.

Why Nigerians should patronise qualified Estate Surveyors and Valuers:
Expertise and Professionalism: They possess specialized knowledge of the real estate market, legal frameworks, and valuation techniques.

Legal Compliance: They ensure properties have valid titles and are free from encumbrances.

Risk Management: They assess the viability and risks associated with investments.

Market Transparency: Accurate and honest property information reduces chances of fraud.

Customer Confidence: Professional endorsement enhances investor confidence.

Urgent Call to Action

Addressing the quackery issue requires concerted efforts from government agencies, industry stakeholders, and the general public, and the following can be done to stem the tide of quackery in real estate transactions in Nigeria:

Regulatory Enforcement: Strengthen law enforcement against unqualified practitioners.

Public Awareness Campaigns: Educate investors about the importance of consulting certified professionals.

Industry Self-Regulation: Encourage professional bodies to monitor and discipline members or practitioners engaging in malpractices.
Legal Frameworks: Develop and enforce stringent penalties for fraudulent real estate activities.

The Nigerian real estate sector’s integrity hinges on the commitment of all stakeholders to uphold professionalism and legality. Curbing quackery in real estate marketing is not only essential for protecting investors but also vital for sustainable growth of the sector. Nigerians are urged to patronize licensed Estate Surveyors and Valuers to secure their investments, ensure transparency, and foster a trustworthy real estate environment for future generations.
ESV Onah Sam Ejike is a practicing Estate Surveyor and Valuer based in Abuja.