Tackling Quackery in the Real Estate Industry: Policy and Practice Solutions

ESV Adebayo Charles Eraga

Quackery remains one of the most persistent threats to Nigeria’s real estate industry. From fake agents to fraudulent developers, countless unsuspecting buyers and tenants fall victim to scams every year. Beyond the financial losses, these activities damage public trust and undermine the growth of a sector that has the potential to drive economic development and job creation. To tackle this menace, both policy reforms and practical measures are urgently needed.

At the heart of the problem is the lack of regulation and professional standards. In many Nigerian cities, anyone can pose as a real estate agent or property consultant without certification or oversight. This absence of a strict entry barrier allows unqualified individuals to flood the market, engaging in deceptive practices such as selling non-existent properties or collecting multiple rents on the same apartment. The solution begins with stronger institutional regulation.

Regulatory bodies like the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) and the Nigeria Institution of Estate Surveyors and Valuers (NIESV) must collaborate with state governments to enforce mandatory registration and licensing for real estate practitioners. States such as Lagos have taken steps through agencies like the Lagos State Real Estate Regulatory Authority (LASRERA), which mandates practitioners to be verified before operating. Such frameworks should be replicated nationwide, ensuring that every agent, developer, and broker is traceable and accountable.

Policy alone, however, is not enough. There must be public awareness and consumer education. Many victims of real estate fraud fall prey because they do not verify the legitimacy of agents or property titles. Government agencies, professional bodies, and the media should intensify campaigns that teach citizens how to confirm land ownership, verify agent registration, and demand proper documentation. Knowledge is one of the most effective tools against fraud.

Another vital approach is the digitalization of property records and transactions. Introducing centralized, technology-driven property databases can reduce human interference and curb forgery. Blockchain technology, for example, can provide transparent, tamper-proof land registries, making it nearly impossible for multiple people to claim ownership of the same property. Similarly, real estate portals verified by government agencies can help buyers and investors confirm the authenticity of listings and practitioners.

The private sector also has a role to play. Reputable developers and real estate firms should adopt ethical codes of conduct, prioritize transparency in transactions, and work only with certified professionals. Industry associations can set up peer review mechanisms to identify and sanction defaulters within their ranks.

Finally, law enforcement must take real estate crime seriously. Fraudsters thrive when penalties are weak or prosecutions are slow. Fast-track courts and special investigation units focused on property-related offenses would serve as effective deterrents.

In sum, curbing quackery in Nigeria’s real estate industry requires a coordinated blend of regulation, education, technology, and enforcement. When professionals operate transparently and citizens transact wisely, the sector will not only regain public trust but also fulfill its promise as a key driver of national growth and urban development.