Our Special Guest on week 2 of The Property Show on Inspiration 92.3FM was Mr Chudi Ubosi, Principal Partner at Ubosi Eleh & Co and the theme of the show was Real Estate Agency Practice in Nigeria.
Mr Ubosi advised property investors, buyers and tenants to always ensure they deal with estate agents that are registered with the Nigerian Institution of Estate Surveyors and Valuers (NIESV). Also commenting on the newly formed Association of Estate Agents in Nigeria (AEAN), Mr Ubosi stated that the purpose of the body is to regulate the activities of estate agents that are not members of the NIESV. The AEAN aims to checkmate misconduct in estate agency practice in Nigeria.
Mr Ubosi advised property buyers and tenants to patronise registered estate agents only as a property buyer or tenant can report any issues or disagreement with a registered agent to the professional body that can mediate to reach an amicable resolve.
On the payment of agency fees, Mr Ubosi advised that agency fees are to be paid only after a deal has been reached and not before. Still on the issue of agency fees, it was asked who property buyers and tenants are to pay agency fees – the best practice is for the agents on both sides of the transaction get their respective fees from their principals in which are the buyer/tenant and Seller/Landlord on completion of the transaction.
In clearer perspective if a property owner employs the services of an estate agent to help sell/rent his property, such agent is entitled to get paid the fees for his services from the property owner based on agreed percentage likewise if a buyer employ the services of an agent in renting/buying a property he/she is obligated to pay for the services of the employed agent in securing the property.
However, he stated that some agents exploit property buyers/tenants when there is a lot of demand on a particular property by demanding extra fees from the agent on the buyer/tenant side in addition to the agency fees he/she is entitled to from the property Seller/Landlord.
During the 30 minutes show which also comprises a 15 minutes call in segment, a caller enquired on real estate investment options asking if there is an amount of money a prospective property investor needs to start in the real estate market. Mr Ubosi advised that there is no threshold for prospective investors to start investing in real estate. He stated that investments can be done with as little as N10,000 by pulling together funds with friends/associates to purchase affordable properties. There are plots of land that can be purchased with as little as N300,000 and such land can be held for some time to appreciate in value and put back on the property market for a return. Thus, one does not need to wait till they have millions before investing in real estate.
Mr Ubosi also advised prospective investors as well as real estate agents to always perform adequate due diligence to avoid falling into the traps of fraudulent real estate practitioners. On the part of property investors, he stated that investors need to research all housing and real estate schemes properlies to ensure the developers or sellers are people or organization of repute would be willing to go as far as making refunds of deposits in cases of disputes or deviations from agreement. Speaking on the part of due diligence by real estate agents, he advised estate agents to check who they are putting into a property to ensure the property is used for the right purpose and to also ensure the financial capacity of such a client to make timely payments when due.
About Mr Chudi Ubosi
Mr Chudi Ubosi is principal partner at Ubosi Eleh & Co. ( a leading firm of Estate Surveyor and Valuers). He graduated with Bsc in Estate Management from University of Lagos and also possesses an Msc in Construction Management from the same university.
Prior to setting up his own partnership, Chudi had worked with Chinwuba Odumodu & Co and Diya Fatimilehin & Co where he rose to the position of partner.
He has over twenty years experience in the real estate consultancy sector.
He is a fellow of Nigerian Institution of Estate Surveyors & Valuers (NIESV) and member International Real Estate Federation and the Chairman, Faculty of Estate Agency of the NIESV.
He is also Regional President – Africa, International Real Estate Federation (FIABCI)
About The Property Show
The Property Show is a weekly real estate radio show with www.privateproperty.com.ng which airs live every Tuesday at 5PM on Inspiration 92.3FM and is hosted by popular OAP Ms. Wana Udobang (Ms. Wana Wana) as host.
The Property Show comprises a 15-minutes interview with a Special Guest that will enlighten listeners on selected real estate topics and issues. Also, there is a 15-minutes phone in segment that enables listeners of the show make enquiries and receive expert advice from a pool of real estate experts and professionals.
