Complying with the Ethical Standard in Real Estate Business-Su -Freshangle News
The Honorary Publicity Secretary of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Kogi State Branch ESV Eniwaiye John has called on estate agents to inculcate ethical principles in the practice of estate agencies in Nigeria.
Eniwaiye, made the call over the weekend during a one-day training and capacity building for the Kogi State Chapter of the Association of Estate Agents of Nigeria (AEAN).
Our Kogi State Correspondentreports that while delivering his lecture, titled “Ethics of Estate Agency Practice”, Eniwaiye said that Estate Agency Practice, which is one of the professional services of real estate surveying and appraisal, requires adequate knowledge and continuous capacity development.
According to him, instilling ethical principles in the practice of real estate agency becomes imperative to better and foster a good bond and promote the interest of client representation and interpersonal relations in the field of real estate agency practice.
He highlighted some of the basic ethical principles for practitioners in carrying out their duties, including honesty, fairness, integrity, responsibility, confidentiality, respect for law, accountability, transparency / objectivity, compassion, loyalty, environmental concern and leadership.
“Real Estate Agents therefore have a duty to uphold and protect the interests of clients by ensuring that they maintain the highest standards of ethical conduct in achieving client and personal/business objectives, pursuant to multiple laws that govern zoning/permitting and other matters regarding land use and development at the federal and state levels,” he said.
While emphasizing the need for ethics in the practice of real estate, Eniwaiye, also used the forum to highlight some of the challenges facing real estate agents, including the lack of regulation allowing easy entry and exit into the practice/ the company; the establishment of a monitoring mechanism to check the activities of members since the agency is known to be “everyone’s business”; poor record keeping; lack of separate account for client funds, lack of ethics of members in practice leading to lack of technical know-how in real estate transactions giving rise to misrepresentation; among others.
The Estate expert, however, recommended that practitioners of the profession create climates of service and ethics that work in tandem to guide service and ethical behaviors among unsupervised employees.
Continuing, Eniwaiye, said, “Service excellence, if poorly planned, fosters insufficient conditions for good success. Business owners should take corrective action before unethical behavior occurs by periodically measuring employees’ perceptions of the company’s ethical climate. Service and ethical behaviors are most essential in turbulent or competitive markets, with competitive intensity being most important.
“Real Estate Agents/Surveyors are expected to continually develop in others to adapt to the real estate practice itself through ethical principles with respect to employees, customers, society, the environment, shareholders and stakeholders.
“Complete adherence to the development and exposure of ethical standards in the real estate industry and the provision of services will prevent the model and ethical practices that will eliminate misconduct, sharp practices, non-compliance with applicable laws, irregularities or misappropriation of client funds, identity theft in other registered professions.He will also guide members/employees in their actions and ensure that they put the interests and welfare first of the association and the body of AEAN members represented in the real estate sector”.