The Imperative of Trust and Transparency in Nigeria’s Real Estate Sector
The Nigerian real estate sector presents a landscape of immense potential yet grapples with critical challenges, particularly concerning public trust and transparency. David Alao, Managing Director of Leadway Asset Management, highlighted this during the Nigerian Institution of Estate Surveyors & Valuers (NIESV) Heads of Practice Assembly 2025, themed "Thriving in a VUCA Environment." He underscored a significant opportunity within the sector – the provision allowing individuals to utilize 25% of their Retirement Savings Account (RSA) for real estate purchases. However, this opportunity is being undermined by a lack of trust and inadequate safeguards. Cases have emerged where individuals access these funds without actually investing in property, highlighting the need for greater oversight and accountability. This situation presents a prime opportunity for estate surveyors and valuers to act as fiduciaries, ensuring the proper utilization of RSA funds for real estate investments and protecting individuals from potential fraud. This would not only build trust within the industry but also solidify the role of estate professionals as essential players in the transaction process.
Bridging the Information Gap and Combating Misinformation
A major obstacle to the development of the real estate industry is the rampant spread of misinformation, particularly on social media platforms. Deliberate attempts to devalue properties through false comparisons and misleading information erode public trust and tarnish the reputation of professional bodies like the NIESV. Alao called upon estate professionals, particularly the younger generation, to actively counter this misinformation by leveraging digital platforms to disseminate accurate information and educate the public. This proactive approach would establish them as credible sources of information, capturing the attention of younger demographics like Gen Z and fostering greater trust in the industry. By embracing technology and actively engaging in online discourse, estate professionals can counter misinformation and regain their position as trusted authorities.
Positioning Estate Surveyors and Valuers as Trusted Allies
Alao advocated for a shift in the perception of estate surveyors and valuers, positioning them as trusted allies in a complex and often opaque industry. He emphasized the importance of their role in bridging the gap between buyers and sellers, providing accurate property valuations, and ensuring transparency in real estate transactions. This proactive approach would not only build trust among individual buyers but also position estate professionals as indispensable partners in navigating the complexities of the real estate market. By actively engaging with potential buyers, providing expert guidance, and ensuring transparency in the valuation process, estate surveyors and valuers can foster greater confidence and establish themselves as trusted allies.
Embracing Collaboration and Innovation in a VUCA World
The conference also addressed the challenges of operating in a Volatile, Uncertain, Complex, and Ambiguous (VUCA) environment. Bode Adediji, Chairman of the occasion, emphasized the need for estate professionals to embrace innovation, de-plasmatize their operations, and explore new business models such as franchising, drawing inspiration from successful practices in other countries. He challenged attendees to reflect on their individual contributions to the nation’s Gross Domestic Product (GDP), highlighting the interconnectedness of the real estate industry with the broader economy. This emphasis on collaboration and adaptability is crucial for thriving in the rapidly changing global landscape.
Leveraging Technology and Data-Driven Solutions
The event also showcased innovative solutions for property management, with a presentation by HOMZ.ng demonstrating how technology can empower investors to effectively monitor their rental properties. This integration of technology underscores the increasing importance of data-driven solutions in optimizing real estate investments and enhancing transparency. By embracing such innovative tools, estate professionals can streamline property management processes, provide better service to clients, and strengthen their position in a competitive market.
Promoting Professional Growth and Industry Development
Victor Alonge, President of NIESV, urged participants to maximize the opportunities afforded by the assembly to promote the growth and development of the institution. This call to action reflects the collective responsibility of estate professionals to enhance their skills, embrace best practices, and contribute to the overall advancement of the real estate industry. By actively engaging in professional development and collaborating within the institution, estate surveyors and valuers can elevate the standards of practice and ensure the long-term sustainability of the industry. This commitment to continuous improvement is essential for navigating the complexities of the VUCA environment and building a more robust and trustworthy real estate sector in Nigeria.
