THE PROBLEMS AND PROSPECTS OF ESTATE AGENCY PRACTICE IN A SUB-URBAN SETTLEMENT

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THE PROBLEMS AND PROSPECTS OF ESTATE AGENCY PRACTICE IN A SUB-URBAN SETTLEMENT

(A case study of Suleja)

ABSTRACT

The study is concerned primarily with the examination of Estate agency prepuce in Suleja, for the purpose of identifying the nature of the practice, the problems affecting it and also providing solutions as to how the problem can be effectively addressed to same. In order to achieve the main objective of the study, both primary and secondary sources of data collection were adopted. A total of 60 respondents, cutting across estate surveyors, landlords, tenants, and quacks were received from the administered questionnaires. The depth of literature also contain wide acknowledgement of respective authorities. The data collected have been analyzed and presented informs of tables, and line graph in relevant sections of the study Some of the major findings of the study are that Estate Agency practice in Suleja is growing at a rapid rate due 1 the commercial and industrial setting of the town. Quackery is still the major factor affecting the practice in Suleja. Estate surveyors hardly go into properly. Development due to the financial involvement while professional estate surveyors’ services cut or span across all the aspect of estate agency practice, those of the quacks are restricted to mainly agency practice, those of the quack are restricted to mainly agency practice due to its, non-technical nature. The major area of services rendered by surveyors in Suleja is valuation, property management, estate agency, property development with properly management having the most briefs in the town. Appropriate recommendations in respect of the findings have been put forward in the study for implementation by all concerned individuals, groups, government agents for effective practice of estate agency services in Suleja.

chapter one

1. Introduction

With the nonexistence of  a physical market and the complex nature of transactions in the property market such as conveyance of property and the assessment of sale or rental values require expert advice of a professional with special knowledge in this field is always necessary. From the point of view of Richards (2004), non-human agencies such as companies, while having a separate personality, could not function without a human representative who acts on behalf of the company. As a consequence, it becomes questionable whether the transactions in the property market like any other market would exist without the doctrine of agency (ibid). He further adds that, agency is an essential fact of business life. There is, for that reason, the need for the provision of a clear mechanism for offering real property for sale because all markets require commodities and trading systems (Wallace, 2009). 

Carr et al, (2002) identify an agent as one authorized to represent a principal in negotiations formation of contract and/or various other tasks. The agent for estate basically links demand and supply. In Ghana, there is a multiplicity of problems surrounding the estate agency practice. The practice is not well developed and mostly unofficial. In recent times, the profession has been under the influx of untrained and ordinary persons.

In summary, a well-built property market works with a good coordinated estate agency system as well as a strong structured information collation and dissemination point. This promotes a reliable means of land management and administration. Adequate and relevant information on land in any economy is a good foundation for wealth generation and national development.

1.1     Background of the study

The word agency does not require any definition because a stark illiterate in typical rural settlement understands that, sale agent, insurance agent, estate agent, estate managers, sole agents, sole distributors among others, property agency involved the trading of right and interest in land, on behalf of others. Trading in this context means buying, selling, leasing, mortgaging renting, and letting and so on. Agency is the major business of most private estate valuation firms.

­­­­­Agency transaction required special knowledge and experience due to the imperfection of the property market.

Agency can therefore by said to be a medium through which information relating to buying and selling of land and landed properties. The specialist involved in estate agency is estate surveyors and values who have knowledge and experience in property market.

Estate agency involved financial, buyers and sellers, professionals and non-professionals otherwise often refers to as “quacks”. The buyers and sellers want their finance to be secured. To achieve this, they need professional which are estate surveyor and valuers but the involvement of non-professional has make it unsecured and unattractive which has resulted to the problems in the practice of agency in a sub-urban settlement as well as Nigeria as a whole.

This project is therefore center on this to analyze and suggest the possible solution.

1.2     statement of problem

Many property owners see property as a permanent asset or investment and therefore do not bother to take proper control measures right for initial state of the development.  Tenants on short interest in the property usually have little or on incentive to maintain due to lack of professional in the property, beyond the stand of repairs and physical condition and this may give rise to other management problems.

Also lack of planning and forecasting has made problems affect every stage of the development, which result to the decline in usefulness and values of the property.

It is in line with this that the research was bound to examine the effects of problem of estate agency in a sub-urban settlement. This factor will also look at the factors responsible for these problems.

1.3     Aim and objectives

The aim of this study is to assess the problems and prospects of estate agency practice in a sub-urban settlement.

To achieve this aim, the under listed objectives will be pursed:

1. To analyze related literature review of an estate agency practice in a sub-urban settlement
   1. To examine the nature of estate agency practice in Suleja, Niger State.
   1. To assess the problem of estate agency in the study area.
   1. To examine the various form of property market in Suleja town, Niger State.
   1. To identify the factors that influence estate agent and possible solutions.

1.4     Research methodology

Research methodology is a systematic way of finding new knowledge of subject or been brought to a logical conclusion. Research methodology includes;

Source of Data

The study would source its data from both primary and secondary sources. Primary data would be gathered by the use of questionnaires, structured interviews and through observation. Data would be collected from professional and non-professional estate agents by both the administering of carefully prepared questionnaires and structured interviews. Data would be also sourced from landlords and tenants. Secondary sources would include published and unpublished literary works such as textbooks, journals, dissertations and the internet.

Population

Population for this research is the Suleja, Niger State was chosen as my case study, so the population study is restricted only to this ministry.

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