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Maduka Nweke
In order to sustain the cardinal objectives of the profession and engender healthy competition among members and foreign practitioners in the country, the Nigerian Institution of Estate Surveyors and Valuers, NIESV, has advocated strategic innovations as a way of remaining relevant in business and to boost the sub-sector of the economy.
At a one-day interactive session on, “Prospects and challenges of international competition in the business
of real estate” organised by the NIESV’s Estate Agency and Marketing Business Division recently in Lagos, Mr.
Joe Idudu, former President of the Institution expressed worries that the industry has become an all-comers affair
for those who ordinarily doesn’t have business in the sector because of its lucrativeness.
In his presentation,“Why foreign firms are preferred in the sector”, Mr. Olumide Olayinka, Partner and Head of Risk Consulting, KPMG Nigeria, emphasized that what makes clients prefer foreign operators in the business was because they empower clients through value, demonstrate strong understanding of the nature of the trade and are more strategic in satisfying the people.
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Bode Adediji past president of NIESV, lamented that the industry is faced with so many challenges among which are recession, ignorance and complacency, poverty and marginalization/international competition. He stressed that to survive therefore, would require practitioners to make clients have greater degree of trust, expertise and confidence in the type of services offered.
According to him, the most crucial and disruptive aspect of the international competition is particularly reflected in the premium and eyebrow segment of the real estate market.They want Nigerian Institution of Estates Surveyors and Valuers (NIESV) members to offer value rather than focusing on profit optimisation.
The participants were also urged them to develop a one-stop shop that encompass for all that are needed by clients. In his presentation, “A well structured partnership, a case study of a flourishing firm of estate surveyors and valuers”, Idudu challenged members to be innovative in structuring their firms, imbibe the culture of honesty and sincerity of purpose in dealing with clients and colleagues in the profession.
The world is a global village, we must learn to accommodate competition from others. The only advantage that foreign firms have over local practitioners is their accessibility to capital for investment in the market. We must embrace value and for our job, location of firm is important. What is needed for successful partnership is honesty of purpose and importantly, we must structure our firm in such a way that there is continuity even after we must have retired”.
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Gboyega Fatimilehin, attributed the incursion of foreign players in the industry to the nations’ increase in Gross Domestic Product, technology disruptions and the observed investment opportunities in the country. He advised NIESV to consolidate for growth, put in place continuous training and workshops for members to build competence as well as confidence in their operations. He pointed out that for the Nigerian real estate industry to be competitive and attract investment, real estate practice must have higher standards.
