The Estate Rent and Commission Agents Association of Nigeria (ERCAAN) has called for stronger regulation, ethical conduct, and professional discipline in the country’s real estate sector amid rising concerns over fraud, quackery, and weak oversight.

Speaking at the association’s national conference held on Tuesday in Ikeja, Lagos, ERCAAN National President, Johnson Ajikan, said the industry remains a critical driver of economic growth but is increasingly threatened by unregulated practices.

Ajikan noted that estate agents play a key role in facilitating property transactions, linking landlords with tenants, and supporting housing delivery, but warned that the sector’s credibility is under strain.

“Despite the importance of our profession, we continue to face serious challenges, including the activities of unregistered practitioners, unethical practices, and growing concerns about transparency in property transactions,” he said.

He urged members to adhere strictly to the association’s constitution and uphold standards of professionalism, stressing that unity and discipline are essential for the association’s growth and national relevance.

Ajikan also called for closer collaboration with government agencies and regulators to address persistent issues such as housing shortages, property fraud, multiple agency conflicts, and landlord-tenant disputes.

According to him, the conference provides a platform for stakeholders to develop practical solutions to strengthen the profession and improve service delivery.

He further emphasised the need for continuous professional development, noting that the real estate industry is evolving rapidly due to the influence of digital technologies and changing market dynamics.

“The modern real estate marketplace demands that practitioners adapt to new technologies and embrace innovation to remain competitive,” he said.

In a paper presented at the conference, real estate expert Ayodele Olamoju highlighted structural weaknesses affecting agency practice in Nigeria, including poor regulation, lack of data systems, and low adoption of technology.

He noted that Nigeria’s real estate sector contributes about 6–7 per cent to Gross Domestic Product but is constrained by an estimated housing deficit of over 20 million units.

Olamoju identified key challenges facing practitioners to include proliferation of untrained and unregistered agents, fee undercutting and unhealthy competition, multiple agency arrangements leading to disputes, legal and documentation bottlenecks, trust deficit driven by unethical practices, poor data and market information systems, and limited adoption of property technology (PropTech).

He also pointed to macroeconomic pressures such as inflation, high interest rates, and reduced purchasing power as factors slowing property transactions.

The expert stressed that ethical conduct remains the foundation of sustainable real estate practice, warning that misconduct such as rent diversion, misrepresentation, and concealment of commissions continues to damage public trust.

He urged practitioners to prioritise transparency, proper documentation, and compliance with professional codes set by regulatory bodies.

On technology, Olamoju said digital tools are reshaping property transactions, with online listing platforms, social media marketing, and virtual inspection tools becoming increasingly important.

However, he noted that many practitioners still face challenges, including high adoption costs and limited digital literacy.

He also highlighted taxation as a key measure of professionalism, urging agents to comply with obligations such as personal income tax, value-added tax, and withholding tax.

Olamoju urged practitioners to move beyond transactional roles and position themselves as trusted advisors capable of delivering comprehensive real estate solutions.

“The future belongs to ethical, technologically driven, and professionally grounded practitioners,” he said.

Copyright © 2026 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).