The Speaker Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin has called for urgent need to curb illegal charges and extortions by estate agents.
In a motion moved by Ogundoyin alongside his colleague, Hon. Babajide Adebayo representing Ibadan North II during the Tuesday plenary, the lawmakers noted that it is becoming rather difficult these days for prospective tenants to rent house or shop without going through an agent.
According to the motion, there is a rise in cases of people being duped and extorted by Estate Agents who collect or charge illegal fees from them, adding that some dubious agents even abscond after collecting money from prospective tenants leaving no traceable address.
” Fraudulent and greedy Agents usually charge exorbitant fees. They collect fees like Agency fee, Agreement fee, Caution fee ( suppose to be refunded), Legal fee, Inspection fee among others. Some even request for registration fee. When they give you what they call ( TOTAL PACKAGE) for the rent you will be speechless. ”
Babajide said, “there is the need for the State government through the ministry of lands, housing and physical development and other professional bodies like the Nigerian Institution of Estate Surveyors and Valuers and the Association of Estate Agents in Nigeria to regulate and bring some sanity into the practice.
“All their charges are rather too high and exploitative. There should be ways of reducing the activities of quacks in the practice. Potential tenants must also resist any attempt to make them pay exorbitant fees, or negotiate better to avoid shortchanging.
“Security agencies should help investigate and bring some unscrupulous agents and surveyors whose criminal activities are capable of bringing discomfort to the people to book.”
According to the speaker, because of the development going on in Ibadan and indeed across the State, many people are now moving in. Sadly, a tenancy agreement which supposed to be 10percent, now cost as high as the rent itself.
“Can you imagine someone getting accommodation in Ibadan and the total package is #900,000. When this is broken down, the rent may be about #500,000 while other charges by the Estate/House Agents will be #400,000. Almost the same amount as the rent. This is really exploitative and exorbitant.
“We urge the Oyo State Government through the State Ministry of Lands, Housing and Physical Development, as well as other
professional bodies like Nigerian Institution of Estate Surveyors and Valuers (NIESV) and the Association of Estate Agents in
Nigeria (AEAN) to help regulate the activities of Estate Agents and Surveyors across the State.
“Let the professional bodies put machineries in place towards addressing the excesses of Estate Agents and Surveyors in the
State, and members of the public and other stakeholders to go all out against quacks and fake Estate Agents and Surveyors whose
fraudulent activities and charges are already giving the practice a bad name,” The Speaker added.
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