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The Lagos State Government has warned members of the public on the danger of engaging unlicensed estate agents. The Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka gave this warning in her office while briefing the press on the activities of Lagos State Real Estate Transaction Department (LASRETRAD).
She disclosed that LASRETRAD, which is under the Ministry of Housing, is statutorily empowered to prepare rules and regulations for the practice of estate agency in the state.
She further listed the mandates of the Department to include identifying people eligible to be licenced as estate agents, issuing and renewing licences annually, maintaining register of real estate agents, sanctioning of unlicensed estate agency practitioners among others.
According to her, LASRETRAD has been inundated with reports on a lot of fraudulent activities going on in the real estate sector, especially from unscrupulous real estate developers and agents.
“As a government we cannot allow such to go on”, she said.
To stem the tide of fraudulent activities in the real estate sector, the Special Adviser disclosed that the state government has introduced a real estate transaction portal.
“The portal will afford property owners and tenants to register and transact genuine business and find lasting solution to incidences of business without interference of third parties”, she said.
She identified the need to provide, develop and continuously capture and update a Unified Central Database of real estate activities within the state, while making it accessible for the purpose of planning and policy mking.
The Department, she noted, would soon come up with a compendium of licensed stakeholders in the real estate industry to guide against fraudulent practices in the industry.
On partnership with the relevant professional bodies in the real estate business, she stated that the responsibility of government is to partner with relevant professional bodies to eliminate impostors, fraudsters, charlatans and sharp practices associated with members who claim to be accredited housing sectors practitioners, but defraud unsuspecting public who engage their services in renting, leasing, selling and property development.
Awoyinka promised to engage the various Community Development Associations (CDAs) across the state to act as whistle blowers in their various communities.
She enjoined members of the public to always patronise licensed estate agents and investigate the authenticity of a property before transacting any business in the real estate sector.
She also called on the media to assist in enlightening the public on the danger of dealing with fake estate agents.
