The Honorary Publicity Secretary, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Kogi State Branch ESV Eniwaiye John, has called on estate agents to inculcate the ethical principles in practice of estate agency in Nigeria.
While delivering his lecture, titled “ethics of estate agency practice”, Eniwaiye said Estate agency practice which is one of the professional services of Estate surveying and valuation require adequate knowledge and continuing capacity development.
According to him, inculcating ethical principles in the practice of estate agency becomes imperative to better and foster a good tie and promote interest of clients’ representation and interpersonal relationship in the field of estate agency practice.
He highlighted some of the basic ethical principles for practitioners in discharging their duties to include honesty, fairness, integrity, accountability, confidentiality, respect for law, responsibility, transparency/objectivity, compassion, loyalty, environmental concern and leadership.
“Estate agents therefore have a duty to uphold and protect the interest of the clients’ by ensuring they maintain the highest standards of ethical conduct in achieving both clients’ and their personal/corporate goals, following several laws which govern the zoning/permitting and related matters concerning the use and development of land at both the federal and state levels” he averred.
While emphasizing on the necessity of ethics in real estate practice, Eniwaiye, also used the forum to outline some of the challenges estate agents to include lack of regulations that allowed ease of entry and exit into the practice/business; setting up monitoring mechanism to checkmate activities of members since the agency is known to be “all comers’ affairs”; poor record keeping; lack of separate account for clients’ fund, members failure to be ethical in the practice leading to lack of technical know-how in real estate transactions giving room for misrepresentation; amongst others.
The Estate expert however, recommended that, practitioners in the profession should service and ethical climates that operate in tandem to guide service and ethical behaviors among employees without supervision.
Continuing, Eniwaiye, said “Service excellence if poorly planned promote insufficient condition for good success. Business owners should take corrective actions before unethical behaviors occur by periodically measuring employees’ perceptions of the company’s ethical climate. Service and ethical behaviors are most essential within turbulent or competitive markets, with competitive intensity being the most important.
“Estate agents/surveyors are expected to develop themselves continually in other to fit into real estate practice proper through ethical principles as it concerns employees, clients’, society, the environment, shareholders, and stakeholders.
“Total compliance to developing and exhibiting ethical standard in real estate industry and service delivery will forestall ethical model and practices that will eradicate misconducts, sharp practices, incompliances to governing laws, irregularity or embezzlements of clients’ fund, impersonation into other registered professions. It will also guide members/employees in their actions and ensure they prioritize the interests and welfare of the association and the body of AEAN members represented in real estate industry”.