The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has urged operators in the real estate surveying industry to improve on their capacity development.
Mr Joe Idudu, a former President of the institution, said at a seminar organised by the Faculty of Estate Agency and Marketing Business Division of NIESV in Lagos on Thursday, September 20, 2018, that it was to overcome the challenges of international competition.
The seminar was themed: “Prospect and Challenges of International Competition in the Business of a Real Estate.”
Idudu said that estate agency had became an “all comers affairs” where anybody could walk up overnight to begin operation, including the foreigners.
He said the only means the local estate surveyors could remain relevant and compete with the multinational firms was to improve on their capacity development/competence in the profession.
“Our institutions need to find a way to enhance the capacity of the local operators to create more values for the profession.
“Knowledge is key. And if we can acquire the needed knowledge, skills and competence if we must be ready to learn,” he said.
Contributing, Mr Emeka Eleh, a past President of NIESV, identified slow to change as the major challenge of the real estate agency profession and the Nigerian economy at large.
Speaking on the topic: “Leveraging on the Concept of Pseudonym for Mega Practice”, Eleh said that the local operators found it difficult to adapt to new changes that could facilitate growth of the industry and the economy.
According to him, the world changes by the day, saying that operators in the real estate industry need to move with the changing trend.
He said lots of efforts were being made by the multinational firms and foreign operators to invade and overtake the real estate industry.
“There is need for us to change our home mindset, strategise and be ready to compete with the international competitors.
“There are opportunities where we have challenges,” he said.
Also, Mr Victor Alonge, the Managing Partner, Nelson Thorpe Alonge company, called for partnership among the operators in the real estate industry.
Alonge said that partnership was the way the operators could collectively combat international competition in the profession.
According to him, international competition has come to stay, saying that the operators need to be prepared to and accept the competition.
“There is need to understand how the foreign businesses operate and the yardstick for its success.
“We will urge the government to enact law aimed at prohibiting operation of foreign operators in the industry.
“We need to come together, collaborate and pull resources together to grow and sustain the industry,” he said.
Earlier, Mr Sam Eboigbe, the Chairman, Faculty of Estate Agency and Marketing Business Division of NIESV, said that Nigeria had competent estate surveyors that could compete effectively with their foreign operators.
Eboigbe said it was financial capacity and government support that the foreign operators had over the local ones.
He urged the Federal Government to support and financially encourage the local operators to enable them to compete with their foreign counterparts.
By Lilian Chukwu