Stakeholder warns on threat of online real estate platforms
With the influx of credible real estate online platforms like Jumia House, Property.ng, Tolet.ng, Private Property and a host of others, a stakeholder in the industry, Chudi Ubosi, has warned that technology is a “big threat” and a “real cause for concern” with property agents in Nigeria as fraudsters may take advantage of unsuspecting members of the public.
“Online platforms do pose a major problem in the practice of estate agency. Its anonymity greatly increases the chances of fraudsters hiding as professionals and defrauding unsuspecting members of the public as they source for accommodation.
“There is this tendency for a lot of people to believe anything they see on social media and this translates even to serious businesses when they should seek professional guidance especially as it pertains to real estate.
Speaking further, Ubosi who is the President, International Real Estate Federation (FIABCI) Africa opined that technology has made it easier for frauds to operate while advising members of the public to seek professionals and ask of them for some kind of identification that confirms that they are indeed professionals.”
He said: “It must be understood that real estate marketing like so many other activities depends so much on visibility of the product and the agent. Technology has made that a lot easier.
“Technology has also made it easier for frauds to operate, it is still advisable that when the services of a real estate agent are needed, members of the public are advised to seek professionals and ask of them for some kind of identification that confirms that they are indeed professionals.”
Ubosi, the immediate chairman, Association of Estate Agents of Nigeria (AEAN), an arm of Nigerian Institution of Estate Surveyors and Valuers (NIESV) however, agreed that technology has greatly enhanced the practice of estate agency making it possible to market and advertise ones properties through all kinds of channels and giving access to sometimes millions of possible viewers and potential customers.
He said: “It must be understood that real estate marketing like so many other activities depends so much on visibility of the product and the agent. Technology has made that a lot easier.
