In a bid to regulate the real estate industry in Lagos, the Special Adviser to the Lagos State Governor on Housing, Barr. Barakat Olawunmi Bakare, has emphasized the importance of realtors being registered in order to practice real estate in the state. This move is aimed at ensuring that only qualified and licensed professional real estate consultant, PRC, are involved in real estate transactions, thus safeguarding the interests of both buyers and sellers.
Hence, real estate practitioners who are not registered with the Lagos State Real Estate Regulatory Authority (LASRERA) will no longer be allowed to practice in Lagos, according to Barr. Barakat Olawunmi Bakare, the Special Adviser to the Lagos State Governor on Housing.
Bakare made this known during a sensitization program organized by LASRERA for real estate practitioners in Lagos. She emphasized that the government is committed to regulating the real estate sector in the state and ensuring that only qualified and registered practitioners operate in Lagos.
Barr. Barakat Olawunmi Bakare has stressed that unregistered real estate practitioners pose a risk to the public as they may lack the necessary knowledge and expertise to handle real estate transactions effectively. By requiring realtors to be registered, the government aims to raise the standard of professionalism in the industry and reduce the incidence of fraudulent activities.
Furthermore, the registration requirement is also intended to enhance transparency and accountability in real estate transactions, thereby promoting investor confidence and protecting the rights of property owners. This initiative aligns with the government’s commitment to creating a conducive environment for real estate investment and development in Lagos.
She further stated that the government has put in place measures to ensure compliance, including the establishment of a task force to monitor and enforce the registration of Professional real estate Consultants/ practitioners, PRC.
The Special Adviser further explained that the registration process is aimed at ensuring that in 2024 only competent and qualified professionals are allowed to operate in the real estate sector.
Barr. Bakare also urged all real estate practitioners in Lagos to register with LASRERA as failure to do so will result in sanctions, including the revocation of their licenses and prosecution.
In conclusion, the requirement for realtors to be registered in order to practice real estate in Lagos is a positive step towards professionalizing the industry and ensuring the welfare of all stakeholders. It is a clear indication of the government’s determination to promote a safe and secure real estate market in the state.
We encourage all our Professional Real Estate Consultants, PRC, to stay informed about the latest regulations and requirements for real estate practice in Lagos. Also, take necessary action. This will not only help you stay compliant with the law but also ensure that you are offering the best services to your clients.
Our Professional Real Estate Consultancy, PRC is available to guide you through a seamless and practical process to get certified and soar as a Professional Real Estate Consultant .
For inquiries on how to get certified as a Professional Real Estate Consultant , PRC, visit prcglobal.org or call 09033756052
