The Nigerian real estate industry continues to grow as the country's population continues to expand. Urbanization in many parts of the country makes real estate an interesting sector. There are multiple opportunities for those interested in making a name in this industry. If you have an eye for property and you want to develop that talent while helping others achieve their dreams, then this is a place to be.
But is it important to get a license as a real estate agent? What are the benefits of getting a license before practicing? How do you get a license? This article answers these questions and provides insight into the importance of a license as a real estate agent.
Should I Get a Real Estate License in Nigeria?
It is right that you get a real estate license in Nigeria. If you aim to practice legally and develop your career to an enviable status, then you need a permit for legalities. Not getting a permit might seem like the easy route, however, there are many benefits to getting a license as a practicing real estate agent in Nigeria. Here are some benefits:
Professional Credibility
A license is a form of identification that establishes your professional credibility. A property owner might ask for your license before conducting business. Providing such a license gives you credibility and shows you have the basic requirements to be in that position.
It also puts you in a position to offer your expertise and insights. You also have access to new clients and other professionals in the industry.
Access to Secure Information
Licensing and registration give you access to privileged information in the industry. One example is the Multiple Listing Service. This platform gives you updated information about property listing in a given area. This list is helpful in helping your clients find the right property that matches their preferences.
Avoid Legal Issues
You should have a license because the laws require it. Obtaining a license saves you from issues that might arise in the future during your practice.
The license and your numerous associations protect your interest in legal matters.
Steps to Becoming a Licensed Real Estate Agent in Nigeria
Now that you have decided to become a licensed real estate agent in Nigeria, it is necessary to do it the proper way. There are several steps and requirements to ensure your qualification as a licensed real estate agent. They are:
Educational Requirement
The minimum educational requirement to becoming a licensed real estate agent is a Bachelor's degree in Estate Management, Urban and Regional Planning, or a similar field of study. This degree shows that you have a basic background or actual knowledge of the real estate industry.
It also shows that you are familiar with important concepts and topics such as land laws, land administration, land use, and other property-related concepts. The educational requirement is the base for all interested in this profession.
Professional Requirement
When you have the basic educational requirements, you can then pursue the professional certificate. Nigeria has recognized institutions that handle the professional requirements. The professional exams will get you the Estate Surveyor and Valuers certificate. It is a major step to advancing your career in this profession.
The Nigerian Institute of Estate Surveyors and Valuers is the body in charge of offering licenses to professional real estate agents in Nigeria. They also have regulatory authority across the real estate sector.
Practical Experience Through Apprenticeship
It is not enough to have the academic experience or have the exam-based certification. You should also have hands-on experience in the industry. They will serve you throughout your time as a professional.
One way to get experience is through apprenticeship or internship. An established and trusted real estate agency can help you gain vital experience in the field. The agency also helps you to see the activities and mode of operation in the industry. You also build relationships with peers and veterans in the industry. The experience can give you a competitive edge in the industry and position you for juicy offers.
Mentorship
While apprenticeship is good on a general note it is also necessary to find a mentor that can guide you personally. Mentorship is important in determining your field of choice and taking steps to be recognizable in the chosen field.
A mentor will also help you to tackle issues or problems that may arise along the way.
Registration with Relevant Authorities
Before you can practice legally in the country's real estate industry, you need identification and registration. There are certain regulatory bodies that provide authoritative licenses for you to practice. Here are the main bodies
Nigeria Institute of Estate Surveyors and Valuers (NIESV)
Registration with this institute is mandatory and needed for professional practice in Nigeria. Other than issuing certificates and identification, they also structure the entire industry. As a newly registered agent, you enjoy professional support and have access to a network of professionals. The body also handles various processes including sales or property, evaluation, and land registration Registration is available for different groups including students and practicing professionals.
Real Estate Developers Association of Nigeria (REDAN)
You have another important association that can help propel your career to greater heights. The association houses various stakeholders in the industry. Registration with this body will bring you closer to these professionals.
They also provide insight and trends about the industry, regulations, and policies. The organization provides support to various bodies in the society. This includes landowners, organizations, and financial institutions interested in the real estate industry. REDAN offers new agents investment opportunities to build their portfolios and careers.
Estate, Rent and Commission Agents Association of Nigeria (ERCAAN)
ERCAAN is an associative body that focuses on the relationship between landlords and tenants in Nigeria. They help to regulate the conduct and relationship between these two entities. If you are a real estate agent, you should register with this body to gain insight into property management. The body educates and trains agents in this sector.
Conclusion
Being a licensed real estate agent is the right way when establish your career. You gain insights, enjoy support, and network with other professionals.
You can gain internship and mentorship experience at the Land Republic. Our expert is real. Agents can provide the help you need to become a real estate agent.
