The Effects of an Inadequate Data Bank System on Real Estate Agency Practice in Lagos Mainland, Nigeria
Keywords:
Property, Bank System, Real Estate, Data, Estate Surveyor and Valuer.
Abstract
Property data is an essential component and an integral part of decision-making accountability, so making bad decisions is inevitable in its absence. Therefore, the lack of crucial data being a major factor impacting real estate agency firms and forms the crux of this study. This study examines the impact of a deficient data bank system's impact on licensed estate agents' practice. The study was conducted using questionnaires administered to Estate Surveyors and Valuers within Lagos Mainland. A sample size of 192 respondents was selected from the Nigerian Institution of Estate Surveyors and Valuers' Directory, which was used for the analysis. The study revealed that the unavailability of a central property data system impairs, to a great extent, the practice of real estate agents. The study further revealed that there is a need for members of the Nigerian Institution of Estate Surveyors and Valuers to collaborate and create a robust databank comparable to that of the Investment Property Databank (IPD). It was then suggested that measures be put in place to develop and facilitate the running of a databank. This would then be made available and accessible to Estate Surveyors that require such information.
References
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Stephen, N. B. (1981). The Practice of Estate Agency. Books Global.
Trochim, M. K. W. (2006). Research Methods Knowledge Base. Web Centre for Social Research Methods.
Wyatt, P. (1995). A Spatial Analysis of Property Values, Proceeding.1, of the Cutting-Edge Property Research Conference, University of Aberdeen, Conference Proceedings. The Royal Institution of Chartered Surveyors, pp. 21 – 33.
Wyatt, P. (1996). Using a Geographical Information System for Property Valuation, Journal of Property Valuation and Investment, (1), 67 – 79.
Adebayo M.A., and Oni, A.O. (2012). Challenges Facing Sustainable Real Estate Marketing and Practice in Emerging Economy.
Ajibola, M. O., Ogunyemi, A. O. (2011). Importance of Accessibility to Reliable Data for Real Estate Practice, Mediterranean Journal of Social Sciences (2).
Ajibola, M.O, Ayedun, C.A., & Oloyede, S.A. (2011). Issues Facing the Estate Surveying and Valuation Profession in Nigeria”. Resources Management Dynamics, (2), pp. 54–60.
Akomolede,K.(2006). Estate Agency Practice in Nigeria. Lagos, Nigeria.
Ash, P. (1958).The First Auctioneer: Origin of Sales by Auction of Real Property. Estate Gazette (centenary supplement).
Ashaolu, T.A. & Olaniran, M.O. (2016). Valuers’ strategies for coping with the dearth of
Market data in two Nigerian cities: Ibadan and Abeokuta, Pacific Rim Property Research Journal, (2), 167–179.
Asika, N. (2012). Research Methodology in Behavioural Sciences. Learn Africa Plc.
Babbie, E. (2007). The Practice of Social Research (11th Ed.). Belmont, CA: Wadsworth/Thomson.
BaffourAwuah, K.G, GyamfiYeboah, F., Proverbs, D & Lamond, J.E. (2017). Sources and
Reliability of Property Marketing Information for Property Valuation Practice in Ghana, University of Salford, Manchester.
Bishop, P. & Megicks. P. (2002). Competitive Strategy and Firm Size in the Estate Agency Industry. Journal of Small Business and Enterprise Development, (9),150 – 161.
Boyle, E. (1998). Entrepreneurship and the Changing Structure of Estate Agency in the UK, Journal of Small Business and Enterprise Development, (5), 141–150.
Brunt, J. W. & Michener, W. K. (2000). Ecological Data: Design, Management, and Processing, Methods” in Ecology Series by Blackwell Science.
Burns, R. B. (2000). Introduction to Research Methods, London: SAGE Publications.
Car, M. (2006). Monitoring Residential Property Prices in Slovakia. Wiley Eastern.
Directory of Members and Registered Firms of the Nigeria Institution of Estate Surveyors and Valuers (2009) Edition.
Dunse, N., Jones, C., Orr, A. & Tarbet, H. (1998). The Extent and Limitations of Local Commercial Property Market Data, (16), (5), 455 – 473.
Eiglsperger, M. (2006). Residential Property Statistics for the Euro Area and Selected EU Countries”, OECD-IMF Workshop “Real Estate Price Indices”.
Eleh, E. & Maureen, I. (2015). Estate Surveyors Move to Regulate Agency Practice. Wiley Eastern.
Gunjal, B. (2003). Database Management: Concepts and Design. Wiley Eastern.
Ibiyemi, A., Ogunyemi, O. & Awodiran, R. (2014). Regulation of Real Estate Agency Practice in Malaysia: An Investigation for Nigeria, International Journal of Humanities Social Sciences and Education (1), 65-76.
Kothari, C.R. (2009). Research Methodology: Methods and Techniques. Wiley Eastern.
Kuye, O. (2008). Estate Office Practice (2nd Ed.). AdroDadar Heritage Company Limited, Lagos, Nigeria.
Mitchell, P M & McNamara, P F (1997). Issues in the development and application of property market forecasting: the investors’ perspective, Journal of Property Finance, (8), (4), 363–376.
McNamara, P. (1994). Property Forecasting: Nothing to fear but fear itself, Estates Gazette, 9240, 140–143.
Olayinka O., Abiodun A.& Abiodun O. (2017). A Critique of Real Estate Agency in Nigeria: Policy, Pedagogy and Practice.
Oni, O. (2009). Real Estate Marketing and Code of Conduct in Nigeria, Rehoboth Consulting, Lagos.
Oni, A.O. & Adebayo, M.A., (2012). Challenges facing sustainable Real Estate Marketing and Practice in Emerging Economy: Case Study of Nigeria”, International Journal of Marketing Studies, (4), 58-67.
Oyedele (2017). Data Availability as a Catalyst to real estate investment, International Project
Management.
R1CS (2009).The Mallinson Report: Report of the President ‘a Working Party on Commercial Property Valuations. The Royal Institution of Chartered Surveyors, London, 5IPP.
Roulac, S.E. (1996). Strategic Implications of Information Technology For The Real Estate Sector, Journal of Property Finance, (7), (2), 28 – 44.
Rowley, S. (1995). The Development of Valuation Data Recording Standards for National
Land Information System Proceedings of the Cutting-Edge Property Research Conference, University of Aberdeen. The Royal Institution of Chartered Surveyors, London, Vol. 2, 221 – 232.
Sarathi, P. V. (2010). “Law of Transfer of property”. Lucknow: Eastern Book Company.
Saxena, P. P. (2006). “Property Law”.
Shukla, S.N.,&Tripathi, G.P. (2008). The Transfer of Property Act. Allahabad: Central Law Agency.
Stephen, N. B. (1981). The Practice of Estate Agency. Books Global.
Trochim, M. K. W. (2006). Research Methods Knowledge Base. Web Centre for Social Research Methods.
Wyatt, P. (1995). A Spatial Analysis of Property Values, Proceeding.1, of the Cutting-Edge Property Research Conference, University of Aberdeen, Conference Proceedings. The Royal Institution of Chartered Surveyors, pp. 21 – 33.
Wyatt, P. (1996). Using a Geographical Information System for Property Valuation, Journal of Property Valuation and Investment, (1), 67 – 79.
Published
2023-09-26
How to Cite
Farinmade, A., & Akinyemi , T. I. (2023). The Effects of an Inadequate Data Bank System on Real Estate Agency Practice in Lagos Mainland, Nigeria. URBAN AND REGIONAL PLANNING REVIEW, 8(1), 34-44. Retrieved from http://urpr.unilag.edu.ng/article/view/1873
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Articles
