# Tags
#Featured #News

Rents: Nigerians decry skyrocketing agents’ fees

By Precious Owolabi

|

Nigerians have called on governments at all levels to address the soaring fees imposed by estate agents, which have made securing affordable accommodation increasingly difficult.

There was widespread support for the regulation and registration of real estate agents under a designated government agency, with charges governed by official policies.

This public outcry arises from dissatisfaction with the exorbitant fees demanded by agents, who are often accused of profiteering. Some critics even suggested that many of the agents are internet fraudsters exploiting vulnerable Nigerians under the guise of real estate dealings.

These practices were seen as unjust and place an undue financial burden on ordinary citizens.

Additionally, concerns have been raised about the lack of transparency in agents’ operations. Tenants have reported instances of double-dealings, where agents charge multiple clients for the same property. Others accuse agents of inflating rent prices to earn higher commissions, further exacerbating the housing crisis.

Apart from the financial strain, these agents’ activities contribute to housing instability. Families are often forced to vacate homes they can no longer afford due to inflated costs imposed by agents, resulting in increased homelessness and stress.

Unprofessional conduct is another issue. Some agents fail to deliver adequate services after collecting hefty fees. Complaints about poor communication, fraudulent claims about property conditions, and last-minute changes to agreements abound, leaving renters and buyers feeling cheated.

The absence of stringent government oversight has allowed such exploitation to flourish unchecked. Many Nigerians believe that regulating the industry will not only protect citizens from financial exploitation but also enhance the quality and accountability of estate agency services.

Related News  Oyebanji seeks stronger military cooperation to combat crime in Ekiti

Speaking with The Hope on the matter, Mr Anthony Aaron pointed out that housing remains a major concern across the country, largely due to excessive charges by landlords and real estate agents, commonly known as house agents.

Anthony explained that the cost of securing decent accommodation has surged by over 300 per cent, primarily driven by the greed of house agents.

He further blamed individuals with stolen or fraudulent money, who, in their desperation, worsen the problem for honest citizens.

“This situation adversely affects civil servants, business owners, and students whose earnings are insufficient to cover these inflated costs, especially due to the additional fees imposed by agents,” he said.

Anthony also called on the government to construct more housing units and establish schemes that allow citizens to acquire property at minimal interest rates.

Miss Oge Clareth shared her personal experience, stating that high agency fees have hindered her ability to secure affordable accommodation.

“You may have budgeted a specific amount for a house, only to discover that the agency fee alone is about ₦100,000,” she lamented.

She added, “If you can’t afford the agency fee, you lose the house and have to settle for something within your limited budget. These charges are unjustified; landlords and tenants should negotiate the agent’s fee to ensure fairness.”

Miss Oge suggested that the government issue identification cards to all agents, requiring them to present the IDs when dealing with prospective tenants. This, she believes, will reduce scams by unverified roadside agents.

Mr Omoniyi Oludare described the situation as dire, noting that agency fees sometimes rival the actual rent. He observed that even in suburban areas, the fees remain disproportionately high.

Related News  Fasua pledges transformative leadership for Akure South

“The exorbitant fees result from the chain of agents involved in linking properties, all of whom expect a cut from the payment,” he explained.

He urged the government to regulate land and housing rentals, adding that residents could organise associations to address housing challenges.

Share
Rents: Nigerians decry skyrocketing agents’ fees

NFF urges states to conclude President Federation

Rents: Nigerians decry skyrocketing agents’ fees

Niger tanker explosion: 20 victims on danger

Leave a comment

Your email address will not be published. Required fields are marked *