Estate Surveyors and Valuers Call For Vibrant Mortgage System, Partnerships, Adoption of Proptech As NIESV Lagos Branch Celebrates 50th Anniversary
It was a parade of colourful moments and splendour, with a mix of nostalgic narrations by early members who are still living and appreciations to God and founding members of the NIESV Lagos Branch who worked so hard to nurture the noble Institution in the cradle when the Lagos State Branch of the Nigerian Institution of Estate Surveyors and Valuers held a symposium to celebrate its 50th year anniversary at Eko Hotel & Suites yesterday, 3rd December, 2020.
Representing the Chairman of the Occasion, ESV (Alhaji) Adetola Shote, Elder O.J.A. Idudu, one of the early members and 8th Chairman of the Branch, told the story of the early years of the Branch, filling the air in the Grand Hall Room with burst of nostalgia and thankfulness to the founding members of the Branch and the Institution.
Elder Idudu who is also a former President of the Institution, described the early years as “a golden era” which came with a high sense of pride for the real estate surveying and valuation profession, adding that the happiest thing for him now is that “there are now, many estate surveyors and valuers today who are managing housing, a basic need of mankind.”
He called on the government to establish and maintain a vibrant mortgage system in the economy as funding remains the biggest challenge of people desiring decent homes and seeking services of real estate surveyors and valuers.
He said, “We now seek to return to the golden era but we have not been able to do so, because of politicians who have not given us a dependable mortgage system. Many people cannot buy housing because they have no means; we do not have a vibrant mortgage industry.
“We had our member then, ESV Akinsanya who was working in the bank. He had come up with the idea of the government using unclaimed dividends as seed money for the mortgage industry to take off and the money would be paid back gradually as beneficiaries are paying back, but that idea was not adopted by the government. We need money to have a vibrant mortgage industry. If the political will was there, we would have been able to push this forward and making housing cheaper and more accessible.”
He called on the Branch members to focus on making their services cheaper so that even the poor can access their professional input in the housing sector.
“As we celebrate, we should make our services cheaper and make the poor have access to our services,” he advised.
Earlier in his welcome address, the President of NIESV, ESV (Sir) Emmanuel Okas Wike in his welcome speech delivered by the First Vice President, ESV Johnbull Amayeavbo, called on members to continue to defend the profession while building core competencies against onslaughts of quacks and other professions attempting to hijack the jobs of Estate Surveyors and Valuers.
He said, “The role of the Estate Surveyor and Valuers as the key driver of the national economy cannot be over emphasised. As a professional body, we are not relenting in our efforts to align with the best global practices in the practice of our profession in Nigeria. We embrace this option for the singular reason of being more impactful to our communities and the nation.”
Also in his welcome speech, the Chairman of the Branch, ESV Adedotun Bamigbola noted that the challenges facing the real estate valuation profession in the next 50 years bothers on maintaining international ethical standards, research, proptech and infractions in the real estate sector in various areas of practice.
“These underscore the need for Estate Surveyors and Valuers, particularly those practicing in Lagos State, to take charge and evolve to make the necessary professional impact on the state and the society at large through value addition. We need to build on our rich history and the dedication of our past leaders to confront the challenges of the future. The symposium is organised on this historical day to take us down the memory lane and to project us into the future which the profession should prepare for,” he said.
The well attended event featured three panel segments. Panel 1, tagged, “The Beginning” featured some of the early Branch Chairmen, ESV (Elder) Olubola Sonoiki, 13th Chairman; ESV (Elder) O. J. A. Idudu, 8th Chairman and their contemporary from a sister profession Chief Tunde Fanimokun and was moderated by ESV Bode Adediji, 19th President of the Institution. The panel discussed the early beginning of the profession and the vision of the founding fathers. Panel 2, tagged “Taking Charge,” featured mid-era Estate Surveyors and Valuers, such as ESV Gboyega Fatimilehin, CEO, Diya, Fatimilehin & Co; ESV Frank Okosun, represented by ESV Ehondor Erhabor, a Partner at Knight Frank and Head, Capital Market, Property & Facilities Management Department; ESV Kola Adefila, 17th Chairman of the Branch and ESV (Prof) Modupe Omirin, Head of Department, Estate Management, at the University of Lagos. The panel was moderated by ESV Kevin Ofili, a Fellow of the Institution. The panel discussed the real estate profession as it is today, the challenges and way forward. Panel 3, tagged, “Building the Future,” had some younger Estate Surveyors and Valuers such as ESV Adetayo Odunsi, CEO, Northcourt; ESV Tolu Dima-Okojie, Managing Partner, Kola Akomolede & Co and Chairman of the Branch, ESV Adedotun Bamigbola and was moderated by ESV Adejumoke Akure. The panel discussed new trends in the real estate profession, how to make the profession more appealing to the younger generation and adoption or technology in real estatebusiness, popularly called Proptech.
Major themes that ran through the discussions included the need for partnerships, adoption of Proptech, modernising the profession to meet taste and expectation of young professionals as well as need for the older professionals to transfer knowledge gained from experience to the younger professionals while also getting technological updates from younger professionals.
During the discussions, ESV Erhabor called for partnership among estate surveying and valuation firms to form bigger organisations that can boast of multiple real estate and allied expertise, as this is the only way the firms can attract big jobs both within Nigeria and internationally.