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An Investigation of the Efficiency in Nigeria Real Estate Agency Practice

Iroham, C.O. and Oluwunmi, Adedamola O and Ayedun, C. A. and Oloyede, S. A. (2011) An Investigation of the Efficiency in Nigeria Real Estate Agency Practice. Mediterranean Journal of Social Sciences, 2 (2). pp. 184-193. ISSN 2039 - 2117

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Abstract

Estate agency which has been researched upon particularly in the UK, US and Asia is still in its infancy in Nigeria. This research aims at discovering the impact of different agency types in the efficiency of Nigeria real estate practice. The study of 159 Estate Surveying firms and 91 Property development companies in the commercial nerve centre of the country (Lagos) representing both agents and principal (vendor/purchasers) respectively, indicates that multiple agency is mostly adopted in Nigeria real estate practice. The Relative Important Index coupled with Chi-Square test at 0.05 level of significance supports the posit of certain inefficiencies synonymous with multiple agency as discovered in an earlier work carried out in the UK. The researchers thereby advocated the modification of subagency practice particularly to involve the consent and commitment of principals so as to eradicate all inefficiencies by safeguarding the interest of all parties. A call for focus on the neglected real estate agency research among Nigeria researchers is also advocated.

Item Type: Article
Uncontrolled Keywords: Agency, Agent, Principal, Real Estate, Efficiency, Nigeria
Subjects: H Social Sciences > HD Industries. Land use. Labor
T Technology > TA Engineering (General). Civil engineering (General)
T Technology > TH Building construction
Divisions: Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment
Depositing User: Mr Solomon Bayoko
Date Deposited: 24 Mar 2014 16:53
Last Modified: 10 Jul 2017 11:59
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/2261

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