Housing: Lagos pegs agency fee at 10 per cent

Lagos State Government has stated that it is an offense to practice real estate business, either as a commission agent, realtor or real estate practitioner without proper registration with the Lagos State Real Estate Regulatory Authority.

Special Adviser to the governor on Housing and Head of the Real Estate Regulatory Authority, Barakat Odunuga- Bakare, made the remark, stating  that it is an offence for anyone to deal with persons or organisations that have not registered and obtained the LASRERA certificate of practice.

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Bakare also reaffirmed that agency fees charged by agents must be between zero and ten percent, while encouraging persons who are charged above ten percent or who have other complaints or grievances to channel such to the LASRERA office.

She also affirmed that it is an offense for practitioners in the built sector to demand more than one year rent from clients, stating  unequivocally that the state government has declared “it a big offense for any real estate practitioners to obtain money from any Lagosian without rendering the appropriate services to the clients.”

She went on to  reaffirm the state government’s commitment to restoring  sanity to the real estate sector, while protecting the interest of home seekers , property owners and practitioners.