Estate, Rent and Commission Agents Association of Nigeria (ERCAN). has been advised to promote the monthly, quarterly, and yearly rent system among their members to check unethical practices among its members, which had led to a rise in rent defaults.
The Lagos State Government made the call during an exploratory meeting with the executives of ERCAN on Wednesday in Lagos.
Mr Moruf Akinderu-Fatai, Commissioner for Housing in a statement signed by both parties stated that  government was actively engaging with stakeholders to ensure a smooth transition for the benefit of those seeking accommodation.
He noted that the government had advised professionals and trade groups within the real estate sector to address public concerns regarding the persistent and alarming increases in rent, as well as the imposition of unwarranted fees.
These practices, he said, are currently carried out in violation of the Lagos State Real Estate Transaction Law.
He expressed government apprehension over unethical practices among estate agents, which had led to rise in rent defaults.
Akinderu-Fatai stated that the existing law recognised their roles and specified a percentage of chargeable fees of not more than 10 per cent on real estate transactions.
He charged the practitioners to adhere to the provisions of the law and encouraged estate agents and related bodies to denounce unqualified individuals who advise property owners to inflate rents arbitrarily and introduce fees not recognised by the state’s real estate transaction law.
The commissioner affirmed the government’s readiness to collaborate with all stakeholders to advance rent payment structure.
” This structure will halt indiscriminate practices, make rent affordable, guarantee the interest of property owners, and ensure consistent rent payments by tenants”.
Responding, the President of the ERCAN, Mr Godwin Aleke, pledged the support of his members to promote the state government monthly, quarterly and yearly rent system.
He pledged to collaborate with other professional bodies and stakeholders to sanitise real estate practices in the state moving forward.
