10 Common Duties of a Real Estate Agent

by klp_admin on November 28, 2023

In Nigeria, as in many other nations, real estate refers to the purchase, sale, rental, or leasing of land and buildings. It is a substantial industry in Nigeria, encompassing residential, commercial, and industrial properties.

Real Estate is any property consisting of land, structures, resources or anything built on land. Real Estate Agents on the other hand are property experts or professionals who assist their clients to secure any transaction relating to buying, selling and renting of properties.

The Nigerian real estate market is diversified, reflecting the country’s economic and cultural variety. It encompasses anything from luxury residences in affluent communities to affordable housing projects targeting for the middle and lower income levels. Major cities including  Lagos, Abuja, and Port Harcourt are magnets for real estate investments in Nigeria.

Types of Real Estate

• Residential Real Estate: Residential real estate includes houses, apartments, and land used for living interests.
• Commercial Real Estate: Commercial real estate includes office spaces, retail stores, and other facilities utilized for business purposes.
• Industrial Real Estate: Industrial real estate includes properties used for manufacturing, production, storage, or distribution.

Duties of a Real Estate Agent

The duties of a real estate agent can vary depending on the role such agent is to perform. However, there are basic duties that every real estate agent is expected to perform and some of these duties are listed below.

• Property Listings

In the course of real estate services, a real estate agent has the duty to list all the available properties for sale to potential buyers. This include taking photographs of properties and also showcasing the properties.

• Inspection of Property Site

Another duty a real estate agent is expected to perform is to inspect or visit property sites to determine if there is any issue or problem with the property. Apart from that, clients can book an inspection session with a real estate agent to see the property to decide whether to buy/rent or not.

• Representation

A real estate agent represents either the buyer or the seller when it comes to real estate transactions (buying, selling, or renting properties), but ultimately have to protect the best interest of their clients.

• Market Analysis

Analyzing the market is the duty of a real estate agent. The agent must be up to date with the current price ranges of properties and their value.

• Negotiations

An expert is always needed when it comes to securing contracts between parties. Therefore a real estate agent on behalf of their clients can step up to negotiate prices or terms with the other party.

• Advisory Duty

When it comes to properties, a real estate agent can be regarded as an expert in the field. A real estate agent has the duty to advise their clients appropriately on whether or not a property should be purchased or sold. Other advisory roles can be on price suggestions, and among others, legal requirements.

• Closing Deals on Real Estate Contracts

A real estate agent has the duty to conclude transactions between their client and the other party to the contract. This is to say that, when the services of a real estate agent have been rendered, the agent must perform such task to its completion.

• Maintenance of Property

In some instances where a real estate investor or client is too busy to manage a property, a real estate agent can take on the role to manage and maintain such property on behalf of the investor or client.

• Creation and Distribution of Promotional Materials

Marketing is also one of the main duties of a real estate agent. Such real estate agent must use any possible medium to advertise available properties to potential customers. The popular mediums often used include, social media, and online or offline publications.

• Duty to Observe Due Diligence

As a real estate agent, it is important to be careful when handling client’s transactions so as not to lead the client into a loss or any illegal transaction. Therefore, a real estate agent must observe due diligence in the course of carrying out any duty for or on behalf of their clients.

Check out these properties in Abuja and Lagos

Wrap Up on the Duties of Real Estate Agents

Understanding real estate in Nigeria requires a grasp of its unique market characteristics, the roles of various players like agents and investors, and the broader economic and regulatory environment. Also, investing in Nigerian real estate can be profitable, but it takes expertise of local market dynamics, legal processes, and economic trends. Investing might take the form of buying to rent, buying to sell (flipping), or developing properties.