Assessment of the Role of Estate Agents in Lagos Residential Property Market

This study assesses the role, practices, and professional conduct of estate agents in Lagos State's residential property market, examining how agents facilitate property transactions, the quality of services they provide, and the extent to which their activities are regulated and standardised. Lagos's residential property market is vast and characterised by diverse intermediary types, from registered estate surveyors to informal or unregistered agents commonly known as omo onile or area boys, whose activities significantly influence market outcomes. The study employs a descriptive survey design, administering questionnaires to 120 residential property seekers, 50 registered estate agents, and 30 informal agents in Surulere, Lekki, and Isale Eko areas. Variables examined include services provided, commission structures, code of conduct adherence, market knowledge quality, and transaction success rates. Findings reveal that registered agents provide more comprehensive services including due diligence and title verification, while informal agents dominate in lower-cost housing segments where their community network access provides competitive advantages. Commission rates are highly variable and often undisclosed upfront, creating transparency problems and dispute potential. More than 60 percent of transactions in the Isale Eko area involve informal agents with no professional qualification. Buyer experiences of fraudulent property transactions are concentrated in deals conducted without registered agent intermediation. Recommendations include enacting a mandatory agent licensing law for Lagos State, creating a consumer complaint mechanism, and empowering NIESV to prosecute unlicensed property agents. Keywords: estate agents, property market, Lagos, agency practice, agent regulation.