Examination of Estate Marketing Practices in Ikeja, Lagos, Nigeria

ABSTRACT

Estate marketing is an aspect of the profession of Estate Surveying and Valuation in Nigeria. Previous studies on estate marketing identified that there are challenges affecting estate marketing and the resultant effect on these challenges affects the credibility of the profession of Estate Surveying and Valuation in Nigeria. This necessitates the need to examine the practice of estate marketing in Nigeria. This study examined estate marketing practice among estate surveyors and valuers in Ikeja, Lagos Nigeria. The sample size for the study is the 64 registered Estate Surveying and Valuation firms in the study area. Data gathered were analyzed using descriptive statistics and 5-point likert ordinal scale. Findings from the study revealed that the use of brochure or bulletin is the most common estate marketing method in the study area. Also, it was revealed from the study that the use of press is the most cost effective method of estate marketing in the study area. The study identified the various challenges of estate marketing. However, collection of double professional fees is the most prevalent challenge of estate marketing in the study area. Finally, aggressive marketing which leads to unethical practices is the most prevalent mitigating measures adopted by Estate Surveyors and Valuers in the study area. Recommendations were made on how to review the ethical regulations guiding the practice of Estate Surveying and Valuation which will consequently improve marketing in the study area.

Introduction

Estate marketing is an important aspect of the practice of Estate Surveying and Valuation. Oni and Adebayo (2012) established that the problems associated with estate agency and marketing must be addressed if the profession of Estate Surveying and Valuation will continually be relevant. The scholars buttressed further that estate agency and marketing is the aspect of the profession with the highest presence of charlatans and quacks. The other aspects of the profession of Estate Surveying and Valuation are; property valuation, property management, feasibility and viability study and property development. All these aspects of the profession are interdependent. There is need for the establishment of value before a property can be marketed. Also, the final stage of property development is marketing of property either for sale of to let. The interdependence of the aspects of the profession of Estate Surveying and valuation necessitate the need for continuous research on all the aspects of the profession.

Estate marketing is a type of marketing that fits into the broad definition of marketing. Anyanwu (1993) opined that marketing consists of business activities that seek to anticipate demand, help in developing and making the products or services available to the satisfaction of the consumers (users and at a profit to the organization). Kotler (1994) described marketing as a social and managerial process by which individuals and groups obtain what they want through creating, offering and exchanging products of value with other. Olakunori and Ejionueme(1997) described marketing activities as the identification and satisfaction of peoplersquo;s needs through the exchange process. It can be inferred from the above definitions of marketing that the satisfaction of clients should be of paramount interest to a marketer.

The performance evaluation of an estate agency department in an Estate Surveying and Valuation firm depend on ability to sell or let properties in their portfolio (Ogedengbe, 2016). As result of this, Estate Surveying and valuation firms adopt different strategies in sealing real estate deals. The scholar buttressed further that it is pertinent for Estate Surveying and Valuation firms to recruit professional marketers to execute their real estate brokage business. Araloyin and Olatoye (2011) established that consumers of real estate are now sophisticated with high expectations from the agents. The scholars identified the following as the need of consumers; courtesy, provide service as promised, frequent communications, exact time services would be performed, and personal attention.

There are different methods employed by Estate Surveying and Valuation firms to market properties. Sani and Gbadegesin (2015) identified five common methods of marketing real estate in Nigeria as; site/billboard, direct mailing, press marketing, brochure/bulletin, and personal contact. The scholars rated site billboard as the most common means of advertising real estate. The study did not put social media marketing into consideration. In addition to all these methods of marketing real estate, the scholars identified some important attributesthat facilitate the marketing of real estate. The first ten attributes are; good track records, big client base, reputation, creativity in marketing, professionalism in dealings. Up-to-date with property trend, dedication and total commitment qualified and experienced team, ability to provide good service and ability to achieve the desired result.

The expectation of real estate consumers concerning estate marketing is high and the challenges plaguing the practice are enormous. The level of Sophistication expected from an Estate agent by a consumer cut across other aspect of the profession. A consumer needs a professional to supply the sale value, rental value and purchase value of a property. Also, a consumer needs information about the cost implication of property maintenance for property purchase or sale. This assertion was corroborated by Araloyin and Olatoye (2011). Ability of an Estate Surveyor to fulfill this required mandate will earn the surveyor a trust which will facilitate real estate marketing.

There are ethical provisions in the Nigeria Institution of Estate Surveyors and Valuers professional guidelines guiding the

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