The Effects of an Inadequate Data Bank System on Real Estate Agency Practice in Lagos Mainland, Nigeria

Abstract

Property data is an essential component and an integral part of decision-making accountability, so making bad

decisions is inevitable in its absence. Therefore, the lack of crucial data is a major factor impacting real estate

agency firms and forms the crux of this study. This study examines the impact of a deficient data bank system's

impact on licensed estate agents' practice. The study was conducted using questionnaires administered to Estate

Surveyors and Valuers within Lagos Mainland. A sample size of 192 respondents was selected from the Nigerian

Institution of Estate Surveyors and Valuers' Directory, which was used for the analysis. The study revealed that the

unavailability of a central property data system impairs, to a great extent, the practice of real estate agents. The

study further revealed that there is a need for members of the Nigerian Institution of Estate Surveyors and Valuers

to collaborate and create a robust databank comparable to that of the Investment Property Databank (IPD). It was

then suggested that measures be put in place to develop and facilitate the running of a databank. This would then be

made available and accessible to Estate Surveyors who require such information.