Are you interested in being a real estate agent in Lagos and making huge money from it? If Yes then you need to know how to become a licensed real estate agent in Lagos State, we have provided you the tips and guides including the registration portal and document requirements.
There is no doubt Nigeria is the largest black nation on earth and more focus is being placed in the top cities of the country of which Lagos State leads. Lagos state is the most populated state in Nigeria and the state with the fastest-growing business city filled with unlimited opportunities.
One thing you need to note about Lagos State as far as real estate is concerned is that the state is more favored by the laws of demand which every smart real estate agent has been tapping from and finding it difficult to leave the business.
Even with the fact that COVID-19 disrupted almost all businesses in the world real estate in Lagos State wasn’t affected, a positive growth of 2.81% y/y in Q4 2020 was experienced and growing more and more even in 2021.
So if you have just started or maybe you have been in the business for quite some months then you want to be a licensed real estate agent and enjoy the benefits that come with being a licensed real estate agent in Lagos State.
You must have heard about LASRERA, in case you haven’t LASRERA is the Lagos state licensed agency with its full name “Lagos State Real Estate Regulator Authority,” they are in charge of real estate regulation for professional real estate agents in the real estate sector.
LASRERA facilitates checks and balances of the Lagos state real estate sector and enforces the laws guiding the agency, this is being put in place so every Tom, Dick and Harry won’t just jump into the industry without proper planning and documentation, this has helped to reduce the rate of real estate fraud in Lagos state being the commercial city of Nigeria.
Under the Lagos State Estate Agency Regulatory Law, Cap L28, Laws of Lagos State, 2015 (Law) established the Lagos State Real Estate Regulatory Authority, tasked to look into real estate transactions in Lagos State by identifying individuals or groups seen to be eligible to be a licensed Real Estate Practitioners in the state.
To get properly registered, the Lagos real estate agents need to present some documents required by the Lagos State Real Estate Regulatory Authority (LASRERA), below are the document requirements:
Document Required to Get Licensed & Registration Portal
- The Address to the agent’s operational office.
- CAC registration of your business.
- Legal means of identification e.g National Identification Number (NIM).
- A minimum qualification of Senior School Certificate Examination (SSCE).
Regulations on Real Estate Agent Transactions In Lagos State
Below are the regulations on real estate transactions in Lagos state:
- All Lagos State real estate practitioners are licensed by the agency LASRERA and the agency can sanction any unlicensed real estate agent in Lagos state.
- As a real estate practitioner, you are not allowed to demand money from more than one prospective tenant or buyer in respect of the same premises.
- Transaction of such should also be remitted to the landlord (house owner) within fourteen (14) days of receipt except if directed by the landlord and must be in writing.
- As a professional real estate agent it is mandatory that you keep records of all business transactions and the income should be sent directly into a separate bank account.
- You also have to make sure that your client’s obligations are performed to the Government as the existing laws state, obligations like payment of taxes (deduction & remittance) and other required charges on clients property(s).
- Avoid making the mistake that most real estate practitioners make where they prepare legal documents without a lawyer’s consent, for every real estate documents you have to make sure the service of a legal practitioner is used. Your lawyer will see to legal document pertaining to every transaction, meanwhile, the fee must not exceed 12.5% of the total consideration.
- A licensed estate agent or practitioner must not stand in for two (2) principals (clients) on a transaction, the agent should only be paid by his/her principal.
- Real estate agents/practitioners must not charge or demand more than 10% of total rent collected on any of the transactions made and in situations where we have a sale of property (land/building) while 2 or more real estate practitioners are involved the fee should not exceed 15% of the total income.
You need to know that LASRERA is the only agency in charge of the issuance of annual permits and also they are in charge of the renewal of permits.