“Increment in rent is not a good news to my job…” Hostel Agents react

Features

Safiu Kehinde 

What is good for the goose seems to be bad for the gander in the context of landlords and agents benefit from hostel rent as agents reacted over increment.

While landlords recount their gain from increment, hostel agents appeared to be on the losing end of the bargain.

For the CEO of Issy Property International, Olakunle Isaac, the increment is bad for his business as it limits agent’s commission fee on a property.

“As for Me ( property manager) increment in rent isn’t a good news to my job as it chokes price of property and decrease my commission. For instance, if house used to be #100k I add Commission of #50k, making #150,000 in total. Now if rent is increased to #150k, what will happen to my commission? If I further add #50k again (#200k) will people rent my house? If I don’t add #50k, I’m I still profiting? So does increment favor agent? Never No!” He said.

Olakunle, however, pointed at the greediness of landlords influenced by unhealthy competition among agents, who are mostly unregistered, over a property.

“Ikorodu landlord increase rent as influence of greedy unprofessional Agents in ikorodu. Severally have lost some deal because I was blunt & sincere.

“How do I mean? On every new building, at least 10 agents parade the property to secure consent of owner as principal agent.

“Along the line, some agents campaign with impossibility to win the deal. A house worth of #200,00 will be called 400, to attract landlord interest.

“If an agent promise to help you lease your house out for #500k and I say it’s worth 150k, will you consider me?

“So these thieves are considered while innocent public pays the price.” He added

In a bit contrary view, a final year student and agent, Adekanbi Oluwasegun, claimed the landlords are responsible for the increment.

“All these increment in rent is coming form the landlord not we agents. When a landlord put up a room self-contain #200,000- including agreement and commission. #30,000 for the agreement goes to the landlord while #30,000 for the commission is supposed to be for the agent.

“But some landlords are dubious and wicked that they will still take out #20,000 from the commission while leaving #10,000 for we agents to share. That is why agents do add their own money to the fee aside commission.” He disclosed.

Meanwhile, another agent, Micheal Emmanuel, gave reasons for the increment of hostel rent by landlords.

“Land lords complain of increment in the cost price of things in market. This then make them increase their house rent n expenses

“Some Landlord also let us know as agent that their only source of income is on the property that they ventured into host business as their retirement plan.

“Also responsible for the increment is the damages to house properties by previous tenants” he said.