In a rapidly evolving real estate landscape, increased collaboration among firms has become more essential than ever. At the recent Heads of Practice Assembly 2025 held in Lagos, industry leaders emphasized the need for partnerships as a strategy to enhance efficiency, profitability, and resilience in an unpredictable market.

Chairman of the Lagos branch of the Nigerian Institution of Estate Surveyors & Valuers (NIESV), Gbenga Ismail, underscored the importance of collective effort in shaping the sector’s development and regulatory framework. According to him, firms that work together not only strengthen their own operations but also contribute significantly to economic growth.

The event, themed ‘Thriving in a VUCA Environment’, provided an avenue for professionals to engage in discussions around volatility, uncertainty, complexity, and ambiguity—factors that continue to shape the business climate. Ismail highlighted technology as a game-changer, warning that firms that fail to embrace innovation risk becoming obsolete. “We are all aware of what technology is doing to everybody’s business. If you are not in tune with these advancements or leveraging them to your advantage, you’re at risk of extinction,” he cautioned.

Another key area of focus was employee welfare, a crucial factor in sustaining productivity and business growth. “If the reward is not right, employees won’t stay. If they lack the right skills, they won’t understand their roles. Retaining employees through proper welfare packages is fundamental to business sustainability,” Ismail stated.

Victor Alungue, president of the Nigerian Institution of First Aid Surveillance and Values, echoed the need for greater collaboration—not just among firms, but also between the real estate sector and government entities. He pointed out that in developed economies like the UK and the US, governments actively engage industry professionals to drive economic stability and efficiency. “Government needs to take advantage of our professional expertise. We want to see more of that in our country,” he remarked.

The importance of knowledge-driven decision-making was also emphasized by real estate expert Bode Adediji, who urged professionals to equip themselves with the right expertise. “We must recognize that we are operating in a VUCA environment. The advice we give to clients and investors must reflect this reality,” he stated.

The event featured engaging panel discussions on employee welfare as a productivity driver, the role of firm collaboration in enhancing profitability, and strategies for sustainable growth.

Key Takeaways:

• Collaboration is crucial: Firms that work together enhance industry efficiency and drive economic progress.
• Technology is a necessity, not an option: Firms must adapt or risk becoming obsolete.
• Employee welfare impacts retention and productivity: Competitive rewards and skill development are essential for sustainability.
• Government and private sector synergy is needed: Real estate professionals should be actively involved in shaping policies and driving economic strategies.
• Knowledge is power: In a volatile business environment, informed decisions are key to success.

As the real estate industry navigates uncertainty, strategic partnerships, technological adaptation, and a commitment to employee well-being will determine long-term success.