Time is running out fast for quacks in real estate sector
As you navigate the vibrant streets of Nairobi, cautionary signs like “This Property is Not for Sale” or “Buyer Beware” dominate the landscape. The pervasive fear among property owners of unauthorized sales highlights the rampant challenges within Kenya’s real estate sector.
Despite being a lucrative industry, the real estate sector grapples with illegalities, irregularities, and the menace of quack estate agents. Unscrupulous land buying companies have swindled hard-earned money by selling ‘air’ instead of legitimate land, casting a shadow over real estate investments.
The Solution? Embrace Professionalism.
Investors can shield themselves from these pitfalls by engaging registered estate agents. The Estate Agents Registration Board (EARB) governs real estate agency practices in Kenya, ensuring adherence to ethical standards and professionalism. The current drive to register over 10,000 estate agents aims to fortify the industry, providing a conducive environment for fair competition and instilling investor confidence.
Why Choose Registered Estate Agents?
Registered estate agents hold certificates proving their legitimacy and possess an annual practicing certificate. EARB meticulously oversees the conduct of estate agents, ensuring they operate within the law. With approximately 3,000 registered estate agents and ongoing recruitment efforts, the industry is moving towards comprehensive regulation.
Key Transformations in Progress:
- Review of Estate Agents Act Cap 533:
- Different categories of real estate agents to accommodate varying education levels.
- Inclusivity to encompass all industry players, from caretakers to professional agents.
- Training and Code of Conduct:
- Regular training to uphold high professional standards.
- A customer-centric approach with a mechanism for reporting misconduct to EARB.
- Partnerships for Industry Integrity:
- Collaboration with government agencies like the Director of Criminal Investigations and the Director of Public Prosecutions.
- Weed out conmen and quacks, ensuring a secure environment for investors.
- Regional Sensitization:
- Extensive outreach to engage with stakeholders across the country.
- Fostering awareness and understanding of the importance of registered estate agents.
- Estate Agents Conference 2023:
- Scheduled for October, focusing on steering real estate amid changing times.
- Theme: “Re-engineering real estate for emerging realities.”
Join the Movement for a Secure Real Estate Future!
As the industry undergoes transformative changes, including regulatory enhancements, collaborations, and educational initiatives, the upcoming Estate Agents Conference promises to be a landmark event. Graced by Lands and Housing Cabinet Secretary Zachary Njeru, it will delve into re-engineering real estate for emerging realities.
With these initiatives, the need for property owners to erect cautionary signs may soon be a thing of the past. The real estate sector is on a mission to redefine itself, ensuring a safe, transparent, and thriving environment for investors and stakeholders alike.
- Ms. Macharia, a registered and practicing valuer, and estate agent, expresses confidence in the positive transformations shaping Kenya’s real estate landscape.