by Edna Okoth
A regulatory body for the Estate Agency Practice in Kenya briefs on the upcoming associations seeking to regulate the real estate sector.
The Estate Agents Registration Board (EARB) has briefed the media on their mandate to registering estate agents in order to ensure that the practice of estate agency is of high standards in order to protect the public.
EARB Chairperson Eunice Macharia expressed their concern over the proliferation of new associations seeking to regulate the real estate sector.
“When it comes to professional associations, the Institution of Surveyors of Kenya (ISK) is the professional body that brings together professionals who provide services in the Land and Property sector, “said Mrs
The Board through the Chairperson also warned members of the public against being misguided by unscrupulous land buying companies for in the past they have seen the public loose money to these companies.
“Anyone committing to a land deal should ensure they carry out due diligence on the titles,ensure the subdivision schemes are approved by the relevant county and national governments and the parcel have the requisite titles, ” said Macharia.
She added that the real estate sector plays a significant role in Kenya’s economy, serving as a pillar of growth and development as it encompasses a wide range of activities including property sales, rentals, property management, development and valuation.
“With such a vital sector, it is crucial to have effective regulation to ensure transparency, fair practices and consumer protection and to achieve this the Board is working with the Ministry to bridge the gap between the ideal and the current situation, by pushing for legislative and policy ammendments,” noted Macharia.
She highlighted that EARB’s mandates encompasses several key responsibilities including registration and regulation of estate agents and property managers operating within the country, promoting professionalism and ethical practices within the real estate sector, addressing complaints and disputes arising from real estate transactions and ensures that uniform standards are upheld.
“It is , therefore, essential to have one central point of reference with a regulatory body properly created under the law for this will ensure stability and growth of the real estate industry,” added Macharia.
She concluded by reaffirming their commitment to upholding professionalism, ethics and transparency within the real estate sector in Kenya and urged all associations and industry practitioners to abide by and support the regulatory framework established by law, which provides a robust foundation for the industry’s sustainable growth.