Ensure you Work with a Qualified and Registered Agent
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Ensure you Work with a Qualified and Registered Agent
Whether you are looking to buy, sell or rent a property it is always worth your time to ensure that the agent you choose to engage and work with is properly qualified and registered. Don't be swayed by high promises and bags of charisma... professionalism is what counts. Here, we will cover why it is important and what it means to you as a client.
- Professional Qualification
To practice as a real estate agent in Botswana an individual needs to be in possession of appropriate qualifications (as determined by the Real Estate Institute of Botswana - REIB) and have practiced as a probationer (under a full member) for at least 2 years. Appropriate qualifications are offered at Diploma and Degree level in Botswana. There are no shortcuts to this, and a quick online course will not be considered. If your agent is not registered with REIB then chances are that they are not suitably qualified.
- Real Estate Institute of Botswana Registration
"As per the laws of Botswana, all individuals practicing real estate in Botswana are required to be registered with the Real Estate Institute of Botswana" (source: www.reibbw.com).
REIB is an association registered under the Societies Act of Botswana and is a professional body representing the interests of all involved in the property arena on matters relating to land and landed property. This includes banks, the Government, general public and investors.
RIEB promotes and encourages the highest professional standards of real estate services provided by members. By this token, registered members of REIB are bound to adhere to and abide with the Institute's Constitution and Regulations which include a Code of Conduct and Practice Standards.
- Real Estate Advisory Council Registration
The Real Estate Advisory Council (REAC) was established in line with the Real Estate Professionals Act, 2003. This provides for the regulation of activities and conduct of all real estate professionals in Botswana. "The organisation is mandated to set standards and ensure compliance to best practice standards" (source: www.reac.co.bw).
The Council is also bound to ensure that all practicing agents are duly registered - "we exist to register real estate professionals and regulate their conduct to safeguard the interests of stakeholders" (source: www.reac.co.bw).
A full list of registered real estate professionals can be found on the REAC website so it would be worth your time to confirm that your chosen agent is duly registered with the Council.
REAC also outlines all fees that agents charge for their services. Professional agents following this and should not flout these guidelines.
- Fidelity Fund Certificate
Every professional, practicing agent / agency should be in possession of a Fidelity Fund Certificate (FFC). This certificate is issued by REAC and offers protection to buyers, sellers, and the agent themselves. The FFC needs to be issued before the agent can accept commission or receive payment from a property transaction. A client is entitled to ask the agent to see a copy of their FFC which will confirm that the agent is duly registered.
- Financial Intelligence Act Compliance
Real estate agents are also bound by the Financial Intelligence Act 2019 and are responsible to carry out Due Diligence (KYC) on all prospective clients, prior to the establishment of any relationship. Agents are duty bound to monitor and report any suspicious transactions to the Financial Intelligence Agency.
In a world where property transactions seem like an easy way to make a "quick buck", there will always be unqualified and unprofessional individuals masquerading as estate agents. Professional agents can't protect clients from these fly by nights, but we can certainly help you to help yourself by understanding who you choose to work with.
Author: Seeff Properties Botswana
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