Real Estate Agency is a very noble profession one can think of. Representing a buyer or seller in real estate transaction involves much work to satisfy the one you represent.
Agents go through a lot of stress and time in the process. A lawless community is like a community without a wall, where there is free entry and free exit. There has not been any regulation for real estate agency services in Ghana.
Over the past years, the Real; Estate Agency has been flooded with lot of unprofessionalism which has brought negative remarks about agents. Anyone out the looking for money out there could one day wake up and start helping people sell or buy houses. These unprofessional took over the agency market and their unprofessional practices became the norm. For instance, the unprofessional agents could start advertising properties they can’t even trace its location. Another major problem caused by sellers (owners) is them engaging numerous agents to market a property and even with no formal marketing or listing agreement. These numerous agents will be using same pictures of that property, same details but different prices. Some fraudsters took advantage to pose at agent and fraud people. This made the name Real Estate Agent, to appear disgusting to some people who have fallen victims to these fraudsters and nonprofessionals. The time for winnowing has come.
On the 26 of October, 2020, the parliament of Ghana passed the Real Estate Agency Bill. The Real Estate Agency Act is to establish the Real Estate Agency Council to regulate real estate agency practice, commercial transactions in real estate including the sale, purchase, rental and leasing of real estate and related fixed assets and to provide for related matters.
Without a license, a broker/agent cannot provide any form of real estate agency services. If a broker/agent wants to continue providing real estate agency service, they should prepare to take an examination to get a license. An applicant must be a Ghanaian with good moral turpitude and with no records of fraud or convicted for any other crime. An agent/broker will only get a license after passing the examination. This is to equip agents/brokers to understand their roles and uphold to high standards of professionalism. The examination will include the following:
a. The principles oof real estate practice
b. Real estate law
c. Basic law of agency
d. Rudimentary principles of economics
e. Professional ethics of real estate agency
f. Appraisal of real estate
Real estate agency is not a joke. Prepare for the change ahead. There is going to be a major shake in real estate agency service. Yes, the dignity and respect for agents shall be restored. The efforts of some key stakeholders in the Real Estate industry towards this act can never be overlooked. Ghana Real Estate Professionals Association (GREPA), Ghana Institution of Surveyors (GhIS), Ghana Real Developers Association (GREDA) and others have contributed greatly for this new change.
Ebenezer Oppong Aboagye (Realtor®)
Professional Member of Ghana Real Estate Professionals Association (GREPA)
Realtor with Abri Properties Ghana