By Juliet ETEFE ([email protected])
The Real Estate Agency Council (REAC), in partnership with the Ghana Association of Real Estate Brokers (GAREB), is pushing for a robust, data-driven regulatory framework and comprehensive sector standardisation in a bid to sanitise the country’s real estate sector.
At an engagement with GAREB in Accra, the Council’s acting Chief Executive Emmanuel Jeffery noted an urgent need for accurate data, standardisation and proper auditing of transactions to bring sanity and transparency in the industry.
“Our mandate is clear. We are here to regulate the real estate sector with transparency, good planning, monitoring and proper enforcement. The time has come for us to build a solid data foundation, synchronise operations with key government institutions like the Ghana Revenue Authority (GRA), Registrar General’s Department, local assemblies, the real estate associations and other stakeholders to ensure that no agent or broker operates outside the regulatory framework.
“We clearly want to have a strong data base of all the agents and brokers in the country, educate them, ensure proper auditing of their transactions, their agreements, standardised commission for agents to prevent issues like fraud and money laundry”.
As such, his outfit wants to make sure all dealings are standardised and consistent with requirements of the Real Estate Agency Act, 2020 (Act 1047). Since this is the only way to sanitise the industry and inspire investor and consumer confidence.
Data collection
Mr. Jeffrey revealed that the Council in collaboration with GAREB is making an effort to collect and verify data on all real estate agents and brokers in the country to establish a comprehensive database which will form the backbone of regulatory monitoring and auditing as a function of the mandate of the council.
Education
The meeting also focused on education and training, with Mr. Jeffrey pointing out that several associations are conducting their own training programmes without approval from the Council: in effect the agents and brokers are ignorant of standard practise which leads to unethical transactions extortion, which gives the industry a bad reputation hence needs to be addressed.
Going forward, he said all training modules and certification courses must be reviewed and approved by the Council.
“It is very important for all agents, including those with little or no formal education, to have a sound understanding of the Act. We are therefore working with associations to align their training content with the law. We cannot have fragmented knowledge in such a crucial industry,” Mr. Jeffrey noted.
He further said the Council had requested all real estate developers to submit lists of agents they work with. This data will be used to update the Council’s records and support publication of certified agents and developers in good standing.
“The president is keen on seeing sanity in this sector and ensuring that all Ghanaians and investors are happy, and confidence is gained in this sector. We are committed to upholding that vision by ensuring that the law are followed to the latter which will ensure building a sector which is credible and safe for both Ghanaians and foreign investors,” he said.
On the agency’s broader vision, Mr. Jeffrey said: “We want to make Ghana a model for real estate regulation in Africa. Our goal is to create a regulatory system that prevents abuse and supports government revenue generation and fosters confidence among all players.
We believe that through humility, stakeholder collaboration and focused execution, this vision is achievable in a short time”.
Optimism
In an interview with the B&FT, Chief Executive Officer of E.Wells Realty & Consultancy and co-founder of GAREB Hanna Atiase expressed optimism about the Council’s direction and pledged the association’s full support for implementation.
“I am really excited about the next steps. We have already set timelines and are keen on cooperating with the Real Estate Agency Council,” she said.
Ms. Atiase announced that GAREB will submit a full database of its members, including agents who have completed real estate certification courses; those currently undergoing training; and even those in the diaspora interested in certification.
The association will also present their training modules and standardised forms to the Council for review and approval.
“This collaboration is essential for ensuring uniformity and credibility in our industry. We believe government support is crucial to increasing investor confidence. We also call for increased access to financing and housing subsidies to drive sector growth,” she added.
Ms. Atiase highlighted that the meeting had renewed hope within the association. “We are excited about the future. The vision is clear and partnership with the Council will help us all work together to sanitize and build the industry,” she said.
She further advocated for youth inclusion in the sector, saying: “I want the African youth to know they are not forgotten. We are preparing to host the third annual African Youth in Real Estate Entrepreneurship Seminar to support the next generation of real estate professionals”.
