A bill regulating real estate services and brokerage contracts is once again being considered in the National Congress, an initiative of Representative Lourdes Aybar de Serulle, from the second district of the National District; with the support of the Association of Real Estate Agents and Companies (AEI), the Dominican Association of Housing Builders and Promoters (ACOPROVI) and other entities linked to the sector.
The legislative piece is currently under review, and through the Justice Committee of the lower house, they are calling on the various actors with influence on the issue to make their contributions and enrich the proposal.
Since becoming aware of the document, El Inmobiliario has been publishing some of the project's contents and will continue to report on the topics covered, so that the sectors involved can be informed and understand its scope. We have also uploaded it to our website at https://inmobiliario.do/ for agents and interested parties to download.
This is an interesting proposal, whose purpose, as stated in the document, is "to protect the legal relationship between the proposer and the real estate broker or their agents and the confidence of the real estate market, derived from the legal transaction that arises as a result of the intermediation of real estate brokers or their agents.".
Despite the significant growth of the construction sector in the Dominican Republic, whose figures confirm that it is one of the most dynamic sectors of the national economy, policies to guide the work of real estate agents and agencies remain in their infancy, lacking rules and protocols to direct their practices.
Certainly, the sector has high-level representations, with brokers who have excellent performance skills, professionals with proven ability who effectively advise and inform potential clients seeking to satisfy the demand for one of life's fundamental assets, such as obtaining a home.
Both the AEI and private entrepreneurs maintain permanent educational programs to support the teaching work of novice agents entering the real estate business; including certifications such as the one issued by the AEI, which offers the most complete training program with 20 continuous hours so that new agents can get started with basic knowledge, in addition to offering a second certification where students complete their training cycle.
However, the sector lacks a legal instrument to protect these programs and provide guidelines for the exercise of real estate services, thus leaving the professionalization of those who bear the responsibility for the sale and marketing of housing in the country to their own discretion.
This situation leads to unqualified individuals taking on the role of real estate brokers with little regard for safety and without any oversight, becoming a threat to the sector, to investors and buyers who often receive incorrect advice when acquiring their properties.
Brokers who have dedicated hours to preparing for the job, with experience, observe with suspicion the number of "agents" proliferating in the country, some independent, others to whom some agencies do not even require a high school diploma to admit them into their ranks.
The real estate agent profession is one of the easiest careers for unemployed people to enter, others taking advantage of opportunities offered by friends and family, and even "hustlers" who play at the profession and scam people through the sale and rental of properties.
In recent months, El Inmobiliario published an article https://inmobiliario.do/asesoras-inmobiliarias-alertan-sobre-estafas-en-alquileres-de-viviendas/ denouncing fraudulent practices in the rental of several properties in exclusive areas of the Dominican capital, by people who, posing as real estate agents, defrauded several families; practices that would decrease if the country had control and regulation mechanisms in place for the industry.
We hope that this long-awaited oversight instrument will prosper in the National Congress this time, ensuring that the industry in the Dominican Republic becomes more professional and the quality of its services improves, which will result in a stronger system and for its stakeholders.
