Marte believes that the growth the national market is experiencing towards foreign investment is leading real estate agents to become increasingly specialized.
SANTO DOMINGO– Mélido Marte, regional director of RE/MAX Dominicana, believes that the proposal currently before the Chamber of Deputies to regulate real estate brokerage in the country should include a disciplinary tribunal for the effective application of the code of ethics and the regulations derived from it.
"There needs to be an entity, in this case the disciplinary committee or tribunal, that can pursue and apply the necessary and sufficient sanctions to ensure that those in the real estate sector comply with the law, regulations, and ethics so that there can be effective collaboration from all agents and agencies that interact in the real estate world," he stated.
The prominent real estate advisor, with more than 30 years of experience in the local real estate market, also understands that this instrument must be equipped with a code of ethics to support good practices in the profession.
In addition, they have an errors and omissions insurance policy, a common practice in organized markets. "The North American market is our primary reference point, and this is important because errors, omissions, or malpractice on the part of agents can affect clients. Therefore, we must find an effective mechanism to compensate or rectify any errors we may make towards our clients, particularly those affected by malpractice, errors, or omissions resulting from our actions or omissions in our work as agents.".
Marte believes that the growth of the domestic market towards foreign investment is leading real estate agents to increasingly specialize in areas such as residential, commercial and its variations, ongoing businesses, industrial properties, retail spaces, rental management, and so on. "So, in order to truly and effectively provide world-class service to clients operating in our ever-growing market, it requires us agents to specialize," he commented.
He explained that it is not true that real estate agents are capable of skillfully handling all market segments. "A resale is not the same as an off-plan sale or an industrial warehouse," he stated.
A tour of the law
Speaking to El Inmobiliario Marte, he traces back to the year 2000 the date when the first attempts began in the country to have an initiative that establishes the rules for real estate practice in the Dominican Republic.
Melido Marte. (External source).
Remember that at least three times, efforts were made to regulate the work of real estate agents in the buying and selling of real estate in the country, in order to strengthen and protect buyers, advisors, investors and developers.
Remember that two of the proposals were approved in the Senate and one in the Chamber of Deputies, sponsored by Senator Euclides Sánchez and Deputy Alejandro Montás.
A fourth attempt
On August 18, 2021, during the current administration of the Chamber of Deputies, headed by Alfredo Pacheco, another bill was introduced to regulate real estate services and brokerage contracts in the country, authored by the then deputy for the National District, Lourdes Serulle.
This proposal established as its purpose the protection of 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.
“It includes the regulatory, organizational and management regime of the real estate brokerage activity applicable to real estate intermediaries operating in the national territory, the requirements for its exercise, the rights and obligations of brokers and agents; as well as the brokerage contract; in addition to the quality control of such services,” the document stated.
Last trip
The latest initiative is the one currently being studied by the Justice Commission of the Chamber of Deputies, chaired by the deputy for the 3rd district of the National District, Alexis Jiménez, and which has been agreed upon with the various organizations and leaders of the sector.
Its first article states: “The purpose of this law is to regulate, supervise, develop and promote an orderly, efficient and transparent Real Estate Intermediation market, in order to protect the rights and interests of both property buyers and sellers and real estate developers, as well as to preserve confidence in the Dominican real estate market, establishing the conditions for information on the promotion of real estate transactions to be truthful, sufficient and timely, in order to contribute to the economic and social development of the country.”.
The Association of Real Estate Agents and Companies has stated that this time the outlook for the project to be presented and approved is favorable, and that President Luis Abinader himself has expressed interest in the country having an instrument to guide real estate practices.
