house.jpg60 Real Estate Companies risk being deregistered for failure to comply with the operating regulations as stipulated by the Estate Agents Council of Zimbabwe (EACZ).

 

Following a crackdown on errant operators that are short-changing home-seekers of their hard earned cash, the EACZ has issued an ultimatum to firms within the sector which are failing to comply with set regulations that they risk being deregistered .

 

Estate Agents Council of Zimbabwe, Chief Executive Officer Mr Bennias Gwewe said while 150 companies have complied but still the organisation is concerned with 60 firms that are delaying in terms of meeting the stipulated requirements aimed at protecting the interest of home-seekers.

 

“Our concern is mainly on those firms that have not yet managed to register and this is a cause for concern,” said Mr. Gawewe.

 

Estate Agent companies around the country were last year directed to register with the Estate Agents Council through submitting their ownership structures, capital base and audited accounts in a move aimed at curbing irregularities in the sector, a move that has been described by a Real Estate Sector Consultant , Mr Simon Chaita as important in restoring confidence.

 

“We just hope that the crackdown exercise will really have an impact in terms of restoring sanity,” Mr. Chaita said.

 

The operation of unregistered estate agents exposes prospective home seekers to bogus operators who can fleece them of their hard owned cash.

 

The restoration of normal operations within the Real Estate industry comes at a time when Government is being called upon to  introduce incentives towards the development of residential and industrial properties to unlock investment opportunities.