EACZ red flags 74 bogus estate agents
The Estate Agents Council of Zimbabwe (EACZ) has raised the red flag on 74 bogus estate agents who are fleecing members of the public of their funds warning the public not to deal with unregistered agents as they risk being fleeced of their money.
Bogus estate agents are on the rampage in most urban areas fleecing desperate home seekers through exorbitant fees for non-existent properties.
EACZ regulates the agents in terms of the Estate Agents Act, which requires that all operating in the sector be registered with the council for accountability, with two critical registration conditions being having at least one principal registered estate agent, that is a fully qualified agent, and having a compensation fund.
THE Estate Agents Council of Zimbabwe (EACZ)
EACZ does an audit every year to check whether there are any irregularities in the operations of estate agents.
It has warned the public about the proliferation of unregistered agents.
“The Estate Agents Council of Zimbabwe (EACZ) is concerned with the proliferation of bogus agents fleecing members of the public of their funds on houses to let and for sale scams,” it said in public notice.
“Some members of the public are victims of bogus estate agents who frequently win them over by making advertisements on both traditional and modern media facilities like Facebook and WhatsApp.
“For the safety and protection of the public, the EACZ, as part of its mandate, always and hereby advises the general public to deal with registered estate agents only.”
The estate council said when dealing with agents, the public should request to be shown the firm’s current year compensation funds certificate and personal registration certificate of the estate agent.
The two certificates should have their authenticity checked with the EACZ. It added that when dealing with registered estate agents, the public is guaranteed protection through the compensation fund.
However, home seekers have no recourse when they are duped by bogus or unregistered agents.
The main reason why real estate agents should register with EACZ is to ensure there is recourse to justice in case of a dispute between transacting parties.
In 2021, Chronicle reported that daring bogus estate agents advertised the home of the Minister of Bulawayo Provincial Affairs and Devolution, Mrs Judith Ncube, as a property that was for sale.
Scores of desperate home seekers have lost thousands of dollars to fraudsters who are advertising in the local media that they are selling properties and leasing houses.
The agents post lists of houses that are up for rental and in order for clients to get more details about the houses and meet the owners, they have to pay a registration or viewing fee which is pegged in US dollars.
Fees normally range between US$40 and US$60 depending on the state of the property and its location.
High demand for accommodation in the city has seen an upsurge in the number of estate agents who use social media platforms such as WhatsApp or Facebook to market their services.
-chronice
