Fake realtors inflict pain, losses on property seekers
The growing number of fake realtors in Zimbabwe is causing immense pain and losses to many unsuspecting clients through property fraud, Estate Agent Council of Zimbabwe (EACZ) said.
Fake realtors are using various media platforms to advertise houses for letting and sale and then fleece innocent property seekers. The unscrupulous elements are also conniving with fake lawyers to trick unsuspecting home-seekers.
According to EACZ board chairman, Nico Kuipa, the council in June blacklisted 74 real estate companies operating in parts of the country for failure to register with the council and fleecing unsuspecting home seekers of their hard-earned money.
“A recently published illegal and unregistered estate agency called Riverrun Properties was on 10 July 2023 convicted for contravening Section 60(1)(b) of the Estate Agents Act [Chapter 27:17], practicing as an estate agent without being registered. The company was fined US $500 or ZWL equivalent at the prevailing interbank rate,” he said.
Bogus realtors use various tricks to lure homeseekers and the EACZ is thus advising people to only deal with reputable estate agents to protect their investments.
“EACZ was established as a regulatory body in the 1970s in terms of the Estate Agents Act [Chapter 27:17] to register real estate agents and control the practice of estate agency in Zimbabwe,” Mr Kuipa said.
Its duties are outlined in section 4 of the Act and include the registration of persons practising as estate agents in Zimbabwe, as well as exercising disciplinary powers over estate agents and agencies.
The board chairman added that the EACZ further ensures that the standards of competence and conduct of estate agents in Zimbabwe are high to protect the public on top of managing the compensation fund, which is managed by EACZ in terms of sections 37-50 of the Estate Agents Act [Chapter 27:17].
The estate agents council, therefore, encouraged them to check for the current-year compensation fund certificate provided by EACZ to uncover fake realtors.
This certificate is issued annually under the company’s name and includes the name of the principal registered estate agent.
Estate agencies must display the compensation fund certificate at their office reception, EACZ said.
The registered estate agents have been cornered by the unlicensed agents and the market is now congested. Innovative young entrepreneurs need to think outside the box and bring up a sophisticated and disruptive system proposition that tracks illegal real estate agents to protect the local property rental market.
“Unaccounted real estate fraud cases are being reported every day to the police across Harare, other cities and towns.
Most Zimbabweans are losing their hard-earned money to fake agents. Accordingly, EACZ encourages the public to avoid dealing with bogus realtors no matter how tempting the deal may be.-herald
