Realtors seek to regulate their profession

PICHARDO

One Dominican at a time, please!
May 15, 2003
13,280
893
113
Santiago de Los 30 Caballeros
Realtors seek to regulate their profession
Want to group all professionals in the country


By Windler Soto
windler.soto @ listindiario.com


Santo Domingo

Professionals from the sale of real estate are determined to regulate their labor segment. It even introduced a bill to Congress, which provides guidelines for the exercise of this office, restricting access for those who do not have adequate training for such purposes.

With this measure, the Association of Real Estate Companies (AEI) has among its objectives the integration of all Realtors in the country, in the words of its new president, Alenny Garabito.

"We want to group all the people we know are in this business, but do not belong to our guild to become stronger and work for our business," said the president.

Garabito explains that this activity goes beyond the simple sale of a property, since it requires high levels of commitment and responsibility. And is that customers are at risk of losing a lot of money or can engage in legal trouble, when they resort to makeshift brokers without proper vision and ability to determine what should be done on every transaction.

It will create rules that govern the actions of these professionals and will ensure good practice in a segment that significantly affects the national economy.

Becuase it's that the scope of real estate sales plays a decisive impact on the economy of any country, thanks to its power generator of jobs and a home place on the list of priorities of the people.

That is the origin of the initiatives of the AEI. The president of the IEA said that this business is likely to attract people who, for some reason, decided to sell or rent houses, although they do not have the required skills or recognition of the state.

"There are many details to consider when selling a property that go beyond presenting the property and sell one of them is also whether the client can afford to finance."

States that brokers must be professionals who know the national tax system, laws, marketing and other knowledge of the market.

EFFORTS

The association offers courses for members each month, to strengthen and update the knowledge acquired to real estate brokers on the market developments and information is useful for the exercise. Courses are endorsed by facilitators with years in business and proven experience.

There are new brokers interested in integrating deeper into the real estate world.

Another project they intend to implement is to open a channel of communication with foreign embassies in the country, in order to be aware of who are professionals, backed by the guild.

Their concern is that people that want to buy, sell or rent property are at risk of being scammed.

RATE

The president of the Association of Real Estate Companies expressed concern about recent increases in interest rates, as sales have dropped considerably.

Real estate brokers demand that the authorities of the Agricultural Bank and the rest from the State provide them with safety for the funds deposited in that bank from rental contracts.



More info can be found at: Asociacin de Empresas Inmobiliarias - Repblica Dominicana

logoAei.gif


For a complete and up to date list of all RE Brokers and agents affiliated click here:

Agentes Afiliados a la Asociacin de Empresas Inmobiliarias - Repblica Dominicana
 

mido

Bronze
May 18, 2002
1,522
14
38
They are promoting this for many years now and affiliated a lot of members but nothing has been achieved yet. In other countries lawyers for example cannot collect commissions for real estate sales. Maybe there is a conflict here...
 

mountainannie

Platinum
Dec 11, 2003
16,350
1,358
113
elizabetheames.blogspot.com
if they were really serious about doing something to help the customers or sellers, they would implement a multiple listing service so that buyers could actually see ALL the properties for sale in a given area. The current system only serves the realtors. It does not serve either the buyer or the seller.
 

DavidZ

Silver
Aug 29, 2005
3,512
238
63
www.vipcigartours.com
If this ever becomes a reality, it is a HUGE step in the right direction...I know many Dominican Real Estate Brokers who would welcome a true MLS, but it is a massive undertaking, both technologically and philosophically...but I think it could happen in our lifetime! ;)
 

PICHARDO

One Dominican at a time, please!
May 15, 2003
13,280
893
113
Santiago de Los 30 Caballeros
The bill proposed by the Association of Real Estate Companies (AEI) is now being debated and studied in the lower chamber...

Once approved by the Diputados and Senadores, it will move to the Presidente's desk for signing into Law...
 

mountainannie

Platinum
Dec 11, 2003
16,350
1,358
113
elizabetheames.blogspot.com
If this ever becomes a reality, it is a HUGE step in the right direction...I know many Dominican Real Estate Brokers who would welcome a true MLS, but it is a massive undertaking, both technologically and philosophically...but I think it could happen in our lifetime! ;)

no, they are not proposing a MLS system.. just that there be a regulated trade association.. at least that is my understanding.
 

DavidZ

Silver
Aug 29, 2005
3,512
238
63
www.vipcigartours.com
no, they are not proposing a MLS system.. just that there be a regulated trade association.. at least that is my understanding.

I understand....I was referring to regulating the Real Estate Industry would be a big step in the right direction towards "cleaning up" the real estate process in the DR...

I should have separated the statements...regulation and licensing of real estate agents/salespeople in not necessary for a working National MLS system, but it certainly wouldn't hurt.

The problem with implementing MLS is getting Brokers to buy in to the idea that you can make more money by sharing listings, versus getting them to comply to new regulations, which isn't as apparent as to how it could improve the Broker's bottom line...

Another thing that should be "sold" to Brokers is the idea that a strong association (like the REALTOR Association in the US) can really help affect change, like some of the things they want to see regarding mortgages, interest rates, etc.

And of course, at the end of the day, licensed and/or regulated agents and brokers, standardized sales commissions, clear laws regarding titles, title insurance, legal representation, etc..and finally a working nationalized multiple listing service should ultimately bring more buyers to the country, and those buyers will be happier and more likely to buy property in the DR...a classic Win-Win...unfortunately that somewhat goes against (current) standard Dominican Business Practices! ("there can only be ONE winner in any business deal..and it better be ME!")

But any form of recognition that there's a problem with the RE system here, and there are fairly straightforward ways to fix them (with clear working models to take from) is the big step I was speaking about.
 
Last edited:

Castellamonte

Bronze
Mar 3, 2005
1,764
50
48
Cabrera
www.villa-castellamonte.com
First of all, I wholeheartedly endorse the concept of regulated (by law) realtors, agent roles and commission structures similar to those found in more advanced countries. I pray for it to happen...but, that said...

The problems with regulating real estate in this country are multiplied several fold by multiple competing interests and challenges. Simply stating that real estate agencies and agents are regulated (by law) or controlled (by industry) is a much larger hurdle to cross than many may think.

- Consider that many politicians actually earn substantial incomes by acting as unregulated realtors. Witness the previous Minister of Tourism, a classic example, who seems to have made quite an income selling properties (or owning them) within areas that became unprotected during his administrative period.

- Consider that the actual enforcement of laws in the country is, at best, opportunistic. Should a well healed, yet unlicensed, realtor execute a perfectly good transaction then who will care? Laws that are unenforced are not laws.

- Consider that the laws under consideration have no understanding of the concept of listing agent versus selling agent (to my understanding), which is, in fact, the core of the issue here in the DR regarding commission sharing. Further, no enforcement of same due to the above or below.

- Consider that the lack of law enforcement actually encourages individuals and their attorneys to routinely submit false selling prices or overly inflated appraisals to the land court. No repercussions what so ever for doing so! Who owns what and what was paid for it? Quite literally no way to obtain that information with any degree of credibility other than the local rumor mill.

...this list could go on for awhile.

This all said, I sincerely hope the DR actually does seriously consider all of the aspects of real estate to create and enforce laws designed to protect investors and the owners of property in this country. I have been in the real estate business for nearly a decade so I know many of the pitfalls and benefits. But I would gladly give up the 'benefits' to fill in those pitfalls. A level playing field is a true capital market and one in which the realtors, property owners and investors will all flourish!
 

kimbjorkland

New member
Apr 6, 2011
404
0
0
Even if there was 'licensed' real estate agents, would Dominicans really care?

There was a story in the daily paper the other day talking about how there are only 100 plastic surgeons 'licensed' to practice in DR, but over 300+ practice (and openly advertise) without the adequate qualifications.

Dominicans reckon, well if I can save a couple bucks, I'll get my boob job with this quack doctor...