Real Estates Agency Council schools journalists on real estate industry

By Iddi Yire

Accra, Oct 30, GNA – The Real Estates Agency Council (REAC), has organised a day’s workshop for journalists and other media professionals on the Estate Agency Act, 2020 (Act 1047) and the activities of the Council. 

Nana Otu Turkson, the Chief Executive Officer of REAC, speaking at the workshop in Accra noted that the REAC was a Government Agency established by the Real Estate Agency Act, 2020 (Act 1047) to regulate the real estate agency sector in Ghana. 

He said the Estate Agency Act, 2020 (Act 1047) seeks to regulate real estate agency practice, commercial transactions in real estate including the sale, purchase, rental and leasing of real estate and related fixed assets. 

Touching on challenges facing the real estate industry in the country, Nana Otu Turkson said there was lack of professionalism within the sector and that they do not have as many people operating in the sector who had professional standards, which were verifiable and known. 

He also cited the issue of pricing; stating that because there were no standards, prices were being quoted anyhow, which were mostly driven by those who were renting or selling. 

He said: “We also have fraud, where there are people who offer properties which are not even available as though they are available either to make money by charging rates or fees or viewing fees and then we also have the issue with money laundering or properties which are being used to claim up money.” 

He said the REAC organised the workshop to have an interaction with journalists and that the media was a very critical part of what they do. 

He said the Real Estates Agency Act had been passed and that in time the Agency was going to start regulating the players such as the brokers, the agents, property developers, property marketers and property managers as well. 

This, Nana Otu Turkson said, was to make sure that the entire ecosystem of the real estates in the country was taken care of. 

He said the REAC’s vision as an Agency was to provide a cloud-based service to streamline the real estate business in the country. 

He said the cloud-based service would make valuable information such as client data and property details accessible to the stakeholders and members of the public through the internet and Mobile devices. 

He said the Agency would ensure that every player they regulate would have a Quick-Response Code (QR Code). 

He said the QR Code would be on the social media handles and flyers of their players such as the brokers, the agents, property developers, property marketers and property managers. 

He said the QR Code would tell an interested client whether the real estate player was current in its licensing or had been struck off or for instance was subject to some investigation. 

He said by scanning the QR code, interested buyers could access detailed information about the property and contact information for the listing agent. 

Nana Otu Turkson reiterated the Agency’s commitment to protect consumers’ interest in real estate transactions and ensure the public engage confidently with trusted real estate professionals, in all aspects. 

GNA