Real estate agents waiting for green light on changes -- Proposal to make
Real estate agents aiming to improve their standards are waiting for Government to give them the green light to overhaul their industry.
For over 18 months the Island's agents have been planning sweeping changes to bring about a cleaner image for the business -- brushing up the image of over 250 licensed brokers.
Two months ago the real estate division of the Chamber of Commerce sent their proposals to the Ministry of Finance, but since then have heard nothing.
They are hoping Finance Minister Eugene Cox will push the proposed Real Estate (Brokers and Agents) Licensing Bill through, replacing the 1976 Real Estate Agent's Licensing Act.
Real estate division chairman Buddy Rego said the changes, which include proper licensing for practising agents and an extensive training programme, were long overdue.
He said: "The industry has changed so much in the last 25 years that the Act hasn't kept pace as many Acts don't.
"They need to evolve over time as the industry changes.
"It is a Parliamentary issue, getting them to agree to support what the industry is looking for.'' The proposals aim to make the industry self-governing, with a set of rules that are administered by a board of agents.
They also want to increase training and require would-be agents to pass educational tests before they are accepted.
And afterwards, agents would have to commit to further education.
Bermuda has around 250 licensed brokers, but there is a split between the agents, those who practice full time and others who dabble in the profession.
Mr. Rego said the agents had completed a complex investigation of the issues facing the industry, and come up with several ideas to improve professionalism and drag the industry into the 21st century.
"Every suggestion pushes for protection of the public as well as agents and brokers.'' He said all they were trying to accomplish was raising professional esteem.
At present agents abide by a handbook which contains guidelines, which are not enforced by law.
Newcomers have to pass an exam to sell houses and a further test two years later to become a broker.
Mr. Rego said they had not had a reply, even indicating that the proposals had been received.
Real estate agent Cris Dapena added: "When you do anything towards the end of the year regarding the Ministry of Finance, you know their first priority is the budget.
"It would be unreasonable to expect any action.'' Eugene Cox GOVERNMENT GVT BUSINESS BUC