Licensed,Registered Real Estate Agents and Illegals

  Article By : Marinos Kineyirou|  Published at : Politis Newspaper| 24-03-2013

Marinos Kineyirou: President of the Cyprus Association of Estate Agent Entrepreneurs -President of the Real Estate Agent Entrepreneurs Association of Larnaca/ Famagusta and Property Auctioneer

Marinos Kineyirou Manager of Marinos Estate Agencies LTD

Marinos Kineyirou Manager of Marinos Kineyirou Estate Agencies LTD

Licensed, Registered Real Estate Agents And Illegals

Choosing a real estate agent is not easy. Each investor, regardless the capitals he wants to utilize, has the desire to meet in the face of the estate agent a consultant and a human being who can trust.
You should not address anyone else but only the licensed, registered real estate agents who have knowledge and consistency in the property sector.
Licensed, registered real estate agents in addition to buying or selling properties, undertake the following:
• Assessment of any property
• Real estate management in Cyprus
• Study for the development and exploitation of a property
• Research and analysis of the property market
• Negotiation of real estates
• Sales promotion.
In the last few years, the Cypriot real estate agent has been upgraded, as he is now modernized and offers competitive services of high quality compared to the past. He is more qualified and due to the competition and high market demands, he aims at the customer service and satisfaction while providing more integrated services. Asking the help of an experienced real estate agent you can get an ally that will help you make the most out of your real estate. The registered real estate agent can guide you in every step of the process, explain the current market and navigate you through the complex bureaucracy while offering valuable advice. When you’re ready to make a move, ask the direction of a registered real estate agency
Why do we need a broker?
Whether or not you have previous experience with the procedures of purchasing a property it would be useful to take a licensed, registered real estate agent. Apart from the necessity of finding the property of your dreams, he is precious for further proceedings – such as negotiations, the appraised value of the property, clearing contingencies, financing, bureaucracy and many other details.
Also, you should not forget the precious time you would waste, whether you’re a freelancer and your income depends directly on the time you work, or you are an employee and your schedule limits your time. Indeed, it takes a long time to deal with a buyer and handle the paperwork after closing a deal.
The payment of a licensed real estate agent happens after the end of the transaction and with a percentage of a specified commission.
In the process of selecting an appropriate real estate consultant consider the following:

  • The experience of the real estate agent in buying and selling properties
  • His “expertise” in the area where the property is located
  • The ab initio clarification of the brokerage fee (in the case of sale)
  • The existence of license to practice the profession issued by the Real Estate Agent Registration Council. Every real estate agent licensee should have it affixed in a clearly visible position in his office, so as all the customers can check his License.

The Illegals
Despite the existence of the Law, the Association faces the “pirate” exercise of the profession, and tries in every possible way to stop this phenomenon. The Real Estate Agent Registration Council of Cyprus, in collaboration with the Cyprus Association of Estate Agents Entrepreneurs, have launched some time ago, a campaign against the illegal real estate agents. Because of the economic crisis there is an increase of illegal estate agents and the Council in turn has taken strict measures. There are people who when they realize that there is an illegal agent who exercises the profession, they denounce him and then brought to justice.
The Council has already denounced such cases throughout Cyprus. Some illegal real estate agents are working in various important posts through which they come in touch with lots of people daily. There are many customers who are approached by an illegal real estate agent in a tempting manner with a small or no fee at all, and not only they fail to realize that they are being exploited, they even follow any kind of illegal activity thinking that they serve their own benefit. This is how the customer can be exploited.
The real estate agent licensee, due to his long professional experience can advise a buyer or a seller for their benefit.
There have been many cases however, that with an illegal real estate agent it is possible that the customers may lose their money without managing to claim it back because they are accomplices in the illegal act and therefore are prosecuted. The illegal real estate agent cannot declare his dealings to the several Governmental Departments since any kind of buy and sell action is done through untaxed black money. The illegal misinforms the seller or the buyer for his personal profit that may sometimes reach the 70%.
The state and the Real Estate Agent Registration Council must take serious measures so as to protect the ignorant citizens from the illegal real estate agents. We have to stop this illegality because everyone is exposed to danger.
Every real estate agent who is working directly or indirectly, without a legal license issued by the Estate Agent Registration Council -an entity of the Public Law- commits a penal offence.
Buying a property is not like buying a car or anything else. The registered real estate agencies fully understand the real estate purchase process and of course they know the right steps to follow. They can also help you avoid a misstep in your sale or purchase. Contact a registered real estate agency before taking any decision.
The Cyprus Real Estate Agents Association (CREAA) operates more than 25 years under the aegis of the Cyprus Chamber of Commerce & Industry (CCCI). It is the only professional association of real estate agents in Cyprus which currently numbers 185 licensed Members. The basic aims of the Association is the implementation of the real estate deontology code and the information on Lawmaking, Administrative, Urban planning and other measure provisions, Proposals or Law-plans affecting the real estate sector.

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