The law on real estate agencies must help protect players in the sector, Emmanuel Cherry
Real estate agency Act a gamechanger for the real estate sector – Emmanuel Cherry
People without training on the law on real estate agencies are exploited – CEO of GCCI
The Managing Director of the Ghana Chamber of Construction Industry (GCCI), Emmanuel Cherry, has urged the Estate Agents Council (REAC) to educate the public on the Estate Agencies Act.
He said education was important to help protect those in the real estate industry, including potential landlords, landlords as well as tenants, Citi Business reported.
“They have to educate the general public so that the public knows that these are the provisions in the law. And then that’s what if you do, you can be liberated. If you do otherwise, you could be harmed. So those are some of the areas where we expect the board to be proactive.”
“We don’t know exactly what’s holding them back, but we’re just getting started. We hope they do a lot of engagement, stakeholder engagement and then awareness workshops,” he added.
According to the CEO of GCCI, the game-changing act for the real estate industry was not known to many in the industry.
He said that because the act was unknown, some people used it to deceive and take advantage of people.
“The law is something that will be a game-changer in the real estate industry. That is to say in the brokerage industry as well as in the agent industry. Because today you and I know that many people call themselves real estate brokers and agents who deceive many potential innocent property buyers and then rent landlords and so on.
“So the system is completely hacked, and most people are also using this particular system to launder money. So today, this particular act has been a very welcoming tool that is going to help grow the real estate industry” , said Emmanuel Cherry.
The Real Estate Agencies Act of Ghana was enacted to control the practice of real estate agencies, the conduct of real estate professionals as well as business transactions in real estate.