Dear Editor,
SOON, Real Estate will be transformed by the advancement of a digital ecosystem inspired by a high combination of construction and service. This will produce and influence change to the current social system. Research Findings from other jurisdictions indicate that the characteristics of Real Estate will be redefined by technological practices, where transformation will increase and lead to increased competition and market separation. This will be the fourth revolution that will change how things are done by people; that would then re-invent the society’s needs and internal relations.

This will be the advancement of a post-industrial society where consumers will be bound by a digital technological revolution that will ultimately impact the modernisation and development of the Real Estate industry.  This will quickly emerge as Guyana will leapfrog by adopting the emerging technologies to transition into a future where Real Estate becomes sustainable, resilient, liveable, and affordable. According to Sociologist, Daniel Bell, “post-industrial society is one where knowledge and technology are major social powers and sources of dynamism of societies”. That is, the educated and technical class will dominate with service industries that will contribute more to the economy than manufacturing.

Despite this, the advancement of the Condominium Bill 2022 and current amendments to related legislation, the Real Estate landscape is primed to rapidly generate economic growth and expansion. Naturally, this must necessitate certified and competent Real Estate professionals (Realtors), that is, registered as members of an association to facilitate Real Estate transaction services. The proposed legislative framework for the regulation of the Real Estate industry is a judicious move that shall establish a transparent, accountable, and legitimate structure of integrity to the Real Estate industry. This will protect the parties engaged in transactions; and to prevent/ detect illegitimate financing.

What is required is a calibre of Realtors (trained and certified) to operate a standard of practice guided by a professional Code of Ethics, to the public and among associated agents. Ethics generally refers to customs, values, and best practices a society considers morally upright, where behaviour is measured relative to activities governing professional relationships. It is advocated that a Code of Ethics and standards of practice be instituted and integrated following the enactment of the Real Estate Agents Bill. According to the United States of America’s NATIONAL ASSOCIATION OF REALTORS (NAR)- A Code of Ethics ensures consumers are served by requiring that Realtors co-operate with each other in furthering the client’s best interests.

The NAR have established a Code of Ethics that all those involved in the Real Estate industry (Brokers, salespersons, appraisers, counsellors, managers, and other affiliates) have subscribed as members. The Code of Ethics developed by the NAR serves as a platform for a practice that aspires to professional objectives of moral conduct.  The NAR have considered the Code of Ethics to be obligations that may be higher than the rule of law, albeit where conflicts exist between the two, the rule of law yields precedence. The NAR Code of Ethics consists of (seventeen) 17 Articles covering various degrees of conduct that feature several best practices; or specific ground rules that hold Realtors in order.

ARTICLES 1-9 (REALTORS HAVE A DUTY TO CLIENTS/CUSTOMERS): to protect their best interests, to disallow misrepresentation or exaggeration and/or withholding facts about a subject property, to co-operate with fellow Realtors unless not in the best interest of a client/customer, to disclose personal interest in a property, not recommending services for any kickbacks, and/ or collecting money under the table, to keep client funds separate from their own; and all documents pertaining to transactions should be presented to the purchaser/vendor in understandable terms.

ARTICLES 10-14 (REALTORS HAVE A DUTY TO THE PUBLIC): to not deny services based on discrimination, to provide clients with competent services only within a Realtors professional range, to refrain from false or misleading advertising, to not break the law, and to co-operate with the Realtors Board’s investigation proceedings if charged with a violation.

ARTICLES 15-17 (REALTORS HAVE A DUTY TO FELLOW REALTORS): to desist from false or misleading statements of other Realtors, not to solicit clients that have already signed exclusive listing agreement(s) with another Realtor, and if contractual disputes occur, it must be mediated or arbitrated by the Board of Realtors.

In Guyana, a Real Estate Code of Ethics is necessary for Realtors to be held accountable, to exercise diligence, honour duties to protect client’s best interest, and to respect all parties involved with credible transactions. This enhanced competency standards will benefit associate member Realtors by disallowing discriminatory housing practices, reduce reckless statements about fellow realtors and with information-sharing and general knowledge involving the Real Estate industry.

Yours sincerely,
Alaric Weithers