THE Realtor Association of Guyana was on Wednesday evening launched to bring together major players in the country’s real estate industry.
Minister in the Ministry of Housing, Susan Rodrigues, joined the industry’s stakeholders last evening for the launch ceremony at Roraima Duke Lodge, Kingston.
President of the newly launched association, Chief Samsair, who is also Chief Executive Officer (CEO) of Century 21 Guyana, stated that the real estate industry is one of the largest business sectors in the country as he recognised that there was minimal structure or regulation in place.
As such, Samsair added that the network of industry professionals aims to protect the integrity of the industry and further enable a sense of professionalism and accountability across the real estate landscape.
The association’s board members include Komal Ramnauth, CEO of KOJAC realty; Stefan John of Keller Williams Realty; Steven Persaud of One Stop Realty Investment; and Sharia Bacchus of Casa Nuvo Investments.
Other board members include directors of Century 21 Guyana, Arrowhead Realty, Demerara Realty, and more.
To this end, Samsair said the Realtor Association has identified four governing committees as pillars for its functioning. “Each committee will provide guidance and monitor the progress of all activities within the scope of their activities,” he said.
The education and training committee, he continued, is currently working on preparing a course to prepare individuals who want to become real estate agents.
Samsair said capacity-building plans include courses for persons who are interested in continuing education. He said Guyana’s Education Ministry has been engaged to accredit the course.
The legislation committee of the association, on the other hand, will be focused on advocating for new types of legislation that will enhance the protection of buyers, sellers, and real estate agents. The other two committees are the membership committee, and the finance and budget planning committee.
The event’s featured speaker, Attorney General and Legal Affairs Minister, Anil Nandlall, S.C., congratulated the association on its launch. The AG noted that it is now important to ensure that all the players in the industry are part of the association.
Against this backdrop, the Attorney General stated that it is no secret that Guyana is the fastest-growing economy in the world. Guyanese have the opportunity to realize the potential that the country possesses, he stressed.
To this end, he stated that the real estate industry has the potential in Guyana to grow to an exponential proportion and create hundreds of jobs.
“The real estate industry is integrally involved in billions of dollars in transaction cash and kind in relation to real estate, [and] immovable property… That, by itself, creates the need for heavy regulation of this industry,” the Attorney General said.
As a result, AG Nandlall emphasized that the government will play only a regulatory role, as he added that they will only pass a law that will establish a structure to regulate the players in the industry.
This, he expressed, may include certifying these players, qualifying them, and licensing them. A regime of rules for the sector will also be provided.
Nandlall added, “It, necessarily, will also embrace some type of regulation in relation to charges that are to be applied. The sector is in its embryonic stages in Guyana and I have no doubt once it is brought under the formal structure it will begin to grow.”
Furthermore, the Attorney General stated that this will see the growth of linkages as exist in more advanced economies. He noted that these linkages may include with finance companies, brokerage firms, and insurance agencies, among others.
This is just the beginning, the Legal Affairs Minister stressed, as he iterated that the government will offer the encouragement that is needed, and will do all that it can to ensure that the association gets the necessary impetus to move the industry forward.
In addition to this, Mr Nandlall affirmed the government’s position that it has no other interest but to ensure that certain protections are in place and enforced, to ensure that realtors operate within a regulatory framework that protects clients and realtors and further makes Guyana compliant with international obligations.