Kenya's Estate agents registration board seeks to categorise real estate agents to guide and direct their conduct. EARB's rules will protect the public and direct consumers of real estate agency services in Kenya.
Every real estate agent in Kenya should be registered with EARB and adhere to its rules and regulations regarding real estate agencies. This blog explains how EARB seeks to categorise real estate agents in Kenya
Read on for the summary, then come back and download the full document by clicking here.
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How Will EARB Categorise Real Estate Agents In Kenya?
EARB will categorise Kenyan real estate agents based on competence, training and experience. This will help the consumers of real estate agency services to receive quality guidance in the real estate sector.
Furthermore, EARB will categorise real estate agents into four classes, from Class A to Class D.
Class A: Principal Agents
These agents will have qualifications according to the Estate Agents Act, section 13(1) (a) and (b). A principal agent can undertake all real estate agent duties as per section 2(1) of the Estate Agents Act.
In addition, the agents in this category can own an estate firm and train other real estate agents.
Class B: Broker
A real estate broker should have a Degree or Diploma in Real estate or other fields from a recognised institution. In addition, they should also have 2 years of working experience under a Principal agent.
Estate brokers should also have practical experience in real estate management. They will undertake property and facilities management roles.
Brokers can own a real estate agency firm and manage all properties. They can also receive rent for property owners, but it should be at most Ksh.3 million annually per property. Furthermore, a real estate broker can be responsible for lease administration and managing spaces for letting up to 10,000 sq. feet per property.
Real estate brokers can also participate in property selling and letting, whereby the property should not exceed Ksh. 50 million as the asking price, and Ksh.3 million per annual rent.
Finally, brokers can also negotiate mortgages on behalf of their clients, but it should be at most Ksh. 15 million per mortgage contract.
Class C: Technician I
In this category, agents should have a Diploma in real estate or a degree in other fields from a recognised institution. In addition, you should currently be working under a principal agent to fit in Class C. In addition, Technician I will operate under a Principal agent or a Broker to undertake their duties.
Property management assistants of all property types can collect rent for property owners, oversee maintenance, letting spaces and lease administration. A facilities manager oversees maintenance and supervises service providers in the facility.
Mortgage assistants will also be in this Class C as they can negotiate mortgages on behalf of clients, but they will work under a principal agent or broker. In addition, to the academic qualifications, they should also have a minimum of 2 years working under a Principal agent or a broker.
Class D: Technician II
In this class, we have the caretaker, building electrician, building mechanics, Site agent and Mortgage field technicians. They should all work under a principal agent or a broker.
A caretaker should have a Certificate in real estate or other fields from a recognised institution. In addition, they should currently be working under a principal agent or have at least 1 year of working under a broker or principal agent.
The building electrician and technician (plumber) should have a Diploma or certificate in Engineering from a recognised institution. They should also have relevant National Construction Authority qualifications.
The site agent should have a diploma or certificate from a recognised institution in Real estate or other fields. Alternatively, they can work under a principal agent or broker for at least one year.
The mortgage field assistants should have a Diploma or Certificate in real estate or other fields from a recognised institution. They should currently be working under a principal agent or broker or have at least one year of working under a principal agent.
EARB will also consider elevating agents who acquire the specified qualifications of the other categories. Furthermore, if an agent remains inactive for three years, EARB can downgrade them.
The categorisation of real estate agents will contribute to high-quality services in the industry. Don't be left out by trending news in the industry. Subscribe today!