Dozens of local real estate agents and companies met on Thursday at the Pegasus Hotel to discuss regulating standards of acceptable practice for the industry.
The agents plan to form an Association in response to recent calls by the Attorney General and President Irfaan Ali to ensure that local Guyanese benefit from the Local Content Act and improve real estate practices to conform with the Anti-Money Laundering act.
At a recent meeting with agents, AG Anil Nandalall stated, "We have a duty to regulate and protect buyers and sellers in the real estate industry and we will move quickly to ensure that this happens."
He went on to add that input from all stakeholders was welcomed and would be considered whilst adding that formation of an association would be greatly beneficial for all parties.
It is vital that the establishment of the association be treated with urgency to validate the trust and confidence of investors and ensure that the newcomers conform with the standard of practice in Guyana.
The large group, representative of a wide cross-section of the industry, agreed to reconvene on at 15:00 hours May 23 at the same venue to adopt an interim management committee; set preliminary benchmarks for membership; code of conduct; disciplinary and advisory subcommittees for legislation and education.
According to a statement from the group, "We ask that all stakeholders in the real estate industry- finance, agents, companies, owners, lawyers, accountants, and homeowners join us as this historic step is undertaken to set the standards that will provide confidence in the industry."
The Association's principal objectives are to ensure that education of the stakeholders, property owners and buyers and compliance with the soon to be enacted Real Estate Bill are first and foremost on the agenda.
A major benefit emanating from the association will be an electronic listing system designed to elevate the protection of listing agents and speed of locating available properties by agents nationwide.
This will enable buyers and agents to provide accurate and up-to-date information in a timely manner.