The Namibia Estate Agents Board (NEAB) is calling on members of the public to make use of registered real estate agents to ensure a safer and more informed property transaction.
The Board's Manager, Festus Unengu, made the call during an information-sharing session at the Government Information Centre in Windhoek.
Unengu explained that making use of registered estate agents protects the members of the public from falling victim to scams and fraudulent practices related to property.
"There are a lot of estate agents that were probably registered the year before, but they are not registered currently. The responsibility is on the members of the public to say, 'Are you legally registered with NEAB?' When they say yes, they must show you the ID card we give to every licensed estate agent, which they must keep on them at all times to prove they are legally registered for this year. Please ensure that the card indicates registration valid through 2025, even if the individual was registered in 2024."
Estate agents and agencies, he said, are also required to be in possession of Fidelity Fund Certificates, which, according to the board regulations, should be displayed in the agent's or agency's office and visible to members of the public.
"This is the fidelity fund certificate that we issue to each estate agent, and it is crucial to note the date on the license. For example, if today is July 15th and I register today, the license must indicate that I can only operate starting from July 15th onwards. So members of the public are urged to look at this document before they operate with an estate agent."
He also noted that, when working with a certified registered estate agent, members of the public are protected in terms of the Property Practitioners Act.
"Should you work with someone who is not registered and you suffer financial loss, you know the honour 'will be on you to seek other avenues for remedies, but if you work with someone who is registered and you suffer financial losses, you may then approach our offices, and we will see how we can assist you. We have what we call a fidelity fund that we can assist members of the public from, and you need to comply with Section 21 of the act, and then we can assist you."
Last month, the board adjusted its fee structure after careful consideration and benchmarking against regional standards.
"We have introduced several improvements, including enhanced training services, streamlined regulatory processes, and upgraded technology systems, all of which required additional financial resources. Also, if you look at our fee structures compared to our SADC counterparts, our fee structure was not contemporary, so all those factors necessitated the increase in our fees."
In terms of the Property Practitioner Act, he says the board is currently busy with inalising the regulations that are aimed at ensuring the operationalisation of the act.