Estate agents in Zambia are regulated by the Zambia Institute of Estate Agents (ZIEA) that draws its authority from the Estate Agents Act. On 1st July I was excited to attend my first AGM of the Institute! The Institute is young but I was impressed with how much effort the executive has put into facing their challenges head-on. In the last year, the Institute has engaged various key organisations in an effort to curb illegal estate agents, such as the Companies Registry, Ministry of Lands and all the major banks. Unfortunately, our Zambian property market still has many illegal participants that often go unmonitored and unpunished for their misdeeds. In order to address this, the Institute had also begun working with the police to prosecute illegal agents and discipline erring members. The Publicity Committee undertook various activities that included radio shows, TV programs, and newspaper articles to sensitise the public on the importance of using licenced agents. Very soon, we’ll feature some members of the executive team on our YouTube channel so that our diaspora audience can hear from them directly!
Sure, the Institute has faced challenges but it remains forward looking and committed to advancing the interests of the real estate profession. In the year ahead, there are plans to work closely with the Financial Intelligence Centre (FIC) to address the vulnerability of the real estate sector to money laundering. There are also impending changes to the Rent Act that will require the Institute’s input. Overall, well done to Logan Nyasulu, the President of the Institute, and his executive team!
Always make sure you use licensed professionals in the property buying process to make sure your interests are properly protected.