Friday, May 20, 2022

Real Estate Institute strives to promote professional standards

The Real Estate Institute of Botswana (REIB) recently named resource constraints as one of the hindrances preventing them from promoting high professional standards within their profession.

REIB, which recently held its Annual General Meeting (AGM), released a report that stated that even though they have made noticeable strides over the term, they are still dependent on low subscription base from their membership.

This means that they have to exercise financial restraint and discipline as they continue to support membership to meet customer needs. According to Institute president, Outule Bale, who is also Senior Property Manager of Khumo Property Asset Management, the REIB had taken a stance to have the subscription reviewed.

Bale said that because their profession plays a major role in the economic development of the country, the institute should remain in its crucial role by responding to industry requirements through searching and adopting innovative ideas.

To do that would mean addressing the needs of the secretariat, which is said to be inadequately resourced by finding a suitably qualified officer, at degree level, who can implement both the REIB council and the resolutions made at the AGM.

Bale also revealed that their institute is in need of permanent office accommodation that can offer a wider range of functionality to enable them to fully develop.

The President said that an area of concern for the REIB was that ever since the implementation of the Real Estate Professionals Act, the secretariat has been swamped with a lot of enquiries on the said matter by some of their members who haven’t been admitted as registered professionals.
He said that they would instead refer them to the Real Estate Advisory Council (REAC).
The REAC is the statutory body mandated to implement the act.

“There is no doubt that, to be effective, implementation of the Act needs the collaborative efforts of all stakeholders. That includes the membership here, Ministry of Lands and Housing and law enforcement agencies,” said Bale.

Although they have had challenges, Bale said that their achievements and proposals would raise the profile of the Institute and he reassured all that over the next year, the institute would remain committed and serve to the best of its ability.


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