New Real Estate Agency supports raising industry standards, regulations

By Kurt Campbell

With a major recruitment drive underway – Guyana Prosperities – a new real estate agency in the local market, says it stands ready to support the raising of industry standards and the implementation of a modern legislative structure for what is still a highly unregulated market.

At a media launch on Friday, the principals which include Guyanese Cricketer Shivnarine Chanderpaul, Guyanese businessmen Surendra RK Thakoorpersad and Paul Ramkissoon along with Myrna B. Nieves, said the forecast for real estate in Guyana over the next decade is exciting.

As it looks to deliver on its promise of being the ‘one stop shop’ for world-class real estate services here, Guyana Properties is currently looking to recruit and train some 100 highly motivated individuals.

For more information on recruitment and services offered persons are encouraged to visit the company website: www.guyanaproperties.gy

  With the aim of offering a total of 12 services, four are currently available and it includes: owner representation, transport/title/ deeds services, property appraisal and valuation and large scale real estate development marketing.

Guyana Properties will be working closely with Gunraj and Company, headed by prominent attorney Sase Gunraj.

At Friday’s event, Gunraj said the intention of Guyana Properties is not just to sell properties and make commissions but rather to revolutionise Guyana’s burgeoning market.

“The intention here is to build capacity. It’s not about picking up 100 people and tell them go out there and sell these properties. They will be equipped with the tools by way of extensive training,” Gunraj added.

He assured those operators already in the market that there was no need to become concerned with the entrance of Guyana Properties.

“It is about working with each other to ensure that the market improves, that the market is regulated and every player in the market benefits,” Gunraj noted.

 REGULATING THE MARKET

The Attorney pointed out that with the existing limited legal and legislative framework that governs the operations of real estate agents in Guyana, the agency stands ready to support the government and other stakeholders in the quest to change this.

He noted that there is already stated plans by the government to introduce legislation that will regulate the industry. “That is something that Guyana Properties welcomes.”

Gunraj said in addition, it is hoped that when there is stakeholder consultation, Guyana Properties will have an opportunity to give its input.

“We welcome regulation tot industry because it means that someone does not wake up tomorrow morning and decides that they want to be a real estate agent and do that,” Gunraj Added.

To support his point, Nieves who serves as President of Guyana Properties, said whatever regulation that is put in place should also be accompanied by a certain level of robust training of industry professionals.

She said already the agency has been meeting with stakeholders such as the banks ahead of the crafting of regulations.

“Our goal is to work together as a team,” she added.

DEFICIENCIES

Speaking to existing deficiencies in the market, Ramkissoon who is the Chief Technology Officer, said there needs to be improvements to the system that allows for transport and title search.

“We have to deal with the reality on the ground which is everything being paperwork and not computerize. Multiple places people have to go to and a process that can take up to eight weeks,” he said.

FORECAST

The team, excited as they are about the future, said the forecast for the local market is bright, promising a massive influx of people to Guyana.

This would include return residents, expats and snowbirds and Guyana Properties said they intend to be ready for these people when they arrive.

The government’s priority to infrastructural development also supports and encourages this forecast, the agency says.