Rise of Fake Realtors in Zimbabwe Exposes Clients to Major Losses
The Estate Agent Council of Zimbabwe (EACZ) has raised concerns over the increasing number of fake realtors operating in the country, causing significant losses and distress to unsuspecting clients. These fraudulent individuals and companies use various media platforms to advertise properties for sale or rent, deceiving innocent property seekers. In some cases, these scam artists collaborate with fake lawyers to further deceive unsuspecting home-seekers.
To address this issue, the EACZ recently blacklisted 74 real estate companies that were found to be operating without proper registration. These unregistered companies have been taking advantage of home seekers, swindling them out of their hard-earned money. In a recent case, a company named Riverrun Properties was convicted on July 10th, 2023, for practicing as an estate agent without proper registration. The company was fined US $500 or the equivalent in Zimbabwean dollars at the prevailing interbank rate.
The EACZ urges the public to exercise caution and only engage with reputable estate agents to protect their investments. Established as a regulatory body in the 1970s, the EACZ is responsible for registering real estate agents and ensuring the practice of estate agency in Zimbabwe adheres to the highest standards. The council also exercises disciplinary powers over estate agents and agencies to safeguard the interests of the public. Additionally, the EACZ manages the compensation fund, which provides further protection to those who may fall victim to fraud or misconduct by registered estate agents.
To identify legitimate estate agents, the EACZ advises individuals to look for the current-year compensation fund certificate issued by the council. This certificate, issued annually in the name of the company, includes the name of the principal registered estate agent. Estate agencies are required to display this certificate at their office reception.
However, the influx of unlicensed real estate agents has led to a congested market, leaving registered agents struggling to compete. To address this challenge, innovative entrepreneurs are encouraged to develop sophisticated and disruptive systems that can track and expose illegal real estate agents, ultimately safeguarding the local property rental market.
With the rise in unaccounted real estate fraud cases across Harare, as well as other cities and towns, it is evident that many Zimbabweans are falling victim to fake agents. The EACZ strongly advises the public to steer clear of these bogus realtors, no matter how tempting their offers may seem.
In conclusion, the growing presence of fake realtors in Zimbabwe has become a pressing issue that demands immediate attention. The EACZ’s efforts to blacklist unregistered real estate companies and protect clients from property fraud are admirable. By raising awareness and promoting transparency within the industry, it is possible to create a safer environment for property seekers and ensure the integrity of real estate transactions in the country.
