Bogus estate agents on the prowl

BOGUS estate agents are on the prowl targeting unsuspecting members of the public and property investors who stand to lose their monies if they do not apply due diligence procedures.

According to the Estate Agents Council of Zimbabwe (EACZ), property buyers must follow certain guidelines when in the process of buying properties from anyone to avoid being fleeced.

EACZ is a regulatory body set up by an Act of Parliament (Chapter 27:17).

In an interview at their stand at the Zimbabwe International Trade Fair (ZITF) in Bulawayo yesterday, EACZ sales administrator, Mr Fortune Lunga, said the regulator was there to assist the public on property issues to ensure the protection of buyers.

“As the organisation, we provide for the registration of estate agents and the regulation of the practice of estate agents in Zimbabwe provides for the operation of the Estate Agents Compensation Fund.

“We regulate the keeping of money held by estate agents on behalf of other people and provide for matters connected with or incidental to the foregoing,” said Mr Lunga.

“Within the council, there are various committees that focus on certain disciplines — the technical committee, which focuses on publicity and visibility, and social responsibility programmes.

“However, it should be noted that the main work of the council is outlined in the functions of the council. Therefore, it can be said that the council regulates the industry by ensuring that the Act and statutes are observed.”

Through awareness campaigns on social media and billboards, Mr Lunga said, they were helping the public to acquire critical information while promoting and protecting public interest.

“In overcoming bogus agents we keep engaging stakeholders for a similar cause with the Deeds Office, Zimra and the law society.

“A person who has opened a trust account should keep proper books of account and other records in relation to, containing particulars and information as to the money received, held or paid by him for or on account of any person,” he said.

“The council may at any time and at its own expense appoint a person who is registered as a public auditor in terms of the Public Accountants and Auditors Act to inspect the books of accounts kept by any person to ascertain that the provisions of this Act are being observed,” said Mr Lunga.

In the past daring bogus estate agents advertised the home of Bulawayo Provincial Affairs and Devolution Minister, Judith Ncube, with the aim of selling it. Scores of desperate home seekers have lost thousands of dollars to fraudsters who dupe them in property deals or leasing houses. – @Lo7246Lovelyn