How to Be A Real Estate Agent in Kenya

 A Real Estate Agent in Kenya

 A real estate agent or a realtor is one of the best career choices you can make here in Kenya. You can work part-time or full-time. You can be salaried, meaning you receive a regular salary, or you can work on commission. The choice is yours.

So who is a Real Estate agent?

 A real estate agent, as defined by the laws of Kenya, estate agents Act Act p 533, is a person who is involved in the selling, mortgaging, charging, letting, or management of immovable property or any house, shop, or other building forming part the establishment.

Requirements for becoming A Real estate agent 

You may qualify to become a registered estate agent provided you fulfill these conditions

1. A full member of the Institution of Surveyors of Kenya in the chapters of Valuation and Estate Management Surveyors, Building Surveyors, and Land Management Surveyors.

2. A corporate member of the Royal Institution of Chartered Surveyors (in the General Practice or Land Agency or Agriculture sections), and he is qualified to be or is a full member of the Institution of Surveyors of Kenya in the chapters of, Valuation and Estate Management Surveyors, Building Surveyors and Land Management Surveyors;

3. A holder of a degree, diploma, or license from any university or college, or school which is recognized for the time being by the Board;

4. A person who is the holder of a degree, diploma, or license of a university or college or school or a member of an institution, the membership of which is recognized for the time being by the Board as furnishing sufficient evidence of adequate academic training for practice as an estate agent; and

has had, to the satisfaction of the Board, practical post-qualification experience in such practice of not less than two years, of which not less than six months has been in Kenya; or

5. A person who is not qualified under paragraphs (a), (b), (c), or (d) but is of good character and satisfies the Board that he has not been convicted (whether in Kenya or elsewhere) of an offense involving fraud or dishonesty. However, they must have practiced under a registered real estate agent for at least one year.

So what happens once you have met the above requirements? 

You are required to be verified through an interview with the Estate Agents Registration Board- through which you will be given a recommendation for registration as an Estate Agent. 

Once registered, you will apply for a practicing license, renewable annually at a fee if you are to practice as an Estate agent.

 You will also be required to get an indemnity cover from a reputable insurance company.

What are the responsibilities of A Real Estate Agent?

When you decide to become a real estate agent, your duties will vary depending on your area of specialization. 

Here is a list of some of the responsibilities of a Real Estate Agent.

1. You will decide on the sale method, costs, and inspection times with the buyer and seller.

2. You will analyze market pricing and trends and recommend a reserve or minimum selling price.

3. You are responsible for organizing the listing and also advertising properties for sale.

4. You meet with buyers. This is meant to help buyers understand their requirements for a property.

5. You will be responsible for locating properties for purchase and conducting inspections.

Once you have decided, you can become a real estate agent or realtor at any point in your life if you want to.

Here are five things you need to know before becoming a real estate agent

 You’re Going to Need a Plan

 You need to set achievable goals, as well as develop a business plan and marketing plan.

That plan should include metrics and daily activities, all driving toward helping you meet your targets. 

Hold yourself liable to the goals you’ve set up and the tasks you’ve identified to help you achieve your targets. 

You Should Have a Small Safety net

The period between getting a license and receiving a commission check is not a set amount of time. You will need some money to sustain yourself.

Having a plan will certainly help you keep that period to a minimum, but you’re going to need to be able to cover the costs of your day-to-day life.

 Saving a little money will ensure you can cover your costs for a couple of months before the commissions start rolling in.

You Need to Set Yourself Apart

The good news is as a newly licensed real estate agent, the first people who will be eager to work with you are your friends and family. And the bad news is nearly everyone knows someone who sells real estate. 

So what will you do to set yourself apart from the competition?

 You need to develop a brand that sets you apart from the rest of the market and gives potential clients a reason to choose you over someone they know on a personal level. 

You May Have to Work Some Weekends

 People shop for homes in their free time. And their free time is typically on nights and weekends.

 As a result, buyers and sellers expect their real estate agents to be available for showings, open houses, and office visits on the weekend. 

And since you work at the customer's behest, you will have to show up on the weekends.

You Decide How Successful You Are

That’s right! You will get out of a real estate career exactly what you put into it. This is a career that rewards hard work. 

If you dedicate yourself to being successful in real estate, you will greatly increase your odds of success.

Your income potential as a real estate agent is unlimited. But it goes both ways…part-time effort will likely lead to part-time pay.

Real estate agents' remuneration

The real estate agent’s fees are set out under the real Estate Agents Act under the schedule of fees, and it states:

Management Residential:

Ten percent of the gross rents or less according to the circumstances but not less than 5 percent. Commercial: 7.5 percent of the gross rents or by arrangement but not less than 2.5 percent

Lettings

Residential:

Lease up to one year at 7.5% of annual gross rent.

Lease of over one year One month’s rent.

Commercial:

Sole agency 7.5% of annual gross rent.

General agency 10% of annual gross rent

Sales:

On the first KSh. 100,000 10%

On the next KSh. 900,000 6%

On the residue, 3%

Purchases:

On the first KSh. 100,000 5%

On the next KSh. 900,000 3%

On the residue, 1.5%

Conclusion.

A real estate agent is a stepping stone into the wide real estate industry. Your career journey in real estate will start as a real estate agent, and there are more opportunities ahead. 

You can do it part-time or full-time at the beginning. Doing it full-time means more hours, more deals, and more money.

However, that does not mean you cannot make money as a part-time real estate agent. When you plan yourself, manage time wisely and make arrangements with your clients, you will do well.

Put hard work, time, and effort into it and see yourself succeed in an exciting career in real estate.

Would you like to be a Real Estate Agent? Let me know in the comments. I would like to hear from you.