Professionals in Kenyan Real Estate

eladmin July 18, 2022 General Leave a comment 35 Views

With a rapidly growing property sector, Kenya has attracted a large pool of property professionals who not only provide much needed expertise but are also willing to capitalize on the burgeoning property investment opportunities in the country.

The development of a sustainable and lucrative real estate market in Kenya is dependent on real estate professionals who abide by the code of ethics, are academically and professionally qualified and comply with Kenyan laws on matters relating to real estate from ownership and purchase to property development.

Who creates the real estate directory?

real estate agent

Simply referred to as an agent or agent, a real estate agent not only acts as an intermediary between property buyers and sellers, but also between landlords and renters. Their functions include:

Procurement of real estate for sale and arranging/conducting viewings
Property Management
real estate appraisal
Provides insight into property improvements such as renovations

To be registered as a real estate agent in Kenya:

Must be a full member of the Institution of Surveyors of Kenya or a corporate member of the Royal Institution of Chartered Surveyors
Holders of a degree or diploma from an educational institution recognized by the Estate Agents Registration Board
Must have six months practical post-qualification experience in Kenya satisfactory to the Board
Must be of good character and the board must be satisfied that you have never been convicted of fraud or dishonesty

attorney

Popularly known as “Wakili”, they are responsible for the legal aspects of property issues.

Accompanying real estate buyers and sellers in negotiations and signing of transaction contracts
Offer legal advice to avoid legal pitfalls, explain legal jargon, and read the fine print in all related documents
Essential for required searches, preparation of transfers of ownership and final declarations
Lawyers serve the best interests of the party they represent

To practice in Kenya, real estate lawyers must:

Be a member of the Law Society of Kenya – Bar Association
Graduate Lawyer
Successful Kenya School of Law candidates

mortgage broker

Mortgage brokers, a fairly new role in Kenya’s real estate industry, match mortgage borrowers with the best mortgage lenders.

Look for different mortgage rates offered by different lenders
Help borrowers access cheaper mortgage rates than those offered directly by a bank

In Kenya, mortgage borrowers prefer corporate borrowers and their interest rates are 1% of the mortgage value.

Banker / Financial Advisor

A banker is also called in as a financial advisor:

Offer full or partial financing of real estate investments
Offer financial advice related to the real estate market
Help clients develop achievable financial and real estate investment plans and goals
Set loan/mortgage qualification requirements

In Kenya, bankers come from various local and international banks, building societies, savings and credit unions (Saccos), etc.

land surveyor

A surveyor is qualified to set property lines and beacons, and then review the status of properties in the survey department.

To qualify as a surveyor one must:

Holder of a BSc degree in Surveying and Photogrammetry from a prestigious university
Or have Diploma Certificate from Kenya Institute of Surveying & Mapping

appraiser

Referred to as appraisals and property management appraisers in Kenya, they prepare and prepare asset appraisals and manage these assets.

To qualify, one must have:

Completed degree in rural economics
Postgraduate Diploma from the Institution of Kenya Chapter of Valuers and Estate Management Surveyors
Integrity and high ethical and professional conduct

contractor

Contractors are the most widely used professionals in Kenya. You are often able to multitask as a project manager and have the following responsibilities:

build site plans
Implementation of the project based on the project scope
Working with real estate development architects and engineers to develop a property that meets client needs and expectations while adhering to established development regulations
Achievement of project milestones within set budget and timeline

developer

For a profit, developer:

Search for potential investment properties
Source Funding
Obtain planning approvals
Build on raw lot
Repair and maintain property
rental property

architect

In Kenya, an architect advises clients on standard procurement procedures and:

Sources contractors
Develops site plans
Designs buildings
Supervises property constructions

property management

Real estate managers look after real estate investments on behalf of the owners. Although property management companies exist in Kenya, they are rare and estate agents more commonly perform the following roles: