REALB to increase monitoring

February 26, 2024 12:46 pm

The Real Estate Agents Licensing Board has announced increased monitoring of its agents following the repeal of the two percent commission cap for properties valued below $500,000.

The previous cap, implemented in 2022, had faced criticism from agents who found it challenging to cover operational costs, particularly for properties in remote locations.

REALB Registrar Peni Komainavoka with the repealing of the two percent commission and the formation of the working group, it gives them an advantage in terms of the technical expertise that’s available in other organizations that will be part of the working group.

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“The working group will have a TOR in terms of reference of engagement. So with that terms of reference, it will guide how the group conducts itself and what objective that the group must meet. So with the working group in place and monitoring of the industry, it will ensure that the objective, which is a market driven commission and its overall contribution to the economy, we provide an assessment of how the repealing of that commission is able to achieve that objective.”

He adds they will work in collaboration with other government agencies and stakeholders in achieving the overall objective of the board.