UGANDA, Kampala | Real Muloodi News | In Uganda, just about anyone can become a real estate broker. There are currently no laws governing the profession, and there are no formal requirements.
However, the downside of this that many brokers and agents get into the business with a lack of knowledge, and operate in an informal way. This leads to unprofessionalism, which ends up giving brokers a bad name.
It also leaves brokers without the know-how to grow a successful business. Instead many informal brokers are desperate, barely making it from sale to sale.
However, there is a means for brokers become better. The Association of Real Estate Agents Uganda (AREA-U) offers a pathway for brokers to acquire the knowledge they need for how to operate more intelligently and to grow professionally to become successful in the industry.
Real Muloodi News Network recently caught up with Victoria Nannozi, Chief Executive Officer at AREA-U, to talk about the association, and why brokers should join.
“AREA-U has been around since 2008. In the beginning, the focus was only on agents. But as time went on, AREA-U brought on other practitioners within the real estate industry because agents cannot work in isolation,” says Victoria.
“Therefore today, AREA-U is an Association that brings together all practitioners in the real estate sector; brokers, agents, property managers, developers, and landlords, with the aim to unites members and grow the industry to boost real estate businesses in Uganda,” she adds.
Victoria says that you’ll find that people have been practicing in the industry for a long time, but they have not gotten qualifications or any form of training. Therefore, AREA-U also promotes education. “That’s why we offer education through the Real Estate Institute of East Africa (REIEA).”
Benefits AREA-U Brings to Any Real Estate Business
Victoria explains that one of AREA-U’s major objectives is to provide information in regards to establishing sound real estate businesses.
“That is one of the biggest gaps that we have as an industry, there’s a lack of information. People work in isolation, so not a lot of information is out there for people to understand the different aspects of the business, such as how do you arrive at a certain price?” she says.
“If you want to start a business in the real estate industry, where do you start? Where do you go to find the information you need to guide your investment? Therefore, AREA-U provides that information and brings industry players together for learning,” she explains.
“For those that are doing their work informally, we explain the need for registration, the need for paying taxes, and so on. And then it helps them formalise their businesses so they can grow,” says Victoria.
Networking Opportunities
Victoria says the Association also provides important networking opportunities with other Association members, many of whom are seasoned practitioners in the industry. “We have everyone, including some of the very big players, and everyone is super willing to hold each other’s hands to help them grow in the particular area that they’re interested in,” she says.
AREA-U helps you become part of a larger broker community, says Victoria. ”You get to network and ask each other questions. One broker may say ‘I have a customer who wants land in such and such a place’ and describes the kind of land that the person wants. And then if someone has it, they’ll negotiate and enter into a business agreement” she explains.
A list of AREA-U registered brokers can be found on the AREA Website, allowing the public to search for a particular broker that they know has creditability, knowledge and a support network to help them:
Employment Opportunities
In addition to growing one’s own business, AREA-U also presents an opportunity for gaining employment within the industry.
“Because we are in touch with different practitioners in the industry, they regularly come to us looking for employees. When they have a need to hire someone, they come looking for someone who has done the training and stands out. This is another benefit AREA-U can offer brokers,” says Victoria.
Credibility and Reputation Building
One of the major objectives of AREA-U is to promote professionalism within the industry, says Victoria. “Therefore, every member who joins the Association is offered an induction and is introduced to the Real Estate Agents Code of Conduct. All AREA-U members agree and are expected to abide by the Code of Conduct,” Victoria adds.
“Therefore, being associated with AREA-U offers credibility and improves a broker’s reputation, because the public knows that our brokers are actually legitimate. So, there’s credibility being a member of the Association gives you,” she says.
AREA-U is also pushing for more regulations to govern the industry, through initiatives such as the Real Estate Agents bill 2020, which was read in parliament for the first time on March 4, 2021. The Bill is a big step towards regulation of the sector, says Victoria.
Education Opportunities
AREA-U hosts the Real Estate Institute of East Africa (REIEA), which is the training arm of the association. REIEA has given an opportunity to those without education in real estate to get professional training, explains Victoria.
REIEA offers education programs designed to improve performance, efficiency and effectiveness of real estate practitioners to meet international standards.
The available courses include:
Foundation Certificate:
The foundation offers basics:
- Introduction to real estate practices
- Marketing and sales skills in real estate
- Legal and ethical issues in real estate
- Geographical Information systems in real estate
Advanced Certificate
- Real Estate Economics
- Property Management
- Real Estate Valuation
- Corporate Real Estate
- Research Methods
Specialist Designation
Become a specialist in one of the following:
- Property Management
- Brokerage Management
- Property Development
- Land Transactions
- Land Acquisition, Resettlement and Rehabilitation Management
How to become Registered with AREA-U?
If you are interested in becoming a real estate broker, or even if you already are one but want to learn more, you can visit the AREA-U office at Jumbo plaza, Ground floor, Plot 2, Parliamentary Avenue. Kampala.
You can also call Victoria on +256 751 003488, +256 781 870651 or Julius on +256 705 162000, +256 788 162000
Or you can email: ceo@areauganda.org, programes@areauganda.org
Victoria says AREA-U is open to all brokers, regardless of their experience or skillset. They find some who don’t have a smartphone, and don’t even know how to use one. But AREA-U is open to all of them, and is willing to invest in their education and development, says Victoria.
READ MORE LIKE THIS: