With a rapidly growing real estate sector, Kenya has attracted a great group of real estate professionals who not only provide the necessary experience but are also ready to take advantage of the emerging property investment opportunities in the country.
The development of a sustainable and lucrative real estate market in Kenya depends on having real estate professionals who adhere to the professional code of ethics, are academically and professionally qualified, and who adhere to Kenyan laws on matters relating to ownership from ownership and purchase to real estate development.
Who make up the real estate directory?
real estate agent
Known simply as an agent or broker, a real estate agent acts as an intermediary not only between buyers and sellers of properties, but also between owners and tenants. Its functions include:
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Search of properties for sale and organization/performing visits
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administrative ownership
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property valuation
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Offer information about property improvements, such as renovations.
To be registered as a real estate agent in Kenya:
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Must be a full member of the Kenya Institution of Surveyors or a corporate member of the Royal Institution of Chartered Surveyors
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Graduate or graduate from a learning institution recognized by the Real Estate Agents Registration Board
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Must have more than six months of practical post-qualification experience gained in Kenya that satisfies the board
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You 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 in charge of the legal aspect of property matters.
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Accompany buyers and sellers of properties during negotiations and the signing of transaction agreements.
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Offer legal guidance to avoid legal pitfalls, explain legalese, and read the fine print on all related documents
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Crucial for required searches, preparing transfers of ownership and closing statements.
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Lawyers serve the best interest of the party they represent.
To practice in Kenya, property lawyers must:
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Membership of the Kenya Bar Association – Bar Association
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Degree in Law
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Successful Kenyan Law School Candidates
mortgage broker
A fairly new role in the Kenyan real estate industry, mortgage brokers link mortgage borrowers with the best mortgage lenders.
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Look for varied mortgage rates given by different lenders
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Help borrowers directly access cheaper mortgage rates than those available through a bank
In Kenya, mortgage borrowers prefer corporate borrowers and their rates are 1% of the mortgage value.
Banker/financial advisor
A banker is also consulted as a financial advisor:
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Offer total or partial financing of real estate investments
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Provide financial advice related to the real estate market.
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Assist clients in developing achievable financial and real estate investment plans and goals
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Establish loan/mortgage qualification requirements
In Kenya, bankers come from various local and international banks, building societies, savings and credit cooperatives (Saccos), etc.
Surveyor
A surveyor is qualified to establish property boundaries and markers and then to check the status of properties with the Department of Surveying.
To qualify as a surveyor one must be:
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Holder of a Bachelor’s degree in Surveying and Photogrammetry from an accredited university
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Or have a diploma certificate from the Kenya Institute of Surveying and Mapping
expert appraiser
Known as asset valuation and administration inspectors in Kenya, they prepare and report asset valuations and manage those assets.
To qualify one must have:
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Bachelor’s Degree in Land Economics
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Postgraduate Diploma of the Kenya Chapter of Appraisers and Surveyors Institution of Wealth Management
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Integrity and high ethical and professional conduct.
Contractor
Contractors are the most used professionals in Kenya. They often multi-task as project managers and are charged with:
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real estate plans of buildings
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Project implementation based on project scope
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Cooperate with architects and real estate development engineers to develop a property that meets the needs and expectations of clients and that meets established development standards.
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Meet project milestones within budget and established deadlines
developer
For profit, developers:
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Search for potential investment properties
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Sources of funding
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Request urban authorizations
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Build on raw property
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Repair and maintain properties
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property lease
architect
In Kenya, an architect advises clients on standard procurement procedures and:
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contractor sources
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Develop property plans.
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design buildings
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Oversees property construction
property manager
Property managers handle real estate investments on behalf of the owners. Although there are property management companies in Kenya, they are rare and estate agents typically perform the following roles:
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Obtain and evaluate tenants for rental properties
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Negotiate lease or rental terms and contracts
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collect rent
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Organize property maintenance, from cleaners to electricians and plumbers.
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Advise on insurance and legal matters related to real estate and investment.