Karachi, February 18, 2025 – The Union of Small and Medium Enterprises (UNISAME) has strongly emphasized the need for strict enforcement of regulations governing real estate agents to ensure fair and transparent transactions in the property market.
Zulfikar Thaver, President of UNISAME, stated that several members have reported losses due to the unethical practices of some real estate agents. He pointed out that many agents are operating without registration under the Real Estate Agents Regulations (REAR), resulting in non-transparent property deals that pose significant challenges for both buyers and sellers.
“A real estate broker plays a crucial role in property transactions by facilitating smooth interactions between buyers and sellers,” Thaver explained. He urged SME vendors and vendees to verify the credentials of brokers before engaging in any property dealings. According to Thaver, under Pakistani law, brokers must register with the Real Estate Regulatory Authority (RERA) to legally conduct property transactions. He called upon all unregistered agents to comply with RERA’s registration requirements immediately.
UNISAME has outlined the key responsibilities and duties of real estate brokers to guide SMEs in their property dealings:
Pre-Transaction Duties:
1. Market Research: Stay updated on market trends, property prices, and regulations.
2. Property Valuation: Assess properties based on location, size, and condition.
3. Client Consultation: Understand client requirements and budget constraints.
Transactional Duties:
1. Property Listings: Create detailed listings with accurate descriptions and pricing.
2. Property Showings: Arrange and conduct property viewings.
3. Offer Negotiation: Mediate terms between buyers and sellers.
4. Contract Preparation: Ensure documentation aligns with legal standards.
5. Transaction Coordination: Collaborate with lawyers and lenders to finalize deals.
Post-Transaction Duties:
1. Client Support: Address concerns post-sale.
2. Market Feedback: Gather feedback to refine strategies.
3. Record Keeping: Maintain transaction records for accountability.
Additional Responsibilities:
1. Professional Development: Stay informed through industry events.
2. Networking: Build relationships with sector professionals.
3. Marketing: Develop strategies to attract clients.
UNISAME stressed that adherence to the legal framework is essential. Real estate brokers must follow laws such as the Transfer of Property Act (1882), Stamp Act (1899), and Registration Act (1908). Compliance with RERA’s regulations, including transparent disclosure of property details, is critical to safeguarding stakeholder interests.
The organization reiterated its commitment to supporting SMEs by advocating for a more regulated and professional real estate market in Pakistan. UNISAME remains vigilant and ready to assist its members in navigating property transactions with confidence and security.