Estate Agents Must Declare

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Buying a house? The real estate agent no longer has exclusive information about buying or selling a home. Houses for sale are online, even videos, which gives you a tour of every room.

Do we still need estate agents? Yes, because they have keys to the houses on sale or access codes to apartment buildings. Agents call sellers - if they still live in their home - to arrange viewings for possible buyers.

Buyers also need agents because they have exclusive information that is not on Google. It is that information they must declare because property is an investment whether the buyer will live there or rent it out.

Estate agents must tell potential buyers that:

1. A property developer has bought out three stores and will build a high rise building. This will block the sun from the existing building, which was a selling point many years ago. The sun is gone. That’s why most owners are selling. Agents must declare that.

2. The condominium building used to be an old age home with bed bug problems. Granted, it was thoroughly disinfected but the little things are a devious lot and might retaliate. Buyers need to know.

3. The city will re-zone the area, leading to more night clubs and other forms of entertainment.

4. The owner is selling because of a neighbour’s all night music and traffic, which spills into the hallway.

5. Estate agents must declare that a lot of store front churches have mushroomed in the area. Example. Berea, in Johannesburg is a residential area but residents are woken up on Sunday by loudspeakers from churches, set up by immigrant fake pastors, who had no zoning laws in their original countries.

6. Estate agents must tell potential buyers that the city might set up dump sites in the open land next to the gated community.

Agents are in the business for their commission. Buyers might not buy properties when they get this information, but it’s better that way. Potential lawsuits about what the agent knew and did not declare will ruin a company’s reputation.

By: Nonqaba waka Msimang.

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