With a rapidly growing real estate sector, Kenya has attracted a wide range of real estate professionals who not only provide much-needed expertise, but who are also ready to take advantage of new real estate investment opportunities in the country.
The development of a sustainable and lucrative real estate market in Kenya depends on the presence of 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 property. property, from ownership and purchase to real estate development.
Who composes the real estate directory?
Real estate agent
Simply called an agent or broker, a real estate agent not only acts as an intermediary between buyers and sellers of property, but also with landlords and tenants. Their functions include:
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Search for properties for sale and organization/realization of visits
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Property management
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Real estate valuation
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Offer information on 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 Institution of Surveyors of Kenya or a corporate member of the Royal Institution of Chartered Surveyors
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Holder of a degree or diploma from an educational institution recognized by the Realtors Registration Board
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Must have more than six months post-qualification practical experience gained in Kenya that satisfies the board
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Must be of good character and the Commission must be satisfied that one has never been convicted of fraud or dishonesty
Attorney
Popularly known as ‘Wakili’, they are responsible for the legal aspect of property matters.
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Accompany buyers and sellers of goods during negotiations and the signing of transaction agreements
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Offer legal advice to avoid legal pitfalls, explain legal jargon and read the fine print in all related documents
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Crucial for necessary research, preparation of property transfers and closing statements
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Lawyers serve the best interests of the party they represent
To practice in Kenya, real estate lawyers must:
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Be a member of the Law Society of Kenya – Bar Association
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Holder of a law degree
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Kenya School of Law Successful Candidates
mortgage broker
A relatively new role in the Kenyan real estate industry, mortgage brokers connect mortgage borrowers with the best mortgage lenders.
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Research various mortgage rates offered 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 value of the mortgage.
Banker/Financial Advisor
A banker is also consulted as a financial adviser:
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Propose total or partial financing of real estate investment
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Provide financial advice related to the real estate market
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Help clients develop achievable financial and real estate plans and goals
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Establish qualification requirements for loans/mortgages
In Kenya, bankers are drawn 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 verify the condition of properties at the survey service.
To qualify as a surveyor, you must be:
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Holder of a Bachelor of Science in Surveying and Photogrammetry from a reputable university
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Or have a degree from the Kenya Institute of Surveying & Mapping
Valuation expert
Considered an expert in property valuation and management in Kenya, they prepare and report asset valuations and manage those assets.
To be eligible, you must have:
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Bachelor in land economics
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Postgraduate Diploma from the Institution of Kenya Chapter of Valuers and Estate Management Surveyors
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Integrity and high ethical and professional conduct
Service provider
Contractors are the most used professionals in Kenya. They are often multitasking as project managers and are responsible for:
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Build real estate plans
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Project implementation according to project scope
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Cooperate with architects and property development engineers to develop a property that meets client needs and expectations and complies with development regulations
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Meet project milestones within budget and on time
Developer
For a profit, the developers:
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Research potential investment properties
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Source of funding
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Apply for planning permission
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Build on raw property
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Repair and maintain properties
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Rental property
Architect
In Kenya, an architect advises clients on standard procurement procedures and:
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Source Providers
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Develop real estate plans
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designs buildings
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Supervise building construction
building manager
Property managers handle real estate investments on behalf of owners. Although there are property management companies in Kenya, they are rare and estate agents more often perform the following roles:
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Source and evaluate tenants for rental properties
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Negotiate lease or rental terms and contracts
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Collect the rent
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Organize property maintenance, from cleaners to electricians and plumbers
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Advice on insurance and legal matters relating to property ownership and investment