Agents ‘Reselling Same Properties

Real Estate Agents Licensing Board (REALB) chairperson Ilimotama Cawi has revealed that some licensed real estate agents are buying properties themselves and then reselling them at higher prices.

He described the practice as a serious conflict of interest that disadvantages members of the public.

Mr Cawi made the comments on Thursday following the signing of a Memorandum of Understanding (MOU) between REALB and Fiji National University (FNU) at the university's Nabua Campus.

“In the conflict of interest, some of these agents will bring in properties, and then they will resell the same properties again. Some of the things that are happening in the real estate sector,” he said.

Mr Cawi said the practice prevents ordinary Fijians from purchasing properties at their original market price because agents profit by flipping listings before genuine buyers have an opportunity to purchase them.

“We would like to open it up to members of the public, a clear competition for them in the real estate industry,” he said.

He also revealed that REALB has received complaints from customers about the conduct of some salespersons and the way property transactions are handled.

“We have been receiving feedback from customers concerning the approach the salesperson is doing towards them,” he said.

Mr Cawi said the new education and continuing professional development programme with FNU would focus on governance and ethics to address conflicts of interest and improve professional standards across the industry.

He also encouraged members of the public to verify the identity of licensed real estate agents before engaging their services.

“We need to have our ID cards to confirm that they are real estate, especially for us,” he said.