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Thursday, June 29th, 2017

The profession as a real estate broker and the importance of its regulations

Elegant property located in El Ensanche in Valencia

Nowadays, in Spain, the real estate broker profession is not normalised, however this hasn’t always been the case. From 1981 until 2000 this profession was regulated by a Royal Decree which established the official statutes of the Real Estate Agents and their professional associations (Estatutos Generales y Colegios Oficiales de los Agentes de la Propiedad Inmobiliaria). As a result of the annulment of the said decree in 2000, the real estate broker profession is no longer subject to any type of regulation, State or official control, and therefore anyone can practice it freely without a qualification or belonging to an association.

Due to the lack of examinations that certifies the professional competence to work as a real estate broker, and the lack of supervision for such important tasks like the trading in real estate, nowadays it is impossible to guarantee that those that currently work in this sector have the expertise or necessary training in order to practice this profession. There are also no guarantees with regards to the knowledge, and the level of information about the changes and news in the financial and legal field that may arise on a day-to-day basis and can therefore, cause a setback.

Currently, Catalonia is the only community that regulates this profession through a Real Estate Register. By law they are obligated to have official training, a civil liability insurance, in addition to liability for compensation.

Modern apartment en Valencia
These same measures should be carried out throughout the rest of the State. Considering that the consequences of malpractice or the negligence committed by a real estate broker, for the lack of professional ethics or simply due to ignorance, that not only contributes to the loss of reputation of the activity that was once enjoyed, but it also directly affects the buyers and sellers.

At Rimontgó we consider necessary the regularisation of the real estate broker as a profession, by means of official tests, controlled activities, as well as a continual assessment and the possession of a civil liability insurance. This is all to benefit the profession just as much as the clients, since it guarantees a reliable service and the professionals in this sector would recover their reputation.

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