With a rapidly growing real estate sector, Kenya has attracted a large group of real estate professionals who not only provide the necessary expertise, but are also ready to take advantage of the emerging real estate investment opportunities in the country.
The development of a sustainable and lucrative real estate market in Kenya depends on having real estate professionals who adhere to the code of professional ethics, are academically and professionally qualified, and adhere to the laws of Kenya on issues related to property from the property and purchase to real estate development.
Who make up the real estate directory?
real estate agent
Known simply as an agent or broker, a real estate agent acts not only as an intermediary between property buyers and sellers, but also between owners and renters. Its functions include:
- Search for properties for sale and organization/conducting visits
- administrative property
- property valuation
- Offer information about improvements to the property, such as renovations.
To be registered as a real estate agent in Kenya:
- You must be a member in good standing of the Kenya Institution of Surveyors or a corporate member of the Royal Institution of Chartered Surveyors
- Degree or diploma from an institution of learning recognized by the Board of Registration of Realtors
- Must have more than six months of post-qualification practical experience gained in Kenya to the satisfaction of the board
- You must be of good character and the Board must be satisfied that you have never been convicted of fraud or dishonesty.
attorney
Popularly known as ‘Wakili’, they are in charge of the legal aspect of property matters.
- Accompany buyers and sellers of properties during negotiations and the signing of transaction agreements.
- Offer legal guidance to avoid legal pitfalls, explain legal jargon and read the fine print on all related documents
- Crucial for required searches, preparation of property transfers, and closing statements.
- Lawyers serve the best interest of the party they represent
To practice in Kenya, property lawyers must:
- Membership of the Kenya Bar Association – Bar Association
- Degree in Law
- Successful Candidates from Kenya Law School
mortgage broker
A fairly new role in the Kenyan real estate industry, mortgage brokers match mortgage borrowers with the best mortgage lenders.
- Look for varied mortgage rates given by different lenders
- 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 mortgage value.
Banker/Financial Advisor
A banker is also consulted as a financial advisor:
- Offer total or partial financing of real estate investments
- Provide financial advice related to the real estate market.
- Helping clients develop achievable financial and real estate investment plans and goals
- Establish loan/mortgage qualification requirements
In Kenya, bankers come 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 check the status of properties in the Surveying Department.
To qualify as a surveyor one must be:
- Holder of a bachelor’s degree in Surveying and Photogrammetry from an accredited university
- Or have a diploma certificate from the Kenya Institute of Surveying and Mapping
expert appraiser
Known as Property Valuation and Management Inspectors in Kenya, they prepare and report asset valuations and manage those assets.
To qualify one must have:
- Bachelor of Earth Economics
- Postgraduate Diploma from the Kenya Institution Chapter of Valuers and Surveyors of Wealth Management
- Integrity and high ethical and professional conduct.
Contractor
Contractors are the most widely used professionals in Kenya. They often multi-task as project managers and are charged with:
- real estate plans of buildings
- Project implementation based on project scope
- Cooperate with architects and real estate development engineers to develop a property that meets the needs and expectations of clients and that complies with established development standards.
- Meet project milestones within budget and deadlines
developer
For profit, developers:
- Search for potential investment properties
- Sources of funding
- Request urban authorizations
- Build on rough property
- Repair and maintain properties
- property lease
architect
In Kenya, an architect advises clients on standard procurement procedures and:
- Contractor Sources
- Develop property plans.
- design buildings
- Supervises the constructions of the property
property manager
Property managers deal with real estate investments on behalf of owners. Although there are property management companies in Kenya, they are rare, and estate agents typically perform the following roles:
- Obtain and screen tenants for rental properties
- Negotiate lease or rental terms and contracts
- collect rent
- Arrange property maintenance, from cleaners to electricians and plumbers.
- Advise on insurance and legal matters related to real estate and investment.
