IN Fiji today, entering the real estate industry is as simple as submitting an application with a Year 11 certificate and a police clearance to the Real Estate Licensing Board of Fiji (REALB).
As the regulatory authority responsible for issuing licences, REALB plays a critical role in ensuring industry standards.
However, the current entry requirements raise concerns about the level of professionalism within the industry.
For most individuals, purchasing a home is the single largest investment of their lives, yet the real estate salesperson assisting them is often not adequately trained to provide a high level of service.
Raising minimum requirements
Real estate is a highly regulated industry worldwide, where aspiring professionals must complete prerequisite courses such as Principles of Real Estate and Real Estate Practice, among others.
A standard Code of Ethics serves as the foundation for professional service.
To enhance the industry in Fiji, there should be a licensing exam to ensure competency, along with mandatory annual professional development to keep agents up to date with market trends and regulations.
Enhancing the investor experience
A well-trained real estate agent can significantly improve the experience of both homeowners and potential investors.
Unfortunately, there are countless stories of investors being misled or facing challenges due to a lack of professionalism in the industry.
A positive experience, on the other hand, encourages further investment.
Investors entering Fiji need housing, commercial spaces, agricultural land, or warehouse facilities.
Their experiences influence future investments, as satisfied investors will share their success stories, leading to more referrals and increased foreign investment.
Fiji is strategically positioned as a hub in the South Pacific, with excellent connectivity through Fiji Airways. This connectivity, combined with a growing tourism and aviation industry, creates an urgent need for additional ancillary services.
A professional real estate sector can support this growth by attracting and facilitating investment efficiently.
The greater role of REALB
REALB has the opportunity to play a more significant role in shaping the industry by advocating for the implementation of minimum education requirements.
Under the leadership of Dr Hassan Khan, REALB previously developed a roadmap for introducing the Principles of Real Estate and Real Estate Practice courses, but progress has stalled due to prolonged vetting processes.
The phrase “Don’t fix it if it’s not broken” does not apply here—Fiji’s real estate industry is fragmented and in need of reform.
The absence of a Code of Ethics has led to a lack of cooperation among agencies. Agents do not trust one another, and buyers’ agents often attempt to secure listing authorities from vendors without respecting exclusive agreements.
This lack of regulation also leaves agents vulnerable to unscrupulous vendors who exploit their marketing efforts without honoring commission agreements. As a result, agencies lose hundreds of thousands of dollars annually in unpaid commissions.
The future of real estate in Fiji
A collaborative real estate industry would benefit all stakeholders. Implementing prerequisite courses and licensing standards will lead to a better understanding of the industry and elevate professionalism.
Establishing a joint Multiple Listing Service (MLS), similar to Realtor.com, would enhance Fiji’s global real estate presence, facilitate faster transactions, and increase market transparency. Such an initiative could be funded through annual Realtor licensing fees.
Additionally, ongoing dialogue with key stakeholders, including Investment Fiji, the iTaukei Land Trust Board, the Lands Department, and the Ministry of Trade, is essential. Challenges such as access to sales data and real estate market statistics must be addressed to support informed decision-making.
The industry must also embrace modern technology, including GIS tools like Vanua View and world-class marketing strategies, to showcase Fiji’s real estate opportunities effectively.
Transforming Fiji’s real estate industry into a world-class sector requires commitment, regulation, and respect for the hard work of realtors. By equipping professionals with the necessary knowledge and tools, Fiji can create a transparent and investor-friendly real estate environment that fosters long-term economic growth.
- Arif Khan is a broker at Bayshore Real Estate. These views are based on his professional experience.
NOTE: This article was first published in the print edition of the Fiji Times dated MARCH 15, 2025.
