ABOUT 90 per cent of people who venture into the real estate business do not survive in the business because of migration and dishonesty, says veteran realtor Titus Narayan.
And according to the head of Titus Real Estate, this trend continues even today.
He said laws were needed to protect agents from cheating customers who deprived them of earnings, and which at times, ended up in court with substantial legal fees and prolonged cases.
“Apart from this, all real estate matters under dispute should be handled by the Magistrates Court or High Court depending on the nature of claims because our magistrates and judges are highly qualified and competent to understand the claims and weigh both sides of the story evenly before concluding the judgment.”
He held similar reservations on the qualifying experience (three years) for agents to open their own agencies, and believed they should have at least a decade of industry experience before obtaining a licence to operate a real estate business, as a measure of maturity and competency.
“A refresher course should be introduced and made compulsory for young and new lawyers and their law clerks in handling real estate transactions to further their knowledge in conveyancing as far as real estate transactions are concerned.”
Catering to a wide range of customers, properties sold have ranged from five to seven-figure prices, including single level and seven-storey buildings.
“This is evident that we care for all class of people and commercial entities, including diplomats, embassies, government ministers, prime ministers and the former late president of Fiji, whose property I sold a couple of years back,” Mr Narayan said.
He said beginners should start investing in properties now for their children’s future, particularly if they were renting residential properties, as such rental charges could pay off their own mortgages.
