Real estate agents play a vital role in the sale and purchase of properties. They not only help individuals and families find their dream homes but also assist investors in making profitable decisions. However, for agents to be able to perform their duties effectively, it is essential that they are well-educated and trained.
Before the implementation of The Real Estate (Regulation and Development) Act, 2016 (RERA) and the subsequent establishment of the Maharashtra Real Estate Regulatory Authority (MAHARERA), real estate was a highly unregulated sector. However, in the State of Maharashtra, various aspects of the real estate business, including registration, advertising, project progress and dispute resolution are now attended to via a set process under the Act.
Agents who are not familiar with these regulations may end up committing violations, which could lead to penalties and reputational damage.
Further, the real estate market is constantly changing – new technologies, trends, and policies are introduced regularly, and agents need to be aware of these developments to be able to provide their clients with accurate and up-to-date information. Agents who are not trained may not be able to identify new opportunities or navigate market changes, which could result in missed sales and lost clients.
Moreover, being a real estate agent is a professional responsibility. Agents are responsible for guiding clients through one of the most significant financial transactions of their lives. It’s crucial that agents are well-versed in the process of buying or selling property, laws and regulations, and market conditions to provide the best service to their clients.
In conclusion, agent training is essential for real estate agents to be able to perform their duties effectively. MahaRERA has now made it mandatory for all real estate agents, functioning in the primary sale market, to undergo a mandatory 20 hour training followed by the MahaRERA Agent Certification Examination. This certification will be necessary for new agent registrations as well as renewal of agent registrations within MahaRERA.
Nicole Dsouza.
