Real estate dealers to get business skills

Mar 16, 2009

Real estate dealers are to be trained in business management and professional conduct, a sector official has said. “The real estate business has in the past been dogged by fraud, impropriety and poor business management,” Vincent Agaba, the Associatio

By Frank Sserwaniko

Real estate dealers are to be trained in business management and professional conduct, a sector official has said. “The real estate business has in the past been dogged by fraud, impropriety and poor business management,” Vincent Agaba, the Association of Real Estate Agents (AREA) president, said last week, adding that the training would professionalise the trade.

The International Finance Corporation (IFC), the private sector financing arm of the World Bank, is sponsoring the training. AREA, which co-organised the training, aims at improving professionalism among its members and other property agents in the country.

IFC is sponsoring the course through the Uganda Primary Mortgage Market Inititive, a programme aimed at increasing the effectiveness of the property development and exchange business.

Agaba said Gail Lyona, a US-based real estate specialist, would facilitate the course. “Lyona has over 35 years of experience in the trade. “She is a certified residential specialist, a certified commercial investment member and certified real estate brokerage manager.

“We shall gain a lot from her expertise and experience.” Agaba said the course would involve ‘training of trainers’ to enable AREA build internal ability to pass on the skills to others. “We are also discussing with the Uganda Management Institute to start offering the course.”

Catherine Nanteza, AREA’s membership chairperson, said 20 people had registered for the course that targets 35 people. The lack of professionalism in the sector became a big issue in 2004 when a leading real estate agency, Property Masters, failed to deliver on its promises and closed down over debts.

With its former clients claiming over sh3b, the proprietor, Patrick Kasulu, applied for bankruptcy, which has been granted temporarily by the High Court. The training, Agaba said, would ensure sustainability of the firms in the booming real estate business.

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