House agents practising illegally risk a fine of Ksh1 million from the current Ksh 20,000 if a new bill proposal is to go by.
During a meeting by the Estate Agents Registration Board (EARB) in Nairobi on Tuesday, a law was proposed to ensure only registered professionals are allowed to conduct real estate business in the country.
EARB chairperson, Nelly Mbugua, indicated that rogue dealers don't pay tax, leading to loss of revenue for the government.
“No one can put a name to them or where their offices are. Unfortunately, there are also large institutions which are not registered.
“The penalties are too small, even if you try bringing them to book, it fails to have an impact,” she stated
The bill, which is at the Attorney General's office, proposes severe penalties for real estate agents who have continued to swindle money from Kenyans.
According to People Daily, the move is set to lock rogue dealers while boosting public confidence in the real estate agency space.
Ms Mbugua affirmed that the board will ensure that any comments, issues or concerns raised are addressed before the bill is taken to court.
She added the proposed law would change how things in the real estate business are done, ensuring only professionals are involved.
