Black market a major problem for real estate brokers

Source: https://www.fmt.gov.ba/

 

A meeting was held at the Federal Ministry of Trade with representatives of the Chamber of Economy of the Federation, the Association of Real Estate Brokers of the Federation of BiH and the Federal Administration for Inspection Affairs of the Federation of BiH.

The implementation of the Law on Real Estate Brokerage in the Federation, for which the Ministry of Trade is responsible for supervision, was discussed.

Representatives of registered real estate brokers pointed out that their biggest problem in their work is the ‘black market’, that is, unregistered real estate brokers.

With the adoption of the new Law on Real Estate Brokerage in September 2021, it was stipulated that real estate agencies must be entered in the register and employ certified agents who have passed the professional exam organized by the Chamber of Economy of the Federation of BiH, and when advertising properties they are obliged to publish the registration number.

Also, agents who pass the professional exam and receive a certificate may, according to the Law, either work in a registered agency or register their own agency as a company or craft business, but in practice, according to registered brokers, some certified agents work illegally.

According to their data, 75 illegal agencies engaged in real estate brokerage were reported to the Federal Administration for Inspection Affairs in May last year. So far, they have not received a response on whether an inspection was carried out, said Naida Čerimagić, president of the Association of Real Estate Brokers of the Chamber of Economy of the Federation.

A representative of the Federal Administration for Inspection Affairs, Sanela Ahmić, said that this administration does not have enough inspectors to supervise the implementation of this law, but that the rule is for inspectors to go out to the field for every report.
She reminded that reports can also be sent to cantonal inspection administrations that monitor the market within the canton.

According to data from the Federal Ministry of Trade, there are 158 registered agencies, and 360 agents have passed the professional exam for performing this activity.

The secretary of the Federal Ministry of Trade, Sanjin Dugalić, pointed out that the ministry has good cooperation with the Chamber of Economy of the Federation of BiH, the Association of Real Estate Brokers within the Chamber of Economy and the Federal Administration for Inspection Affairs, and proposed that reports be sent to the ministry, which would then officially request reports from the inspection.

It was concluded that this is a good model of cooperation so that all actors can be more efficiently involved in solving the problem.

It was also agreed that the ministry would submit an initiative to the Government of the Federation of BiH to organize a joint meeting of the Federal and cantonal inspection administrations, as well as representatives of the Chamber of Economy of the Federation of BiH, in order to arrive at the most efficient solutions in inspection supervision over the implementation of the aforementioned law.