Real Estate Services Wild West

Last week, Delfi Ärilaht wrote about a real estate problem that occasionally crosses the news threshold through some unpleasant cases, thereby garnering attention. The problem in question is the fact that the real estate broker profession is not regulated at the state level in any other way than generally by the Law of Obligations. In other words: anyone can act as a broker without having any training or certification. Yes, the Estonian Real Estate Brokers' Association organizes professional exams and issues professional certificates, but nothing obliges a broker to take this path. Is the situation truly hopeless and is finding a good broker who provides excellent service to the client and brings a significant financial and time advantage, like a lottery game for clients?

Actually not, because there are some simple but very effective steps to find a broker who does their work with heart and stands up for your interests:

1. References, references, references. In my opinion, one of the most important and informative sources of information. When choosing a hotel on Booking.com or ordering a phone charger from Amazon, we primarily look at the feedback and ratings of other customers, and if there are a critical number of them and they are mostly positive, we dare to make a purchase decision because most likely we won't be disappointed. The same logic can be applied to broker services. It's worth asking a broker for recommendations from previous clients. We publish client feedback on the Domus Kinnisvara website next to people's profiles (www.domus.ee/konsultandid) and anyone can read what kind of experience the clients of a particular broker have had.
2. Is the broker a member of the Estonian Real Estate Brokers' Association (EKMK)? This can be checked on the website www.maakleritekoda.ee. Why is this important? EKMK members are obligated to follow the EKMK Code of Good Practice and the Real Estate Brokers' Good Practice, which is also published on the EKMK website. An ethics committee operates under EKMK, which handles possible violations and, if necessary, holds Association members accountable. The fact that a broker is an EKMK member provides at least some assurance that the broker has not gotten into major trouble. It's also interesting to know that approximately 1500 brokers operate in Estonia, of which according to the Association's website, only 368 are EKMK members – this already significantly narrows the selection.
3. Does the broker hold a professional certificate? Information is also provided on the EKMK website, and this narrows the possible selection even further. According to the EKMK website, there are 247 professional brokers. Why is this important? To obtain a professional certificate, a broker must pass a thorough exam and prove their competence in client service, legislation, marketing, knowledge of the real estate market, etc.
4. What do the broker's property listings look like? By browsing a broker's listings, you can get an idea of their handwriting and how they present properties. Are the texts attractive and free of spelling errors? Are the photos beautiful and inviting you to open the listing? The broker will most likely present your property similarly to the rest of their portfolio, so it's worth familiarizing yourself with the listings.
5. A walkthrough, as brokers call it