November 9 is the deadline for the registration of real-estate professionals in Mallorca and the Balearics. The regulations for the sector, long demanded, have been introduced by the Balearic government’s housing ministry. The hope is that this registration will put an end to bad practices that have existed for years. And the requirements are such that the process should prove to be successful.
An indication of the extent of market intrusion and unfair competition by individuals (and companies) that lack relevant qualifications and can expose clients to risks is that no one can say for sure how many there are.
The president of the College of Real Estate Agents, José Miguel Artieda, estimates that there are around 2,000 real estate agents, but a calculation by the University of the Balearic Islands puts the figure at some 7,000.
The Fundació Impulsa for Balearic competitiveness and productivity reckons that there are around 4,560 people dedicated to real estate activity on the islands and 1,443 registered companies. Artieda notes that the register will give exact figures.
“Natural talent, if not accompanied by knowledge, distorts the profession. A salesperson is confused with a real estate advisor, and that has been the sector’s great downfall. From November 9, we will be able to officially report those who operate through intrusion, clandestine activity and unfair competition.”
Hans Lenz of Engel & Völkers and president of the ABINI association says: “It is absolutely necessary to create transparency and control.” He refers to “minimum requirements” being demanded.
These are: a university degree in social and legal sciences, engineering or architecture; a non-university education of at least 200 teaching hours related to mediation, advisory and management services; or demonstrable experience in the provision of real estate services for a minimum of four years immediately prior to the date of submission of the registration application. There must be an establishment open to the public or at least an accessible postal address as well as a civil liability policy with a minimum capital of 100,000 euros per claim.