Olive goes bold on regulation framework

When the real estate association (RESA) was being formed,
the stakeholders were keen enough, to ensure that it would be an association
grounded on strong foundation to guarantee its sustainability and effectiveness.
This thought to have a deep-rooted foundation, is now mirrored in the
association’s governance structure through which RESA is able to provide leadership in matters affecting the industry.

One of the organs that form the structure in the association, is the council of elders. This council has 15 members who have been carefully assessed, tested and approved. The Council is chaired by Olive’s

General Manager Peter Gitau. The role of this council is among others, to come
up with policies that guide the association, to deal with internal issues and responding to external quarries.

 “The fact that Olive has had the honor to share a platform with renowned industry players in the association’s leadership, means that we now have been positioned to a role that contributes largely in shaping the industry’s regulatory framework. This is not an achievement that can be wished away,” says Gitau.  

  The council has the responsibility to help in settling internal wrangles among the member companies, vetting companies that are interested in joining the association, and even recommending for deregistration of members who fail to adhere to the set code of conduct. 

For the council to be able to carry out its mandate effectively, the association has set up parameters that are used to gauge the suitability of members in the association. For instant, companies within the association that fail to issue title deeds to their clients for a period of three consecutive years, are at risk of being eliminated from the association.

In cases where there are consistent complains of double allocation of land by any of the member companies, or scenarios involving fake title deed issuance, this is also a parameter that may determine the removal of the company from the association.

Under the leadership of Mr. Gitau, the council has several achievements to its name. For instance, within two months after its creation, the council had vetted different companies out of which at least five companies failed the test and were therefore removed as members of the RESA. This makes it even easier for the government to further scrutinize the companies.

“Additionally, through properly set mechanisms, we have been able to protect at least four companies, that had been at the risk of facing credibility damage, as a result of falsified information. These and other achievements, are nothing short of the best description for what self-regulation means,” Gitau affirms.

The effort to transform how services are rendered in land registry offices, requires combined efforts from the government and stakeholders, and certainly it is work in progress.

However, through the intervention of the association, the process has started being effective, and member companies who would otherwise have had their titles delayed at the registry, can now receive them efficiently, thus fulfilling their title issuance promises to their clients.

“This is the kind of confidence that we seek to restore in this industry. As a council, we commit that we shall continue to give the best guidance to the association’s leadership, and urge that the government shall support

RESA’s efforts, by facilitating the formulation of policies that are also friendly to real estate businesses,” urges the Council Chair.