European Standard for the Work of Real Estate Agencies and Agents in Bulgaria

The introduction of a European Standard for the Work of Real Estate Agencies and Agents is already a fact in Bulgaria. And although the standard, which was published by the Bulgarian Institute for Standardization, is recommendatory it will regulate the relations in the sector.

The European Standard is very detailed as it defines the role and obligations of the real estate agent and also of the client, the buyer and the seller. One of the sections of the document describes the client relations management as this is unique for the Bulgarian real estate sector. This section specifies what information the buyer and seller must receive as clients, what the agreement between client and agent should contain, conflict of interests, etc.

Another important part of the Standard is the regulation of provision of services, but probably the post important section is the one about the qualifications and competence of the real estate agent. It describes in detail what the agent’s professional competence must be and what knowledge they must possess (property marketing, principles and processes of financing of the deal, approximate appraisal of properties’ market value, laws and regulations related to the sector and many more). An important element of this section is that the real estate agent must never stop developing professionally.

The Standard also contains a code of ethics of the real estate agent which reads that “real estate agents must guarantee that they and all members of the staff are informed and abide by the code of ethics and comply with the regulations and the best professional practices”.

BULGARIAN PROPERTIES Support the Introduction of European Standard in The Work of Real Estate Companies and Agents in Bulgaria

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