In a recent interview with the newspaper La Diaria, Dr. Michelle Fleitas, an instructor in the Diploma of Specialization in Real Estate Business and academic coordinator of the Real Estate Agent program at the Faculty of Architecture of Universidad ORT Uruguay in Universidad ORT Uruguay, analyzed the implications of this new regulation.
An important regulation: greater legal certainty and transparency for real estate operators
Dr. Fleitas noted that approximately 7,000 people work directly as real estate agents in Uruguay, not counting those involved indirectly.
In this regard, Fleitas emphasized the importance of establishing a regulatory framework that provides greater legal certainty and transparency for both operators and customers, noting that:
It is important that regulations be enacted because, among other things, they could provide real estate agents with greater legal certainty when it comes to collecting their commissions, as well as offer greater transparency so that clients can assess and decide who they are dealing with.
In his view, the regulation will not only protect the rights of workers in the real estate sector in Uruguay, but also promote fairer and more transparent competition.
- You might also be interested in reading: “Real Estate Business: What It Is and How to Get Started”
In the current context, where digital platforms have significantly transformed the real estate market, Dr. Fleitas highlighted the challenge of integrating technology into an effective legal framework. However, she clarified that the bill does not directly address these platforms, leaving room for future consideration in this area.
As Fleitas told La Diaria, the bill seeks to comprehensively regulate the professional practice of real estate agents, clearly defining their roles and responsibilities, and establishing specific requirements and rights for their practice.
Among the organizations supporting this initiative are the National Association of Auctioneers, Appraisers, and Real Estate Brokers, the Uruguayan Association of Real Estate Agents, and the Punta del Este Real Estate Chamber.