Multiple Listing Service for property sales being developed in Sri Lanka
While investments (both local and foreign) on properties seem to increase drastically in Sri Lanka, there’re weaknesses among property developers in terms of transparency and professionalism in disclosing certain information about the property, some real estate agents state.
RE/MAX Sri Lanka Chairman and CEO, Sujan Shan in an interview with the Business Times stressed that Sri Lanka does not have a Multiple Listing Service (MLS) that could ease property sales where all details are transparent and visible for potential investors.
“RE/MAX Sri Lanka is currently in the development stage of building the MLS platform. Once it’s set up we control the platform for anyone who wants to buy, sell or rent a house, apartment or a land. MLS will be the source of information,” said Mr. Shan.
MLS is a suite of services that real estate brokers use to establish contractual offers of compensation and accumulate and disseminate information to enable appraisals. A MLS’s database and software is used by brokers in real estate, representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to work with a seller’s broker in finding a buyer for the property. The listing data stored in a MLS’s database is the proprietary information of the broker who has obtained a listing agreement with a property’s seller.
Mr. Shan added, “There has to be authenticity of a property before it’s listed in the MLS. We do proper checks of the deed and an evaluation of the property. In terms of transparency all details of the properties must be disclosed to the clients.”
Last week RE/MAX Sri Lanka held its annual convention and awards to top brokers and agents at the Shangri-La Hotel in Colombo.
During the event Mr. Shan mentioned, “Being ethical, transparent and professional is the key to the success of any business.”
RE/MAX World Headquarters USA Vice President of Global Development, Shawna Gilbert who was the Chief Guest at the annual convention stated, “With Sri Lanka standing on the cusp of a new era, RE/MAX will undeniably add immense value to the burgeoning real estate industry.
“We have had immense success in Asia Pacific countries because we identified this region as one of the most promising, expanding our footprint aggressively to make sure that our range of unparalleled services become available to this part of the world. This is why we are here in Sri Lanka, as we observe the strategic path of development being mapped out by the country and the role Sri Lanka will play in the future progress of this entire region,” she noted.