Chairman and Board Members of Real Estate Agents Licensing Board;
CEO, Consumer Council of Fiji;
CEO, Construction Industry Council of Fiji;
Members of Real Estate Association;
Real Estate Agents and Salespersons;
Staff of Real Estate Agency Licensing Board;
Distinguished Speakers and Guests;
Ladies and Gentlemen
Bula Vinaka and a very good morning to you all.
I’m pleased to be here at the 2nd National Real Estate Conference for Agents and Salespersons, organised by the Real Estate Agents Licensing Board.
I’m especially pleased because this is my first official engagement with the Fijian Real Estate sector.
Ladies and Gentlemen,
Whilst the theme of today’s conference “Resolving Challenges in the Real Estate Sector”, is extremely important.
Unscrupulous realtors, unethical practices, shortage of affordable and quality housing, skilled labour shortage, natural disasters and climate change. These are not unknown challenges and must be addressed.
I’m not here to talk to you about these challenges because during the course of the day, you will deliberate on these challenges and various opportunities with very competent speakers.
What I would like to talk about is your role, not only as a Real Estate Agent, but as an agent of the greater Fijian Economy.
Ladies and Gentlemen,
The Fijian Economy has maintained a positive and uninterrupted growth for decade, despite external pressures of global financial crisis, cyclones and more recently trade wars, declining global economy and emerging health crisis brought on by diseases, such as measles and COVID-19.
To maintain our economy’s positive trajectory, more effort is needed by everyone. Crucially, our economy needs the right type of investments, both foreign and domestic, and an increase in business activity.
Over the decade, our investments, including private sector investments, has been robust. However, with 2018 being an election year and 2019 affected by the global economic slowdown, Investments have been stagnant.
We need to reverse this trend. We are a small island nation. For our economy to grow, investment becomes crucial from all private sources whether it is local, or an existing foreign investor in the country or a new foreign investor. And you have a crucial role to play in their investment decisions.
One of the first things an investor considers before commencing any business – is space. Whether it’s residential, commercial or industrial, that investor sooner rather than later will consult a real estate agent. Having office space, warehousing space, storage space, factory space and somewhere to reside are requirements of any business.
Therefore, real estate agents are front-liners of the investment sector or some may say, you are a conduit to investments and business in Fiji. In your daily work, you meet investors and potential investors. How you interact with that investor will determine the very first impression that the investor will have on doing business in Fiji. Ultimately, it may lead to whether a particular investment is implemented or not.
It is your duty, as real estate agents, to conduct yourself in a business friendly and investment facilitative manner. It goes without saying, your conduct needs to promote integrity, good ethics and professionalism.
When you provide the highest level of service to an investor (or your client), their relationship with Fiji strengthens and our business continues because you have already set the foundation. The impression of Fiji as a business hub or destination improves. This ultimately means more business, more jobs and more economic benefits for all.
Therefore, ladies and gentlemen, it is very important we treat businesses and investors with due diligence and care. When dealing with clients, your primary concern should not be sealing deals at all cost, making a hefty commission, as they say, making a killing from the first deal. It is better if you have a happy and satisfied client, who may come to you again or spread the word of your great service.
You have to look long term. If you are known for good service, that immediately translates into increased economic activities.
Ladies and Gentlemen,
We are making great strides through important reforms that will shape how we do business in Fiji and how we position Fiji as a premier investment destination. The Fijian Government will finalise the Investment Act, which will replace the old Foreign Investment Act by this year. The new Act will create an open, modern framework, which also reorganise and reform Investment Fiji.
An Ease of Doing Business (EoDB) Taskforce, has been established and through the mandate of the Cabinet, ambitious targets have been set to greatly improve the Fijian business environment in all aspects.
You would have noted that as far as obtaining a business license is concerned, we have already implemented far reaching reforms by reducing the number of procedures from 8 to mere 2 requirements (TIN and Business Registration) and the number of days from weeks to 48 hours. In addition, Micro and Small business start-ups are exempt from fees. This will be a huge boom for the real estate sector, as more businesses will set up and look for more locations to operate from – including home-based businesses.
With this is mind, as Real Estate agents, you play a critical role in ensuring that the health of the Fijian economy remains positive and the growth trajectory continues to move our nation towards economic prosperity.
Ladies and Gentlemen,
There needs to be a paradigm shift, as we can no longer define ourselves through the narrow scope of being a Real Estate sector or as a Real Estate Agent. You are national economic actors and conduits to Investments and business.
Therefore, during the course of your discussions today, you need to be open to and embrace higher standards, more innovation, better and effective service delivery in your operations.
With those words, I wish you well in your deliberations and look forward to successful outcomes from the conference.
Vinaka Vakalevu, Thank You.