A new regulation for real estate ads is coming. The Ministry of Commerce announced that starting from September 15, the second phase of the Electronic Ad Verification System (EIDS) will be implemented, making verification mandatory for real estate agents on ad platforms. This regulation, known as the “verified ad” system, aims to prevent consumer issues and stop price manipulation caused by fake ads. So, what is the verified ad regulation and how will it work? How can you post a verified ad? Here are all the details about the Electronic Ad Verification System created by the Ministry of Commerce.
What is a Verified Ad and How Will It Work?
Citizens will select their property on the e-Government portal and authorize their real estate agent. The agents will then be able to post ads on portals with this authorization. These ads will be labeled as “verified ads.” This new regulation will formalize the ad process, prevent consumer problems, and stop unauthorized real estate agents from posting ads, helping fight against unlicensed agents.
When Will the Verified Ad Regulation Start and Who Will Enforce It?
Ad platforms must complete the technical setup for the verification system by September 15, and the system will go live on that date. From January 1, 2025, no ad can be posted on real estate portals without verification. The Ministry of Commerce will be responsible for enforcing this regulation.
What Do Real Estate Agents Need to Do to Comply?
Real estate companies must obtain a real estate authorization certificate to avoid issues when posting ads on the Electronic Ad Verification System (EIDS) and to avoid penalties.
What is EIDS and the Real Estate Authorization Certificate?
EIDS is a system that verifies the identity of the person advertising the property and whether they have the authority to market the property. The real estate authorization certificate is an official document issued by the Provincial Directorates of Commerce, giving individuals the legal right to engage in real estate transactions. It proves the professional qualification required to run a real estate office.
Can Multiple Real Estate Agents Be Authorized for the Same Property?
Yes, more than one real estate company can be authorized for the same property. If there are multiple ads for the same property, shortcuts or links to other ads can be provided.
Are Rental Ads Also Subject to Verification?
Yes, the EIDS verification process is mandatory for both for-sale and rental properties. However, properties without title deeds, like shantytown homes or daily rentals, and projects without condominium rights will not be included. Ads for such properties must clearly indicate that they lack a title deed.
How Long Will the Authorization Last?
The authorization given on the e-Government portal will be valid for at least 3 months, and the property owner can extend this period if needed. If the authorization is canceled, the ad will not be automatically removed, but if renewed, the verification process will be conducted again.
What About Agents Without a License?
Agents without a license will not be able to post ads on the Electronic Ad Verification System. They must obtain the authorization certificate to avoid issues or penalties when posting ads.
Can Citizens Post Their Own Ads?
Yes, individuals can post verified ads for properties they own or those owned by their close family members (spouse, parents, children).
