More real estate agents lose their licenses

So far this year, 912 reports have been filed against real estate agents to the Real Estate Agent Inspectorate (FMI), which is the supervisory authority for Sweden's real estate agents.

What we've seen in recent years is that the reports follow the market quite closely, says Jacob Bucht, communicator at FMI.

In 2021, a total of 1,841 reports were filed. But then there was an enormous boom in the housing market, according to Bucht.

Incorrect marketing is the most common reason for reporting, for example, if the real estate agent has stated the wrong number of rooms or living area in the ad. It can also be about bait prices.

Must be registered

To be able to work as a real estate agent, you must be registered with FMI. In the event of deficiencies, FMI's disciplinary board can decide on penalties. Most common is a reprimand or warning, but in the case of serious deficiencies, the registration can be revoked entirely.

So far this year, the disciplinary board has made 201 decisions, of which 196 have resulted in penalties.

In recent years, there has been an increase in the number of revoked registrations. In 2021, eight revocations were made, the following year 16. Last year, 30 were revoked, and so far this year 27.

Last year, FMI launched a new type of annual review regarding the statutory requirement for real estate agents' honesty and suitability.

This means that you cannot have been convicted of certain types of crimes, and it also means that you cannot have too large debts over time, says Bucht.