If the government won't regulate then it is up to the private sector (like Watchdog) to protect the consumer. I am especially concerned with the tourist who doesn't have the time to check everything out in one week and may make an emotional decision they live to regret.
I think someone like Dominican WatchDog can provide the same Internet forum and service as TripAdviser does for travel. Let the consumer and industry self rate their experience and an independent group can post information about the Developers that even the Developers should be making available and verifiable.
For Developers you need to look for experience, bankruptcy, credit worthiness and capacity.
For Projects you need to look for trolling lures that are usually too good to be true, misleading or hard to enforce because of the back peddling in fine print. Things like use of Deposits or reasonable amount of deposit should be considered. Entitlements and Permitting in place, -- things we take for granted in regulated countries.
The rating system can cover key essential points and rate projects High, Medium or Low Risk to Buyers and Projects should strive and boast about being well rated as a badge of honor.
Buyers sometimes need to be warned of obvious Broker Steering. Warnings of unusually high commissions and up-front commissions should be known so that Buyers see the real motive behind the promotion of one project over another.
The Real Estate Industry has suffered damage to its reputation all over the world. Just look at the newspapers and they are full of exposed fraud or bankruptcy. Now is a good time to start restoring Buyer confidence.
Ok DominicanWatchDog --- Go For it!
Join the discussion with Pedro Castelblanco and the others in Stop Dominican Property Sharks