redressing the past, building the future, guiding the real estate industry towards professionalism...

REDRESSING THE PAST, BUILDING THE FUTURE,

GUIDING THE REAL ESTATE INDUSTRY TOWARDS PROFESSIONALISM

Estate Agency Affairs Board Regulatory Pillars

Registration

Disciplinary

Education

Inspection

Claims



Key Challenges Facing the EAAB

Lack of transformation within the industry

Lack of clear policy guidelines and strategies around compliance

Increase in number of persons operating without valid Fidelity Fund Certificates (FFCs)

Problem of illegal traders

Increase in number of fraudulent claims

Poor IT infrastructure

Low profile of the EAAB / consumer awareness

Poor customer service

Poor working conditions



Lack of transformation

• Appointment of board transformation committee

• Involvement of National Property Forum, Property Charter, SSETA and other key role-players

• Negotiations with banks, parastatals, government, etc

• Educational requirements



Amnesty

• 5000 – 10000 traders are believed to be operating illegally

• Increase in the number of claims submitted by consumers who deal with illegal traders

• EAAB to develop amnesty policy to reduce significantly numbers of unlicensed traders

• Amnesty initiative to be supported by aggressive consumer education campaign



Compliance

• Development of transparent policy on inspections and investigations

• Review whistleblower hotline• Appoint in-house inspectorate• Deloitte investigating IT system• Professionalize call centre• Improve claims handling • Setting of targets for inspections• Implement name and shame policy

Education And Training Education And Training

Ensure compliance with the S A Qualifications

Authority Act

Introduce the National Qualifications Framework

(“NQF”)

Professionalize estate agents

Facilitate the transformation of the estate agency

profession so that it reflects South African

demographics.



The minimum academic qualifications:

The Further Education and Training Certificate:

Real Estate is prescribed for non-principal estate agents.

It is an NQF Level 4

The National Certificate: Real Estate is intended for

principal estate agents. It is an NQF Level 5 Qualification

Further Education and Training Certificate: Further Education and Training Certificate: Real Estate Real Estate





Consumer Protection



Consumer Protection Offered by the EAAB:

The EAAB is a statutory regulatory body for estate agents and it has

the duty to ensure that every single person purporting to be acting as an

estate agent is duly licensed.

The EAAB is empowered by law (Act 112 of 1976) to protect

consumers against unscrupulous estate agents and those agents who

generally do not follow the code of conduct.



Stakeholder Communication and Awareness



Through effective implementation of the EAAB

consumer education and awareness campaigns, the

following can be achieved:Understanding of the role and function of the EAAB (Brand

positioning);Understanding of consumer protection offered by the EAAB;Help consumers to make informed decisions when buying and

selling a property;Encourage compliance;Help to increase the number of registered agents;Reduce the number of complains and protect the fidelity fund;Encourage industry transformation.



THANK YOU

redressing the past, building the future, guiding the real estate industry towards professionalism...

Documents

real estate industry

professionalism slide

estate agency profession

nonprincipal estate

professionalism amnesty

eaab lack of transformation

shame policy slide

professionalism key