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Estate Agency Affairs Board Regulatory Pillars

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

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Estate Agency Affairs Board Regulatory Pillars

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  1. Estate Agency Affairs Board Regulatory Pillars • Registration • Disciplinary • Education • Inspection • Claims

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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. REDRESSING THE PAST, BUILDING THE FUTURE, GUIDING THE REAL ESTATE INDUSTRY TOWARDS PROFESSIONALISM

  7. Further Education and Training Certificate: Real Estate 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 REDRESSING THE PAST, BUILDING THE FUTURE, GUIDING THE REAL ESTATE INDUSTRY TOWARDS PROFESSIONALISM

  8. 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. REDRESSING THE PAST, BUILDING THE FUTURE, GUIDING THE REAL ESTATE INDUSTRY TOWARDS PROFESSIONALISM

  9. 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. REDRESSING THE PAST, BUILDING THE FUTURE, GUIDING THE REAL ESTATE INDUSTRY TOWARDS PROFESSIONALISM

  10. THANK YOU

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