Estate industry shaken up

2017-11-01 06:01
Staff of the Estate Agency Affairs Board (EAAB) at the joint launch of the Mangaung Metro Municipality’s regional branch office. From the left are Sipho Tyra (EAAB national coordinator), Mandisa Shirries (project manager of the EAAB in the Mangaung region), Jonathan Khophoshawe, Pheliswa Manongo, Refiloe Mohokare and Mantwa Mohlauli (all support staff for Mangaung). Photo: Teboho Setena

Staff of the Estate Agency Affairs Board (EAAB) at the joint launch of the Mangaung Metro Municipality’s regional branch office. From the left are Sipho Tyra (EAAB national coordinator), Mandisa Shirries (project manager of the EAAB in the Mangaung region), Jonathan Khophoshawe, Pheliswa Manongo, Refiloe Mohokare and Mantwa Mohlauli (all support staff for Mangaung). Photo: Teboho Setena

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The property agency industry in the greater Mangaung area is set for drastic change following the opening of a regional branch office of the Estate Agency Affairs Board (EAAB), an estate agents regulatory body. The branch office is a joint effort by the Mangaung Metro Municipality and the EAAB.

Opened on 13 October, the regional branch office is found at the municipality’s housing section of Hostel One in Dr Belcher Road, Bloemfontein. It is envisaged as benefitting both clients and property agents in the business by enlightening them about legal practices and the benefits thereof, while also helping to curb the rampant fraud crime negatively affecting the industry. While it will restore the credibility of estate properties and business confidence, it is also seen as an opportunity to unleash opportunities for emerging estate agents.

The regional branch of the EAAB will serve estate agents operating within the greater Mangaung Metro region. The EAAB was formed in a quest to regulate the estate agency sector, provide consumer protection and consumer education, empower historically disadvantaged individuals and transform the sector. It was established in 1976 in terms of the Estate Agency Affairs Act 112 of 1976 (“the Act”), with the mandate of regula­ting and controlling certain activities of estate agents in the public interest. The estate regulatory body has been reporting to the minister of Trade and Industry since 1976 and was transferred to the Department of Human Settlements in May 2012 by the proclamation of the president of South Africa.

The EAAB regulates the estate agency profession through ensuring that any person carrying out the activities of an estate agent as a service to the public is registered with the EAAB.

A fidelity fund certificate, which must be renewed each year, is issued as evidence of such registration and confirmation that such person is legally entitled to carry out the activities of an estate agent.

To verify an estate agent’s legality, home buyers and potential buyers can request a copy of the fidelity fund certificate from the EAAB by logging onto their website at www.eaa.org.za or by contacting their call centre on 087-285-3222.

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