New board of governors for Estate Agency Affairs Board

Posted On Thursday, 07 March 2013 16:07 Published by eProp@News
Rate this item
(0 votes)

Human Settlements Minister Tokyo Sexwale announced 15 new governors for the Estate Agency Affairs Board (EAAB).

The appointment of the new members followed the decision taken by Sexwale to dissolve the old board, following a series of events with negative consequences that unfolded around the EAAB.

The new board includes five members form the estate agency industry; five from civil society, representing consumer interests and five from related professions and institutions such as the legal profession, financial institutions, property owners and developers.

Established in 1976, in terms of the Estate Agency Affairs Act, the EAAB has the mandate to regulate and control certain activities of estate agents in the public interest, and for incidental matters.

The EAAB regulates the estate agency profession by ensuring that all persons carrying out the activities of an estate agent as a service to the public are registered with the EAAB.

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

Following a Presidential Proclamation, it is now no longer governed under the Department of Trade and Industry but Human Settlements.

In 2012, Sexwale appointed an administrator for the EAAB, Taswell Papier, who was tasked with, among others, restoring stability, regularising the EAAB and facilitating as well as implementing good corporate governance processes within the agency.

Under the current Estate Agency Affairs Act, at the first meeting of the board, members would choose their own chairperson and initiate a process of identifying a new CEO, whose duties would be to provide leadership within the executive and staff.

Sexwale encouraged the new board to communicate, exchange, be transparent, adding that by so doing, people would understand their work.

"One of the reasons [the old] board failed was that one of the things they were not doing was communicating. People didn't know what the board was doing. They hardly had meetings," said the minister.

He urged the board to look at issues of transformation in the real estate industry.
"Of the 4 000 realty agencies in South Africa, five percent are owned by black people... There is a need to fast-track transformation."

Sexwale further challenged them to fight to end corruption in the estate agency industry.
"There will be no tolerance in respect of corruption - watch it carefully," he said, stressing the importance of integrity amongst the board members.

Papier said these objectives could not be achieved were it not for Sexwale's decisive intervention.
"The constructive engagement enjoyed from the department was phenomenal in this process and it has achieved a lot," Papier said.

He said the EAAB has appointed a new IT service provider. It has also established close cooperative relationships with the attorney's fidelity fund managing R3.5 billion, and will also share lessons and experiences with them.

Papier said the new EAAB was focusing on realigning its strategic goals and objectives with those of the Human Settlements Department.

He noted that the workload was enormous but he remained confident that staff and management were committed to contributing towards dynamic growth, transformation and professionalisation of the EAAB.

"It has to be transformed into a profession that becomes attractive to youth. The youth must see a future in the EAAB," Papier said.

The first board meeting is expected to take place on 1 April 2013.

The new board members are Betheul Nsibande; Dr Fazel Randera; Sikander Kajee; Ewaldina Porteous; Jill Corfeld; Seeng Lebenya-Ntazi; Professor Kwandile Kondlo; Andile Ben-Mazwi; Dineo Molomo; Maletlatsi Maceba-Wotini; Advocate Tshepo Maake; Rhulani Marivate; JabhileMbele; Leo Mlambo; Damane.

Most Popular

Wide-spread implications for South Africa’s real estate market following COVID-19

May 05, 2020
JLL, one of the world’s leading real estate investment and advisory firms, today released…

Sectional Title Trustees and Homeowners Association directors face COVID-19 liability

May 22, 2020
The Covid-19 pandemic and South Africa’s lockdown regulations are impacting all aspects…

Deeds office reopen their doors to the public

May 09, 2020
Carlize Knoesen
The Department Agriculture, Land Reform and Rural Development has announced the reopening…

SA REIT appoints Joanne Solomon as its first CEO

May 05, 2020
Joanne Solomon new CEO SA REIT Association
With her wealth of financial and property sector experience, Joanne Solomon has been…

2020 Commercial Property Outlook –Why Property Price/Valuations Indices don’t tell the full story of market weakness during a deep recession

May 09, 2020
John LoosFNB
In a downturn, Property Market Values can deviate dramatically from the market…

Please publish modules in offcanvas position.