EAAB kicks off series of engagements with stakeholders as new era under the Property Practitioners A

Posted On Sunday, 09 February 2020 17:00 Published by
Rate this item
(0 votes)

The Estate Agency Affairs Board (EAAB) this week kicks off a series of high-level meetings with several industry bodies in preparation for the new Property Practitioners Act which takes effect this year.

Mamodupi_Mohlala_CEO_EAAB

EAAB Chairman Mr. Nkosinathi Biko, CEO Ms. Mamodupi Mohlala and board members on Monday engaged with stakeholders dealing with the managing and letting of property and with those in the vacation and timeshare sector.

The meetings, held at the EAAB offices in Sandton, Johannesburg over three days, are a precursor to a bigger industry workshop to be held at a later stage and is aimed at getting a better understanding of the various sectors that will be regulated by the EAAB once the Property Practitioners Act No 22 of 2019 comes into effect.

The Act broadens the scope of legislation beyond traditional estate agents to cover commercial property brokers, bond originators,  auctioneers, managing and letting agents, business brokers, time shares, property development ( to the extent where thy market properties), trusts, property exhibitions and payment processor platforms.

The engagements will also allow the regulator to discuss its views on the new stakeholders’ future role and responsibility under the auspices of the new Act, signed into law in October last year.

In welcoming the stakeholders during the first meeting, Mr Biko said these engagements would assist the EAAB in bridging the gap between the regulator and the sector and create an enabling environment of engagement.

“Of importance is to ensure that we are ready to fulfill our expanded mandate and assure those organizations coming under our regulatory authority of our commitment and ability to fulfill our mandate and a smooth transition”, said Mr Biko.

He further emphasized the need to govern the property markets in a manner that allows the industry to strive.

Ms. Mohlala said the aim of the workshops was to prepare industry for the various regulatory and statutory changes. “We start off what promises to be an exciting year for South African property practitioners and various stakeholders as we ready ourselves for the date on which the Act will come into effect,” she said.

National Association of Managing Agents (NAMA) Chief Operations Officer Coenie Groenewald said while they welcomed the ACT, there are still specific issues that needed further discussion ahead of the regulations being finalised.

Groenewald said NAMA would seek clarity, among other, on who is included/excluded from the prescripts of the ACT, the issuance of Fidelity Fund Certificates to those employed by managing agents and the education and training regime in relation to managing and letting agents.

The EAAB, under the new ACT, now also has a clear mandate to accelerate transformation of the industry and increase the number of previously disadvantaged estate agents and businesses.  Groenewald welcomed the transformation chapter in the ACT saying it “needed to seriously take off in the property sector”.

Details of the broader industry workshop will be communicated to industry in due course.

Last modified on Wednesday, 12 February 2020 17:29

Most Popular

Balwin's Munyaka registers record R850 million in opening weekend sales, selling 555 apartments

Mar 09, 2020
Steve_Brookes_Balwin_Properties
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Balwin Properties and ABSA launch South Africa’s first green home loan

Mar 13, 2020
Apartment 71933
JSE-listed Balwin Properties Limited (Balwin Properties or the Company) and Absa Group…

Growthpoint reports a steady first half with its growth strategies paying dividends

Mar 11, 2020
Growthpoint Properties Group CEO Norbert Sassee
Growthpoint Properties (JSE: GRT) reported distributable income growth of 2.2% to R3.2bn,…

Spear REIT launches innovative self-isolation campaign for returning travellers in Cape Town, South Africa to combat COVID-19:

Mar 18, 2020
Double Tree Op
JSE listed Spear REIT Limited, the owner of the Double Tree by Hilton Cape Town, is the…

Precautions, planning and preparation - the real estate agent's guide to weathering the Covid19 storm

Mar 16, 2020
Corona
With the Corona Virus now in SA and beginning to cause widespread panic, we are not only…

Please publish modules in offcanvas position.