A multi-faceted approach by major real estate players toward the formal establishment of black estate agents in the traditional residential markets has been called for by Nedbank's new head of home loans, Lindiwe Kubeka.Speaking at this weekend's Nedbank Property Professional of the Year awards in Cape Town, Kubeka made clear her disappointment at the emerging pool of estate agent's general lack of progress in the mainstream economy.

She acknowledged some growth in presence, but in terms of the industry'stotal numbers of previously disadvantaged agents, this only accounted forabout 5% of its 40,000 estate agents. Kubeka believes that this is woefulwhen measured against the current impetus being given to residential salesand the future market potential of black families.

She warned that unless serious gains were made, the government couldbas a result of pressure, turn to legislation to promote their increased participation by black estate agents, but it was a solution she personally did not favour.Kubeka said it was important for the industry to understand that government'smotivation would not necessarily be generated by greater sharing of wealthbut probably to promote the role of the black agent as a reliable and informed communicator on home ownership.

The black estate agent had long been identified as a primary force insuch education but their limited presence after a decade of democracy bluntedtheir effectiveness in the secondary market, which is increasingly underservicing a current backlog of 2.1 million homes.

The solution in speeding up the process, she believes, lies with estate agencies opening up more management, training and franchise opportunities for black agencies; the Estate Agency Affairs Board vigorously promoting education and the formal registration of estate agents, and mortgage originators dependent on estate agencies committing financially to upliftment through education and the promotion of knowledge.

Banks could also play a more meaningful role by increasing their rangeof homeloan products that specifically addressed the movement of stockin the lower cost areas.

Kubeka said her role at Nedbank is among others to encourage the growthof homeloans in the low cost market. Kubeka believes that Nedbank has an edge as relationships have been developed with 1,600 previously disadvantaged estate agencies through Peoples Bank.

Turning to interest rates, Kubeka believed rates would remain stablein the immediate future, but advised observers seeking guidance on futurepatterns to take note of the Reserve Bank governor's commitment to lowinflation as this would dictate future movement on rates.

She was more positive about future demand levels in residential property,pointing out that the current black family purchasing trend was still some years from reaching a peak, predicting growth to account for about 80%of this market over the next five to seven years before levelling off.