The Institute of Estate Agents of South Africa (IEASA), which operates through the management of some 80 board directors throughout the country who give of their time without remuneration, has compiled a list of resources for estate agents in response to the many queries they get on a daily basis with regards to various aspects of qualification, laws, training and legal requirements, etc., says Lanice Steward, IEASA national director and regional chairman of IEASA Western Cape.
“While agents need to be licenced, which is done through the Estate Agency Affairs Board Fidelity Fund Certificate, the “learning to drive” takes time and this is where the Institute steps in,” said Steward. “We are there to assist in the learning process as much as possible.”
Navigating one’s way through the many different requirements can be confusing, and the IEA resource file will be added to as and when it is necessary.
So, far, says Steward, it lists various organisations agents or property practitioners will need to be in contact with such as the Financial Intelligence Centre, Estate Agency Affairs Board, the Rental Housing Tribunal, Deeds Office, SARS, Services SETA, and so on. It also explains what each organisation does, and has their contact details listed.
The file lists legal resources agents will need, such as various Acts, Bills and Draft Bills, the Consumer Protection Act, Rental Housing Act, FICA, etc., brief explanations of each one and where to go to find a copy of each document.
The document includes descriptions of processes that are necessary for estate agents, such as the acquiring and keeping of FFC’s, audit processes, how to go about submitting an annual audit and why this process is necessary, as well as all the relevant contact information for the EAAB if assistance is needed.
“It is vital for agents to keep up to date with current laws pertaining to property dealings as well as the running of their businesses. There are constant changes to legislation and agents need to be proactive in finding out about their areas of expertise, whether it be agricultural land, rentals, sectional title or managing a property business,” said Steward.
Footnote: IEASA is a non-profit organisation and support is one of the benefits of membership. Property practitioners can email info@cape.ieasa.org.za for an application form to join a regional branch of IEASA, which entitles property practitioners to support, guidance and assistance from this huge network.