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The Estate Agency Affairs Board (EAAB) is committed to becoming a world class regulator, achieving standards of excellence, regulating a fully compliant industry that benefits consumers and serves the public interests, says EAAB Administrator Taswell Papier.
Addressing more than 500 practitioners at a the start of a two –day Estate Agency Industry Affairs Summit currently under way at Gallagher Estate in Midrand, he said the drive towards professionalism required the commitment, support and constructive engagement of all role players.
The Summit, organized by the Department of Human Settlements, is aimed at mapping out a shared and inclusive future for the industry as the EAAB would play a catalyst role in realizing integrated and cohesive settlements in line with the Department’s visions.
“We must recognize that the profession has been tarnished by recent events, culminating with my appointment. Restoring the stability of the EAAB, must mean positioning the EAAB as a world class regulator committed to achieving excellence.
“We’re also aware of the negative experiences, complaints and concerns raised in relation to the industry. This has not fallen on deaf ears and we are working to attend to those concerns. We are here to listen and engage as we are called upon to redefine the industry,” said Papier.
Papier reminded delegates that the Fidelity Fund, estimated at R600 million, was primarily designed to protect the public from theft and professional negligence perpetrated by estate agents.
The Administrator was focusing on improving the structure of the fund, insuring and re-insuring levels and categories of risks.
The EAAB oversees the country’s more 40 000 thousand estate agents as well as Fidelity Fund, and sets industry norms and standards.
Speaking at the same Summit, National Housing Finance Corporation CEO Samson Moraba said there was a need to develop and de-racialise the industry.
“In 2008 there were 80 000 estate agents and currently there are only 40 000 agents as a result of global economic recession and 89 percent of the sector is dominated by white male, this should be discussed in the commissions of the summit,” he said.
Said Human Settlements Minister Tokyo Sexwale: “The Real Estate Agency Industry is critical for the deracialisation and transformation of human settlements landscape in the country. I
thas a huge potential to become a catalyst for economic growth. Make recommendations and good suggestions, it is my job to sort out this mess created by you in the industry”.