Protect yourself by using only registered estate agents

Property transactions in South Africa are still, surprisingly, sometimes carried out by members of the public purporting to be agents operating legally, whereas these “agents” are working without a Fidelity Fund Certificate (FFC) from the Estate Agency Affairs Board

Some do not even have the necessary training which, says Annette Evans, general manager of the Institute of Estate Agents, Western Cape, can open a buyer or seller up to becoming victims of fraud should they decide to deal with these so-called agents.
It is compulsory for professionals who earn money from holiday lets, property management, rental and sales of property and business broking, to pay into the Fidelity Fund which exists to cover losses the public may suffer due to the actions of an agent, and it is, therefore, in a buyer’s or seller’s own best interest to ensure any person dealt with is a professional in the real sense of the word.
The IEASA, Western Cape, regularly offer fully comprehensive induction training and provide the training facilities for the full national qualification framework (NQF4) training in the Western Cape for those interested in entering the industry. They strive towards ensuring that all the agents registered with them get the necessary training and qualification requirements.
“We strongly advise members of the public check that the agents they are dealing with have, first and foremost, a valid FFC, are registered with a professional body such as IEASA, and have got the necessary qualifications to deal in property. Membership to our organisation may be easily checked on our website at the click of a button,” said Evans. 
With technology being as advanced as it is, and new property-finding and selling applications being developed, many might choose to go the DIY route to “save” money, but this is a false economy, she said.
If anything should go wrong while the deal is going through, large sums of money could be lost or spent in trying to salvage the deal.
It is also stipulated by the EAAB that no person shall perform any estate agency task without a valid FFC, nor may he claim or be paid commission on property transactions, and so, in knowingly dealing with non-registered agents, buyers or sellers who choose to do so are aiding and abetting the breaking of the law, said Evans.
“A home is probably the biggest single investment any person could make and putting large sums of money at risk is foolhardy. The best route is to find out from the outset if the agent you’re dealing with has the right credentials. It is your right to ask for proof of registration with the EAAB in the form of an FFC, as well as whether he or she is a member of an organisation representing the property industry,” said Evans. 

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us