select
|

EAAB protects against unscrupulous agent behaviour

According to a Homeowner Insights study conducted by Absa and Columinate in 2016, only 16% of people selling their properties trusted their estate agents.

Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that a possible reason for this statistic is that there is a lack of proper expectations that are being set out from the beginning of the homeowner’s interaction with the estate agent.

“Estate agents need to be upfront with their clients and from the outset give realistic guidelines and information as to what they can expect from the agent and the sales process.  Also, it is important to take into consideration that of the approximate 40 000 real estate agents operating in South Africa - not everyone can be considered to be a full-time professional agent regardless of their qualifications. The property sales process is complex, and it should be handled by a professional who has the necessary experience to deal the many facets involved,” advises Goslett.

How can estate agents change the perception in the market and build trust with their clients? “It takes a long time to build trust – it is not something that happens overnight. It takes time to build trust, but only one act to break it. For agents to change the perception of them in the market, they need to do what they say they are going to do. If expectations have been established, the agent needs to follow through to ensure that the expectations are met to their client's satisfaction. Agents build up a metaphoric ‘trust bank’ with their clients, making deposits by being trustworthy and a person that sticks to their word,” says Goslett. 

Even if an agent has the right qualification to sell a property, it does not mean that they are trustworthy or reputable. “The agent may be qualified to deal with the complexity of a property sales transaction, but this will not give the seller any insight into whether they are ethical in their business practices. Essentially the only way that a seller will be able to know whether they are dealing with an ethical agent is by contacting their previous clients and references.  As with most services or professionals, the best agent is a referral from a trusted source such as a family member or friend,” advises Goslett.
 
He adds that while it is essentially the individual agent who needs to ensure that they conduct themselves in an honourable manner, there are measures in place to ensure that their clients are not without recourse if the dealings sour. “Buyers and sellers should only deal with estate agents who hold a Fidelity Fund Certificate, issued by the Estate Agents Affairs Board (EAAB). The EAAB aims to regulate the industry and ensure that consumers are protected in their dealings with real estate agents,” advises Goslett. “The EAAB manages and controls the Estate Agents Affairs Fund, which exists to reimburse someone who, under certain circumstances, has suffered a loss due to their dealings with an estate agent, such as mishandling money that has been entrusted to them.”
 
If a dispute arises between an agent and their client, depending on the circumstances, the EAAB will set up a mediation to ensure that the matter gets resolved. Many of the agreements that estate agents use when entering into a contract with their client will have a clause that deals with disputes and the procedure that needs to be followed should one occur.  Goslett concludes by saying that if the matter is not resolved by the EAAB, the client still has the option of contacting an attorney and taking legal action.

https://www.eaab.org.za/




  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Jan 2018
      Many people only start thinking about home-ownership when they are ready to “settle down” or start a family, which is why first-time buyers these days are generally in their mid-30s, compared to those in the previous generation who were usually in their mid-20s.
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK