A New Leaf for the EAAB?

In what is hopefully a fresh start, Minister of Human Settlements, Tokyo Sexwale, recently announced the new board of the Estate Agency Affairs Board.

The EAAB was mired in controversy during 2011/ 2012 due to the Wendy Machanik saga as well as the resignation of CEO Nomonde Mapetla and Chair, Ina Wilken, and was eventually placed under administration by Minister Sexwale.

Many would argue that the board hadn’t functioned properly long before the scandals that rocked it last year, as was evidenced by the resolutions of the summit held in Sandton in July of last year. Six hundred delegates, representing 40, 000 estate agents convened to discuss the future of the industry.

Their conclusions were telling; the first resolution stated that the Estate Agents Affairs Act needed to change. According to Bruce Swain, MD of Leapfrog Property Group, the change is long overdue: “The Act, which was drafted in1976, most certainly cannot cater for the situations we experience in our new democracy. Provided that any amendments are based on common sense and resolution to drive change in the industry, to the betterment of all, we at Leapfrog are one hundred percent behind any alterations”.

The need for transformation was also slated as a high priority with Minister Sexwale noting that only 5% of the nation’s 40, 000 estate agents are black. “Leapfrog, as the nation’s only empowered estate agency, couldn’t agree more with the Minister. Since our inception in 2005 we’ve been working on tipping the scales in terms of equality and we’re looking forward to seeing broad based change within the industry”, says Swain.   

The new board members, as released by Sapa, include a variety of highly skilled, experienced professionals from a variety of different industries.  Members include Sikkie Kajee, Chief Audit Executive at Telkom SA, Mfanufikile Nsibande, Senior Analyst at the South African Reserve Bank and Dr Fazel Randera, Chairman of Meditech SA.

According to the Minster, the newly appointed board’s first call of duty will be to appoint a new CEO. Swain indicated that he hopes the new EAAB will act against illegal agents (agents practicing without Fidelity Fund Certificates) who damage the industry’s reputation by exploiting the public. Another long standing issue that needs to be tackled is that of the back log in terms of claims against the Fidelity Fund.

“I have every confidence that the board elected will perform its duty with the utmost consideration for the challenges being faced by the industry at present and we look forward to working with the EAAB to facilitate real change,” believes Swain.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us