REBOSA 10 December 2015 Special Report

Dear Colleagues

Finally, some good news!

As previously mentioned in our 31 August Report, our meetings with Mrs Mafu, the Chairperson of the Parliamentary Portfolio Committee of Human Settlements resulted in the formation of the Multi Stakeholders Group (“MSG”).

Thanks to the leadership of Prof. Kwandiwe Kondlo, Chairperson of the EAAB and Dr Andrew Golding, Chairperson of REBOSA who were instructed by Mrs Mafu to formalise dialog between the EAAB and industry, MSG meets regularly and comprises representatives of most estate agency bodies and the EAAB.

See previous communique – Communique 1 – Establishment of Multi Stakeholder Group Final

Through these efforts rather significant amendments have been made to the CPD programme.  Read the communique issued by the EAAB and the MSG, which is for your urgent perusal. Multi-Stakeholder Group Communication 2 (002)

REBOSA now has almost all national groupings as well as more than 500 estate agencies as members which members employ/are associated with more than 15 000 estate agents. We are the most representative entity in the real estate industry and have achieved much but still with a long way to go.

2016 will be known as the year of the Property Practitioners Bill.

We need more/all agencies to belong to REBOSA, now more than ever.

IF EVERY MEMBER COULD RECRUIT JUST ONE MEMBER IN 2016 REBOSA WILL HAVE ACHIEVED THE CRITICAL MASS REQUIRED.    “TOGETHER WE CAN ACHIEVE WHAT INDIVIDUALLY WE CANNOT”.

My best wishes to you and your families for a safe, happy holiday season and a very prosperous New Year.

Kind regards

Jan

Read moreREBOSA 10 December 2015 Special Report

Hi Andy and Jan

The good news is sure good news- thanks to you guys.

Well done and a big thank you- although I have my 15 points.

Regards
Keith Wakefield
Chairman – Wakefields Head Office / Service Centre

The establishment of the Multi-Stakeholder Group

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The Estate Agency Affairs Board (EAAB) is gratified to announce the successful establishment of a Multi-Stakeholder Group comprising both itself and estate agency sector representative organisations. The underlying objective in creating the Multi-Stakeholder Group, which meets on a monthly basis, is to identify, discuss and, of course, hopefully resolve the many pertinent concerns, issues and challenges which members of the estate agency profession, in its many differentiated spheres, generally encounter. Due to the activities of the Multi-Stakeholder Group significant successes in this respect have already been achieved.

Read moreThe establishment of the Multi-Stakeholder Group

REBOSA 2 December 2015 Report

Dear Colleagues

The end of the year is finally upon us.  Our last Multi-Stakeholder meeting with the EAAB takes place on 3 December and we remain hopeful that we will be able to publish positive outcomes of these meetings soon.

The proliferation of new legislation, difficult economic trading conditions and not to mention the complexities around the CPD roll-out, have all contributed to a tough year for the industry.  This being said, we remain dedicated to looking after your best interests and building an inclusive and vibrant industry.

We are currently in the process of commenting officially on the now published Property Sector Code and have done so on the proposed increase in levies and contributions to the Fidelity Fund.

We will keep you informed on developments in this regard.

Kind regards

Jan

Read moreREBOSA 2 December 2015 Report

Average Residential Rental Rate in SA Shows a Downward Trend

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The average residential rental rate in South Africa shows a downward trend, and sits at just above R6,500 per month.

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The quarterly PayProp residential Rental Index has indicated that the stagnation in growth has had far more than just a short-term effect. Long-term year-on-year growth in rentals, which has climbed tentatively since January 2015, dropped this quarter from 7.56% in June to 7.28% in July, and ended on 5.18% in September 2015.

Read moreAverage Residential Rental Rate in SA Shows a Downward Trend

Anthea Jeffery: Weasel clause reappears – undermining property rights

By Anthea Jeffery*

Anthea Jeffery

Dr. Anthea Jeffery is Head of Policy Research at the IRR

The weasel clause that was taken out of an earlier version of the Promotion of Investment Bill of 2015 (the Investment Bill) has effectively reappeared in the latest version of the Expropriation Bill of 2015 (the Expropriation Bill).

The earlier clause in the 2013 Investment Bill said there would be no expropriation (and so no compensation to be paid) if “the State did not acquire ownership” of an investor’s property. This indicated that no investor, either local or foreign, would be entitled to any compensation if the State took its property as “custodian” rather than as owner, or if the State’s actions amounted to a “regulatory” or “indirect” expropriation.

Read moreAnthea Jeffery: Weasel clause reappears – undermining property rights

TO BE COMPLIANT FFC REQUIRED FOR CC AND MEMBER

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Erasmus N.O. and Another v Verna van Den Blink Properties CC (A270/2014) [2015] ZAFSHC 198 (22 October 2015)

This appeal concerns the question whether a fidelity fund certificate is required for a close corporation where the latter, as estate agency, institutes a claim for commission. In the present matter the sole member of the corporation was issued with a certificate, but there was no separate certificate for the estate agency close corporation and the client argued that therefore the agency was barred from claiming commission.

Summary of the Judgement

FACTS

Verna van Den Blink Properties CC (the Estate Agency) issued summons against the Anthill Real Trust (the Trust) for the payment of commission. The Estate Agency was the effective cause of a transaction in which it had a mandate. It related to the lease of a property of the Trust to the South African Local Government Association (SALGA).

Read moreTO BE COMPLIANT FFC REQUIRED FOR CC AND MEMBER

ENHANCEMENTS TO THE MYEAAB AUDITORS PORTAL AND VERIFICATION OF SUBMITTED AUDIT REPORTS

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23 November 2015

The Estate Agency Affairs Board (EAAB) internally reviewed the MyEAAB Auditors Portal (the Portal) as part of its efforts to enhance efficiency and effectiveness. In addition, EAAB also sent out evaluation forms in July 2015 to auditors who used the Portal during the 2015 audit cycle.

EAAB is pleased to communicate the following enhancements to the Portal arising from both the internal review and the valuable inputs received from auditors of estate agents.

Read moreENHANCEMENTS TO THE MYEAAB AUDITORS PORTAL AND VERIFICATION OF SUBMITTED AUDIT REPORTS