How do you choose a property management agent for your residential or commercial property in South Africa? This is a very important question to ask, and the answer is a little more intrusive than you think.
“Choosing a property management agent is a very important consideration for businesses and trustees alike. To some extent, it is a personal choice. You have to get along with the people at the agency, after all. However, you also need to know that the company you trust is To manage your property on your behalf is fully committed and belongs to the correct regulatory bodies,” explained Pearl Chiltema, CEO of Fitzanne Estates.
In South Africa, this includes:
EAAB – Real Estate Agency Affairs Board
This regulatory body plays a very important role in the industry. Their job is to ensure that: Standards of conduct for estate agents are regulated, maintained, and promoted to give due consideration to the public interest. The level of training for real estate agents is maintained at an appropriate level and is consistently applied throughout the industry.
Complaints against real estate agents are investigated, and necessary disciplinary action is taken against breaching agents where appropriate. In addition, EAAB’s vision is to protect, regulate, and transform the real estate industry from the inside out. Through education, awareness, building and information sharing, they ensure that their members are always up to date with the latest best practices and always strive to achieve the best results for their clients.
Fidelity Fund Certificate
This certificate, which must be renewed annually, certifies that in accordance with the provisions of the Estate Agency Affairs Act (formerly the Real Estate Agents Act) 112 of 1976, the entity whose name appears on the certificate has complied with the provisions of Section 16 of Law 112 or 1976 and the regulations issued with the terms of said Article.
This certificate has been awarded by the EAAB and stands as evidence of ensuring the compliance of the respective property management agency with its rules and regulations. Always be sure to check that the management agency you are considering for your property or property has the latest version of this certificate displayed on their website. If you don’t see it, ask them to provide you with a copy, and be sure to check the date.
Debt Collection Board Certification
Things don’t always go as planned when you rent or lease your property. This is when it pays to be affiliated with a property management agency that has been certified as an official debt collector. These certifications are authorized and supervised by the Debt Collection Board.
The Council was established by Act of Parliament to oversee the equitable recovery of debts and to make provisions to regulate and control fees charged by debt collectors. The law also aims to monitor the behavior and professionalism of debt collectors and promote a culture of good governance throughout the profession to protect the rights of creditors, as well as the public in general.
Do your homework
Sheltima concluded, “Choosing a property management agent for your project can often be a challenging task.”
“Not only do you want to find a property management agent who can deal quickly and effectively with any issues that may arise, but you also want their services to be as good and affordable as possible. That is why it is essential for you to ensure that they belong to the necessary regulatory bodies described above.”
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