The International Real Property Foundation may consider expanding its work into Africa.



The International Real Property Foundation (IRPF), the training arm of the US-based National Association of Realtors, may consider expanding its work into Africa. The non-profit organisation, which was formed to assist in the transition of economies in Central and Eastern Europe and the former Soviet Union, provides skills training and technical assistance for real estate professionals in developing countries. After a visit to South Africa, Stefan Swanepoel, a US-based consultant and former member of the Institute of Estate Agent of South Africa, wrote a 60-page report on the South African real estate market for the IRPF. During his visit Swanepoel met with members of the Institute of Estate Agents of South Africa, which is firmly behind the provision of training for the upliftment of the industry. The Institute is the only body in South Africa recognised as a NAR-co-operating association, of which there are 50 internationally. Asked to comment on his findings, Swanepoel said: “The South African real estate market is unique and complex. On the one side it has a sophisticated traditional white estate agency market, while on the other side the informal secondary black estate agency market is almost non-existent. “The traditional market in many cases imitates that of its American counterpart with franchise companies, exclusive and multilisting mandates, show houses, commission structures and ethical standards. However the informal secondary market is almost like the Wild West - untamed, brutal and lacking in organised leadership.” He said the creation of a loophole in the Estate Agency Act to allow estate agents to practice without writing the exam was also a backward step. “Add to that the absence of real estate license inspectors and the shortage of real estate training and we have the ingredients for a very troubled real estate brokerage market.” The solution to create an effective and successfully operating secondary market is a long-term undertaking, he said. “It will require all organisations; government, associations and private enterprise, to work together. It will further require extensive education and training on various different levels - for real estate professionals as well as for home owners - and only then was success possible; not for this generation but for the next.” Article: The Weekend Argus