Managing Agents unite



The country’s approximate 4 000 property managing agents, of which about 80 percent function without Fidelity Fund certificates, have moved a step closer towards regulation under the auspices of the National Association of Managing Agents (NAMA), following a February 5 Durban meeting by key local players. All 70 delegates from the industry that turned up to discuss a proposed draft constitution drawn up and delivered by Professor Henk Delport for the NAMA, acknowledged its merits and were unanimous for its formalisation. The Durban meeting is one of four round-the-country consultative workshops being hosted by the EAAB to discuss the proposed constitutions. These proposals have already been accepted by the board. If accepted by the Department of Trade and Industry, as seems highly likely, NAMA will then fall under the regulating authority of the EAAB. Steve Deubler, director of KwaZulu Association of Residential Managing Agents (KARMA), said NAMA intended the commissioning of Delport to draw up its constitution would fast track the body into becoming a regulated and a meaningful watchdog under the statutory control of the board. Delport told the gathering that if NAMA had gone the independent route to formalisation the timespan from inception to recognition could take between three to five years. The implications of the proposal include: · all managing agents who render any management services will have to register with the Board and be issued with fidelity fund certificates; · the Board will attend to all complaints lodged against managing agents in respect of any of the management functions and will no longer be limited only to matters pertaining to levy collections; · the Board will be in a position to take action against unscrupulous managing agents long before a potential theft of trust moneys can occur. It is also proposed to amend both the Estate Agency Affairs Act and the Code of Conduct for Estate Agents to provide for the new dispensation. The Property Professional On-line Edition 76 Article: 9 February 2004 Rodney Hayter email: hayter@icon.co.za Subscribe for your weekly property news updates brought to you by www.rodneyhayter.com, KwaZulu Natal's premier property news website.