What's the difference



Confusing the Institute of Estate Agents (IEA) with the Estate Agency Affairs Board (EAAB) is a little like confusing a sports coach with a referee - the latter having a regulatory function with respect to the game, and the former, a teambuilding one in terms of the team. Both posts are absolutely essential to play the game properly, but each has its own very distinct role. In this case, however, the sports coach analogy is not entirely accurate, as the IEA is both the coach and the team itself, made up of all the member estate agencies. Unfortunately, however, a great number of people tend to misconstrue and confuse the functions of the two organisations, which can give rise to problems. The EAAB is the official regulating authority for the estate agency industry, and every estate agent must, by law, be registered with it. The EAAB has only one office - in Johannesburg. Members of the public who are dissatisfied with the conduct of an estate agent, or who want to claim compensation from the fidelity fund, should lay a complaint with the EAAB. In contrast, the IEA is the professional body of the estate agency industry, which supports its members, membership to which is voluntary. The IEA has a national office, and eight regional offices in the major centres. As a private organisation, the IEA has no power to investigate complaints, hold disciplinary hearings or take disciplinary action, even if the agent concerned is an IEA member. This role is reserved for the EAAB. The importance of having an efficient regulatory body in this industry cannot be overstated, especially with the entry barrier to the industry presently being so low. It is absolutely essential that there is a competent and responsive body that is able to attend to and protect the consumers’ interests. In every country in the world where property is an important contributor to personal and corporate wealth, a watch-dog body of this kind is needed to keep agents in line and the consumer happy. In recent times, it is no secret that the EAAB has not been performing this function with the level of competence and efficiency that we expect of it. There have been continuous and impassioned complaints about the poor levels of service provided by the Board, both from within the industry and from the consumer, who has unfortunately suffered the most. However, there appears to be promise of a new and brighter dispensation, with the arrival of the new Chief Executive of Officer of the Estate Agency Affairs Board, Nomonde Mapetla. The problems facing Ms Mapetla and her 70-strong staff were inherited by her and were not of her making but, with an impressive array of qualifications to her credit, she appears to be just what the EAAB now needs. The Board has proved very beneficial to the property sector in the past – and I am confident will be again. I do not believe the recent inefficiencies should cause us to forget this. The Institute of Estate Agents will continue to commit its full support and backing to the new CEO as she addresses the challenges facing the Board. I would like to call on the industry as a whole to join us in supporting her in her effort to rebuild the Board for the benefit of us all. Which organisation do you contact when you have a problem or a query? Estate agents should contact the EAAB about: · fidelity fund certificate applications and renewals · enrolling for the Board exam (but not for the exam course) · trust accounts and audits Contact details for the EAAB: Tel: 011 731 5600 E-mail: eab@eaab.co.za Website: www.eaab.gov.za They should contact the IEA about: · membership · training courses (but not enrolment for the exam) · professional support Contact details for the IEA (National): Tel: 021 531 3180 E-mail: kate@national.ieasa.org.za Website: www.ieasa.org.za