Finding the Right Property Practitioner
Category News
The new Property Practitioners Act (PPA) has ushered in recent changes to the real estate business, including how sellers, buyers, tenants, and landlords will engage with agents in the future.
The Act and its provisions will replace the previous Estate Agency Affairs Act of 1976 took full effect on the 1st of February this year after releasing regulations in mid-December. As part of the Act, a new regulatory agency for the industry has come forth, the Property Practitioners Regulatory Authority (PPRA) and will replace the Estate Agency Affairs Board (EAAB).
How to Find the Best Property Practitioner to Sell/Rent Your Home
We understand that finding a reputable property practitioner is no easy task however we provide you with advice, making selling or renting out your home a stress-free experience:
- Suitable property specialists can be found by looking for "just sold" or "just rented" signs around the neighbourhood or those who provide helpful information about the market, sales and rentals.
- Ask the community who have bought or sold in the area for recommended property practitioners. We suggest interviewing a maximum of three.
- Ensure your chosen property practitioner is verified with the essential qualifications and registration status.
- Your property practitioner must be certified with the EAAB until the transition to the PPRA comes into effect.
- Suppose you have chosen to deal with an intern practitioner. In that case, they need to communicate their position with you and work under the supervision of an experienced property practitioner through the entire process.
- You have the right to see proof that your practitioner has a valid Fidelity Fund Certificate - this is vital should you need to claim against the fund.
- An effective practitioner will provide you with a thorough Comparative Market Analysis (CMA) showing pricing (or rental) and similar properties on the market along with a plan.
- Find out how long your potential practitioner has been selling in the area, how fast they sell their mandates and the difference between asking and selling prices compared with the market.
The complexity of selling and renting property has led to several compliance issues, including disclosure, rental checks, financing, and relocating. A professional property practitioner will offer their expertise in this area and refer experts who will help with these processes.
Granting Your Property Practitioner With a Mandate
A significant improvement in consumer protection resulting from the PPA is the requirement to communicate any property defects or flaws. It has also become compulsory that all sales and rental agreements, including the mandate document, must include a signed disclosure declaration.
Remember that working alongside any property practitioner will not ensure a successful property sale.
We recommend that you award them as Sole Mandate if you are happy with your chosen property practitioner. A Sole Mandate will ensure their commitment and incentivise them to sell your property faster and more efficiently.
Author: Gina Meintjes
Author: Gina Meintjes
