17 July 2020
JOHANNESBURG – The Estate Agency Affairs Board (EAAB) has brought forward the application date for a progressive initiative that will boost transformation of the real estate industry.
The date for interested black estate agents to apply to benefit from the Previously Disadvantaged Individual resolution has been moved forward by more than a month from 31 August 2020 to 27 July 2020.
The PDI resolution was initially scheduled to commence on 1 April 2020, but had to be extended, first to 1 June then 31 August 2020, due to the national lockdown. EAAB CEO Mamodupi Mohlala said the process was being expedited due to the call for help from the industry who cited the devastating economic consequences of the Covid-19 lockdown which started more than three months ago.
“We are mindful of the continued struggles of black estate agents and have decided to fast-track the PDI process. The financial effects of the lockdown have had far reaching consequences for everyone and as the regulator we are confident that will go a long way in assisting historically disadvantaged individuals,” said Mohlala.
More than 1000 previously disadvantaged agents blocked due to non-payment of mandatory fees will benefit from a first-of-its kind PDI resolution approved by the board. In essence, the PDI resolution exempts black people who can prove that they are previously disadvantaged, from all regulatory fee requirements, including for Fidelity Fund Certificates (FFCs), financial audits and mandatory fees for education and training.
The resolution intends to make it easier for persons from previously disadvantaged backgrounds with a turnover of less than R5-million a year to enter the predominantly white industry. All those from disadvantaged backgrounds who wish to enter the profession are encouraged to apply and submit all the relevant documentation once the process commences. It is envisaged that applications will be informed of an outcome 14 days after receipt of a compliant application. Additional administrators have been appointed to assist with the PDI project.
A dedicated panel made up of Adv Debra Vial (S27 and Claims manager), Mfundo Daki (education and training executive) and France Mantsho (chief risk officer) will adjudicate the application process in terms of Section 27 of the Estate Agency Affairs Act. The panel will make recommendations to the CEO who will then present it to the board for approval.