People & News

Regulation of estate agents

The government may review the regulatory framework governing estate agents, because it is concerned about the number (some 30 to 40) of complaints received daily about the industry. Lindiwe Hendricks, the deputy minister of trade and industry, said that any review of the framework would have to clearly define the role of estate agents.

Issues to be addressed include the low barriers to entry and exit in an opportunistic industry that has seen the number of registered estate agents rise from 30 000 in 2000 to 50 000 this year. The interests of first time homebuyers have also to be protected, while the low percentage of black owned estate agencies must be addressed.

Article in Business Report

Reader Comments:

Kelly 22/04/2005:

This has been long time comming - especially the commissions on the sale of the properties MUST limited to a maximum amount. Commissions in the excess of R 200 000,00 is absurd for a few hours work. This is a total ripoff in this market and the problem being is that the financial institutions (banks who grants the bond) are actually feeding this industry.

Carol 25/04/2005:

It can't happen soon enough!!!

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