1. ICourse meets Absa 2. National Qualifications 3. News on the Budget.



iCOURSE MEETS ABSA Last year, with assistance from ABSA Bank, we ran a training programme (dubbed "iCourse") tailored to meet the needs of estate agents in Khayelitsha. This is part of our ongoing effort to help bring about transformation in our industry. At the end of January, we facilitated a meeting between the iCourse agents and Bongani Tontsi and Wilfred Geldenhuys of ABSA, to plan the way forward. Valuable opportunities are now opening up in and around Khayelitsha, and our iCourse members intend to take them up. For instance, the opening of the new shopping centre creates opportunities for commercial broking, and there is scope for sectional title schemes to be established. ABSA have indicated that they are willing to become partners in viable developments in the area, and to grant sectional title bonds, provided there is sufficient continuity of trustees to manage schemes properly. With the support of IEA regional directors Joy Macnab and Thabo Manganyi, the iCourse agents will be setting up an estate agency firm to create a strong presence in the Khayelitsha market. Later, perhaps, some will move on to establish their own firms. These are exciting developments in a previously neglected sector of our industry and we, as the industry's representative body in this province, are confident that they will succeed. ------------------ NATIONAL QUALIFICATIONS One of the anomalies of our industry is that, while it grows more complex with each passing year, the powers that be drag their heels when it comes to laying a solid foundation of professional education and training for estate agents. While the industry has many private training courses and programmes and qualifications, such as the IEA's, the only one which enjoys official recognition is the Certificate in Estate Agency (CEA), otherwise known as "the Board exam". And, although it was originally a compulsory qualification, it's been voluntary for the past thirteen years and the powers that be have consistently rejected or ignored industry calls for it to be made compulsory again. Eight and a half years ago, in late 1997, we were very pleased when the Estate Agency Affairs Board announced that compulsory qualifications were to be reinstated, in a new and more advanced form. But it took nearly seven years to finalise the unit standards for them, and it was only in August 2004 that they were registered with the SA Qualifications Authority. When are they to be introduced? The word from EAAB House a few months ago was that the whole matter was under review. Well, the unit standards are there, and we cannot believe that all the time and effort and expense that went into producing them will go to waste. They must surely be introduced sooner or later, so perhaps it's time that we became familiar with them. Here's an outline. Three qualifications have been designed: a matric-level (NQF 4) FET Certificate in Real Estate, a post-matric-level (NQF 5) National Certificate in Real Estate, and a tertiary-level (NQF 6) National Certificate in Real Estate. It appears that each would take a year to complete, and they are cumulative in that each qualification builds on the skills and knowledge acquired at the preceding level. FET Certificate in Real Estate (NQF 4) - This entry-level qualification will equip the estate agent to "identify and apply basic principles, policies and processes in order to solve problems in real estate practice", "identify, interpret and implement basic financial processes allowing the necessary economic evaluation in a real estate practice", and "demonstrate understanding of marketing processes and team work required in real estate practice". It consists of 26 units, which can be categorised into: real estate (5), communication (8), marketing (4), mathematical literacy (3), management (2), personal finance (2), economics (1), and business ethics (1). National Certificate in Real Estate (NQF 5) - This is aimed at middle-management, and will equip the estate agent to "co-ordinate and manage the human resources in a real estate business", "provide appropriate information for integrating marketing plans with business process", "prepare and maintain financial reports and records within a real estate environment", and "analyse, interpret, implement and control real estate principles, systems and policies". It consists of 19 units, which can be categorised into: real estate (5), financial management and accounting (5), human resources (4), marketing (2), management (2), and business ethics (1). National Certificate in Real Estate (NQF 6) - This has been designed to equip top management with the necessary skills and knowledge to "manage a human resource information system in a real estate environment", "establish and improve financial control systems with particular reference to real estate", "develop and manage real estate principles, systems, policies and procedures", and "manage and develop marketing strategies". The certificate comprises 13 units, which can be grouped into: real estate (5), financial and risk management (4), human resources (2), communication (1), and code of conduct (1). These qualifications look very interesting and, once implemented, they will undoubtedly bring about a positive change in our industry. Full details of all the unit standards are available on the SA Qualifications Authority website: www.saqa.org.za. ------------------------------------- NEWS FLASHES Good news in the Budget. From 1 March 2006, the transfer duty rates will be: Property Price Duty Up to R500 000 Nil R500 001 - 1 000 000 5% on the amount exceeding R500 000 R1 000 000 and more R25 000, + 8% on the balance over R1 000 000 The flat rate for companies, CCs and trusts goes down to 8%. Leases will be exempt from stamp duty if the duty is R500 or less. And the primary residence exclusion for CGT will be R1.5 million. __________________________ The Estate Agency Affairs Board has announced that, from 1 March, it will be charging fees for various services, e.g. duplicate copies of documents. Check the EAAB website (www.eaab.org.za) for the full list of charges. We note that it will now cost an estate agent R150 to update his/her FFC whenever he/she moves from one firm to another.