1. 2005 - Year of Training 2. Attention all Letting Agents! - Increase in Stamp Duty.



2005 - Year of Training We've said it before, and we're saying it again: training is the most important service provided by our Institute. Our industry cannot function effectively unless each and every estate agent and principal is thoroughly trained and kept up to date. The days are long gone that basic canvassing and sales technique were all that one needed to be an estate agent. Today one must be not only a salesperson, but a counsellor, a paralegal, a tax and financial advisor of sorts too, and one must also be able to use a variety of electronic equipment and aids. Astonishingly, while the powers that be recognise that an estate agent must be licensed - as a precaution against financial or other forms of misconduct - they do not yet think that he or she needs a minimum standard of training. The Board exam is optional, and although national qualifications were approved last year, no announcement has yet been made as to when they will be introduced, or if they will be made compulsory. Well, the Institute of Estate Agents does not let the grass grow under its feet. We have been in the forefront of industry training since the 1930s, and this year we will be presenting a wide range of courses, programmes and seminars for the benefit of our members. They include: Basic Sectional Title Course - This is for agents wanting to specialise in the highly complex field of selling sectional title schemes and units. "How to Start your own Business" Workshop - A 2-day workshop in which we provide entrepreneurial estate agents with the basics of what they will need to open their own estate agency businesses. We present this workshop several times during the year. Property Development and Investment Course - This SSETA-accredited course, presented over six Saturday mornings, teaches people the basics of developing and investing in property, with strong emphasis on the financial aspects. Real Estate Sales Course - This SSETA-accredited course, which we run several times per year, equips candidates with the basic skills and knowledge which they need to succeed as residential sales agents. EAAB Exam Course - We present this SSETA-accredited course five times a year, to prepare candidates for the Estate Agency Affairs Board exam. We run both daytime and evening classes, in both English and Afrikaans, a week or two before each exam. Mentorship Programme - The jewel in our training crown. Twice a year we take in a group of about two dozen estate agents, from the previously disadvantaged sector of the industry, for a three-month programme of classes and practical assignments designed to equip them with the tools they need to be successful. They are mentored by senior members of the Institute. The following year, each group is invited back for an advanced programme, and also given the opportunity to act as mentors to the new intake. This programme is funded by the Services SETA and is therefore offered free of charge. Other programmes include an auctioneering course, a business broking course, a commercial broking course, a letting workshop, a showhouse sitter's workshop, and the Super Seller Course. All our courses and workshops are presented by highly experienced trainers. They are held in our well-equipped training centre in Pinelands, and when there is sufficient demand from members in country districts, we take our training to them and present our courses and workshops locally. Watch IEA News and Cape Property for details of when these courses and workshops will be presented. Or phone our Training Department at 021 531 3180. ========== Attention all Letting Agents! Are you aware that the formula for calculating stamp duty on leases was changed on 1 January 2005? The formula is now 50c per R100 (or part thereof) of the rental plus any other amounts, such as rates and taxes, which the tenant has to pay the landlord. This is a 100% increase in duty, but if the stamp duty works out to less than R200 then the lease will be exempt from duty. The period for stamping the lease has been lengthened from 21 days to 30 days. There are also other changes too complicated to explain here. If you do not have a copy of the new formula, phone your nearest SARS office without delay, before your clients incur penalties.