[PROPERTY]Agents, agents, agents….Changing the industry one step at a time – Part 2
JOBURG – Did you know that estates agents now come in four flavours?
Brian Charlebois of Flynn Estates writes:
Did you know that estates agents now come in four flavours?
To make things easier, let me use the example of a small agency with let’s say seven agents.
At the top there is the owner who will often be the one with the most experience. They are the principal agent and have a NQF5 qualification and have passed the Professional Designation Exam (PDE).
They use the title of master practitioner in real estate.
Then there are five non-principal agents who report directly to the principal. They each have an NQF4 qualification and have passed the PDE and use the title of professional practitioner in real estate.
Then there is the new kid on the block – they have just started in the industry. They are intern agents and also report directly to the principal. They are serving a one-year internship. They work under the supervision of the principal who is mentoring them. The intern must maintain a logbook of their various activities and this is signed off by the principal. The intern is not allowed to sign a sole mandate or an offer-to-purchase without the presence of the principal.
They may sell property, however, require regular supervision. Hopefully they will eventually complete their training for the NQF4 qualification and will then have to pass the same exam as non-principal agents.
All the agents in the above small agency have to have a current Fidelity Fund Certificate issued by the Estate Agency Affairs Board. Without this document it is illegal for them to operate.
By this point you are thinking ‘but you said there are four flavours – what is the fourth?’ That last type of agent is an illegal agent or one who is not in possession of a valid Fidelity Fund Certificate. They work through crooked law firms and are a huge problem in the industry. But more on that sordid subject next week.
