Property Practitioners Act: Changes to benefit consumers and industry alike
Category Advice
The new Property Practitioners Act (PPA), which came into effect on 1 February 2022, is a welcome addition to efforts already underway to regulate and professionalise the property industry.
The PPA replaces the Estate Agency Affairs Act and seeks to regulate matters relating to all property practitioners, including landlords, buyers, sellers and tenants. Significantly, the Act is designed to benefit and protect consumers and industry practitioners alike through clear and concise laws, regulations and guidelines.
"This new piece of legislation brings clarity to various property matters that in the past could have been interpreted ambiguously. It is especially the protection it offers consumers that makes it a very relevant document," says Bruce Swain,CEO of Leapfrog Property Group.
Among the many noteworthy stipulations in the Act is the compulsory disclosure of defects related to a property, whether on a property sale or a rental, which must be signed by all parties and included in the transaction documents. "Including a property defects disclosure document has always been part of a best practice approach, which is why we encourage the mandating thereof," Swain shares.
Training and transformation also enjoy priority in the new Act. Training for property practitioners is set to be both easier and more affordable, with the hope that it will encourage more prospective agents to complete the necessary training, which is empowering for the industry and ultimately sees the consumer better served.
"We're also pleased to note the Act's commitment to sustainable transformation in the industry through the Transformation Fund, run by an independent body," Swain says and highlights that Leapfrog has been committed to transformation and empowerment since its inception in 2007. "Leapfrog was one of the first empowered real estate agencies in the country with a share scheme that saw black agents earn equity in the business, based on performance."' As such, efforts by the PPA to train, develop and support historically disadvantaged property professionals align to Leapfrog's quest to achieve diversity and inclusion.
"The Leapfrog Group fully supports the regulations outlined in the Act and we are committed to ensuring compliance at all levels," Swain concludes.
ENDS
For more information, please refer to the article issued by Rebosa in this regard.
Author: Leapfrog Property Group
