The new Property Practitioners Act offers consumers a range of new protections. In the light of these changes, we approached Jaclyn Goliath for some input on what value the services of an estate agent, now known as property practitioner, adds to the consumer experience of buying or selling a property. She responded:
Buying a property is a significant investment and can be a daunting task for many people. In South Africa, Property Practitioners, formerly known as estate agents, offer a range of services to make the property buying process safer and more convenient. Long gone are the days when anyone off the street could pass a test and become an estate agent. There are rigorous requirements these days, including a mandatory internship period, qualifications, registration and continuous professional development. While most people consider Property Practitioners to work for Sellers, there are several services they offer buyers, which can help make the process of buying property more manageable, as discussed below.
- Property Search
One of the primary services offered is helping clients find the right property. Property Practitioners have access to a broad range of properties, including those not advertised on public platforms. They can assist you in finding properties that meet your specific needs, including location, price range, and property type. This saves you the time and effort of scouring through endless property listings and allows you to focus on properties that meet your requirements. Rather than just sending out enquiries off the website, consider setting up a meeting with an active property practitioner in the area you are looking to buy in, to discuss your purchase requirements. Building a relationship with a property practitioner can help ensure that you are at the top of their mind when the right property comes up, and they can also prospect owners in the area to find properties that match your description, which might not be on the market yet.
- Negotiation
Another critical service offered by property practitioners is negotiation. Buying a property can be a complex process that involves multiple parties, including buyers, sellers, attorneys, and financial institutions. Property practitioners can negotiate on your behalf, ensuring that you get the best deal possible. They have extensive knowledge of the property market and can advise you on the appropriate offer to make based on current market conditions.
- Property Valuation
Property practitioners can also assist with property valuation. A property valuation is an essential step in the property buying process as it ensures that you pay a fair price for the property. Property practitioners can provide you with a market valuation of the property, taking into account various factors such as location, property type, and current market trends. This helps you make an informed decision and avoid overpaying for the property.
- Property Inspections
Before purchasing a property, it’s essential to conduct a thorough inspection to ensure that it’s in good condition. Property practitioners can arrange property inspections on your behalf, allowing you to identify any potential issues with the property. This can include issues such as damp, structural defects, or plumbing problems.
- Assistance with the contract
Property practitioners can also purchase agreements, assistance with liaising with attorneys / conveyancers and financial institutions, and providing advice. A suitable contract, usually called the Offer to Purchase ensures that the property buying process is legally compliant and protects you from potential legal issues.
While property practitioners can certainly make the property buying experience safer and more convenient, it is imperative to ensure that the property practitioner you work through is qualified and registered with the Property Practitioners Regulatory Authority (PPRA), and that they hold a valid Fidelity Fund Certificate (FFC). If you’re considering purchasing a property in South Africa, it’s recommended to engage with a reputable property practitioner to make the process as smooth and stress-free as possible.
Written By: Jaclyn Goliath (PPRA)