The EAAB was plunged into uncertainty when Minister of Human Settlements Tokyo Sexwale placed the dysfunctional board under administration in July 2012. Sexwale has acted quickly, however, and convened a two-day summit to fast-track reforms and remedial action.
Minister of Human Settlements Tokyo Sexwale has never been afraid of taking decisive action and this has been most clearly evident in his reaction to the recent crisis at the Estate Agency Affairs Board.
Adv. Taswell Papier, EAAB administrator has committed himself to providing whatever support is necessary to drive transformation in the industry
Estate agents are grappling with many issues, including how to create a credible, professional industry.
Historical skewing of the property market by ownership and geographic segregation is a very real issue the Estate Agency Affairs Summit had to confront.
The legislative review os expected to introduce changes, although their extent is still being formalised.
The global economic crisis has had a negative impact on the property sector and the number of estate agents has reportedly shrunk from about 80 000 in 2008 to half that today.
The starting point for any discussion on the re-alignment of the industry would be to broaden the scope and role of the industry.