Author: Editor

Hard work pays off: from intern to Rookie of the Year

Chwayita Hoyi receiving her award as Rookie of the Year from Craig Hutchison, CEO of Engel & Völkers Southern Africa. Source: Engel & Völkers Southern Africa by Chantalle Bell “I was not intending to pursue a career in property, the industry literally found me and I could not be more grateful” From an intern agent to team leader to being awarded Rookie of the Year in only two years – Engel & Völkers estate agent, Chwayita Hoyi, is living proof that hard work in the property industry pays off. Her career in real estate began in 2015 as an...

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Lessons learnt from Cape rental market

Although this is a harsh reality for landlords used to an average gross yield per annum of around 6% and now having to accept 4.5% to 5.5% yields, the situation isn’t hopeless. Two years ago, when the Cape rental market was booming, warning bells started to ring warning that rental rates, especially in the upmarket southern suburbs were becoming unrealistic. Last year estate agencies began to see a drop in demand and from the beginning of this year, the rental market has been quiet. For the first time in years landlords are facing unlet properties. Leading local practitioners weigh...

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The Consumer Protection Act and proper service

Any agent or conveyancer calling on a client at his place of residence or business address must be prepared to provide proof of identification Both estate agents and conveyancers are suppliers of their services to the public in terms of the Consumer Protection Act. Consumers therefore have the right to proper service and the areas covered by the Act in this respect have been defined in it. John Gilchrist, director of Property Law Publications, explains further in this fourth and last article in his series on the Act. Completing matters within specific time limits There are no obligations in...

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‘Self-regulation could save property industry millions’

“Anything between R30 million and R50 million per annum can be saved and applied more effectively, for example to effect meaningful transformation in the property industry” The latest call for a probe into allegations of maladministration at the Estate Agency Affairs Board come amid mounting concerns over the competency of the organisation as supervisory body for the estate agency industry. Welcoming an investigation, Jan le Roux, chief executive of industry body Rebosa asks if it is not time for the industry to regulate itself as that could save millions. Last Friday the Public Protector received a written complaint from...

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Land expropriation: residential property owners can relax

The move by the ANC to accept expropriation of land without compensation at their 54th National Conference in December 2017 was therefore an expected one according to political analysts. There continue to be much concern and confusion over the type of land that could be affected should government accept an amendment of the Constitution to allow for the expropriation of land without compensation. After taking a look at the legal complexities involved, Marius van Rensburg, from the law firm Schindlers, says besides that the process could take years, owners of residential property can relax. Political analysts have explained that...

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