Ever wondered what is the best way to become an estate agent in South Africa and what do estate agents actually do?
The sale and purchase of property is not a simple transaction, there are many factors and people involved. In most cases, one of the people invoked are estate agents who facilitators of the complex sale transaction.
In order to negotiate, buy or sell the property for anyone other than yourself, you need an estate agent qualification. This enables you to canvass or undertakes or offer to canvass for a lessee or lessor for rental of property; Publicly exhibits a for sale or to let of property, and collect or receive any money payable on account of a lease of immovable property or business undertaking.
If you want to pursue a career in real estate, here are some important things to know.
What is an estate agent
An estate agent is a person that arranges the selling, renting or management of properties and other buildings. An agent that specialises in renting is often called a letting or management agent.
As travel agents, some people might perceive this as an easy job you need to be a jack of all trades to be successful. Skills such as digital marketing, communications are essential.
How to get an estate agent qualification in South Africa
To become an estate agent in South Africa you need an NQF4 level qualification, Fidelity Fund Certificate from the Estate Agency Affairs Board and you need to provide a portfolio of evidence proving competency.
Step 1: You need to work for a period of 12 months as an intern at a registered estate agency. While working as an intern, you are expected to compile and complete a logbook in which accomplished activities are recorded and signed-off by the principal/mentor/coach/supervisor assigned to assist and provide the intern estate agent with logistical support during the internship period.
Step 2: during Internship
While working as an intern, you also need to complete your level NQF 4 certificate in Real Estate at through with an accredited provider and receive a certificate of competence from Services SETA (the Services Sector Education and Training Authority)
This qualification has 150 credits, which equates to 1 500 notional hours (study hours needed to complete the course).
It is possible to combine the FETC NQF 4 qualification and the internship so that the intern estate agent can work on these two aspects of the qualification at the same time, as long as they have completed at least 8 months of their internship.
If the intern holds any degrees or diplomas in certain areas, it is possible to apply for and be exempt from completing the FETC.
Where can I study to become a estate agent in South Africa
The best online resources on the best way to become a estate agent in South Africa are:
- Institute of Estate Agents of South Africa – www.ieasa.org.za
- Estate Agency Affairs Board – www.eaab.org.za
While working as an intern you also need to complete your Professional Designate Exam (PDE) after they have been found competent by Services SETA in their NQF Level 4 portfolio of evidence.
The PDE 4 must be passed within 2 years from the date of the first issue to the intern estate agent of an intern fidelity fund certificate, it grants the intern estate agent a status upgrade to full-status non- principal estate agent.
Step 4: After steps 1 – 3 are complete, you can apply to the EAAB to upgrade your status to the full status agent.
Step 5: Write and pass your PDE4 (Professional Designate Exam)
The Professional Designate Exam (PDE4) is an exam for people who wish to qualify as estate agents in South Africa.
The four-hour PDE4 exam covers all knowledge and practical applications you have studied in the field, as contained in your NQF 4 learning material supplied by the Board.
Summary: The best way to become a Real Estate Agent in South Africa
The process of becoming an estate agent in South Africa can take anywhere between 2-4 years.
- First, you need to complete a 12-month internship with a registered estate agency
- Get your FETC Real Estate NQF Level 4 qualification via intern training
- Write and pass the PDE (Professional Designate Exam) at Level 4
- Complete and submit the Intern Logbook as required by the EAAB
How much to estate agents earn in South Africa
Real estate agents earn commission only. This means if you don’t sell, or don’t manage rentals – you have no income.
Estate Agent Commission South Africa
Estate Agent commissions are different in every country. An estate agent’s commission in South Africa is usually 6% and 8% plus VAT of the selling price.
Does a buyer pay a Real Estate Agent
Estate Agents are paid both by the buyer and seller. When the buyer acquires a property, instead of taking all the profits from the sale, the purchaser pays a percentage to the estate agent.
Registered Estate Agents in South Africa
When it comes to buying or selling property in South Africa, you want the best representative in the industry. Here are the top 10 Real Estate companies in South Africa