You want to be your own boss, own your own estate agency firm, and retain your commission for yourself. And possibly, one day, you may even have estate agents working for you and paying over some of their commission to you!
That’s a great ambition to have. Real estate is an exciting profession, but even more so when you are in control of your own agency.
But before you rush off to sign a lease on your new premises, there are a few steps you have to take. The first, and most important of these, is to become a Principal Estate Agent.
The Estate Agents Affairs Board (EAAB) requires that the owner of every estate agency must be a qualified Principal Estate Agency – or Principal Property Practitioner. This means that you must have had some experience in running an estate agency firm and you will have qualified in terms of regulations set by the EAAB and by Services SETA (SSETA).
Let’s start at the beginning and track the route every prospective real estate agent must take en route to owning his or her own estate agency firm.
The first step – for every new entrant to the profession regardless of their background or previous qualifications – is to join an estate agency firm, obtain a fidelity fund certificate (FFC), and complete a 12-month internship. During this 12-month period, the intern estate agent collects information and completes a portfolio of evidence (PoE) which must be lodged with the EAAB. You can enrol in our online Intern PoE logbook course directly on our website right away.
If you have already been in the industry for a few years, you will also have to produce a PoE for the Board, clearly showing evidence of at least a year in the field before you can become a full status estate agent.
The EAAB requires all intern agents complete their studies to become full status estate agents within two years from the time they are issued with their Fidelity Fund Certificate from the Board.
To become a full status estate agent, you must complete the Further Education Training: National Qualification Forum Level 4 Real Estate (NQF4) qualification, and then write your EAAB Professional Designated Exam level 4 (PDE4). All of these courses are available on our website and can be completed from the comfort of your home or office via an internet enabled mobile or computer device.
At PropAcademy, we strongly recommend that you start your NQF4 once you have been in the business for three months – while you are still completing your intern logbook PoE.
That’s because your NQF4 will take six-and-a-half months to complete. Then, once it’s submitted to SSETA (PropAcademy can assist you with this), it will take approximately one year before you are issued with a competency certificate.
Only once you have this can you can register with the EAAB to write your PDE4 to have your status changed from intern agent to full status agent – and you’ll be entitled to use the letters PPRE (Property Practitioner Real Estate) in your advertising material.
What if you have a degree or qualification which includes you having passed subjects that are directly related to the real estate industry? The EAAB makes provision for Recognition of Prior Learning (RPL) so it’s possible that you may be exempt from writing the NQF4 qualification. An exemption matrix is available on the EAAB website.