Weekly Property News
08 October, 2010

Dear Reader

Having read an article, posted by Property Professional of 05 Aug 2010, about property sales having the same attorney for both the buyer and the seller, I could not help but wonder Where to now?. The article went on to say that in other countries, you now have 3 types of agents. These are Listing agents, Selling agents and buying agents.

While I agree that this will be beneficial for the seller and the buyer, as each will have his/her own agent looking after their own interests, I begin to wonder if the commission structure currently in place will change as well.

Who will pay the various commissions? Does the seller pay the selling agent's commission and the buyer the buying agent's commission? Who pays the listing agent's commission? What would each agent's commission percentage be? Will this change the way we look at how the various agents are paid. Or is this just another referral system in the making?

Another question is qualifications. Will each real estate agent have to redo their qualifications with the board? Will agents be allowed to offer both services? Will the old system still be allowed or will it fall away.

Although it sounds like the consumer gets more protection, I believe it will cause more confusion in our already strained real estate market.

According to The Annual Broll Property Report released on the 7th October 2010, South Africa is one of few countries to show positive property returns in 2009. Many commercial real estate markets have fallen into negative territory over the past two years, including those in the USA, France, Australia, New Zealand and Ireland. The report also suggested that the South Africa Property market is expected to come out of the recession faster than industrial properties and offices, with the office property sector predicted to be the last to recover.

It would seem that there is good news for the future

The editor

In This Issue
Featured Property

Vredefort, Free State
Adventure activity farm:
This 146.88 ha farm is situated in the Vredefort Dome Heritage Site. Hakuna Matata specializes in the accommodation, catering, and adventure activity market since 1998...

CyberProp Property Count: 08/10/2010

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Properties for Sale: 146,333
Properties to Rent: 10,571

Local News

Land reform farms are not productive - Nkwinti

South Africa's land reform minister Gugile Nkwinti said on Thursday that very few of the farms transferred to blacks under the country's land reforms were productive, partly owing to poor management...

Improved business confidence shows the way forward

According to the latest Business Confidence Index (BCI) survey by Rand Merchant Bank (RMB) and the Bureau for Economic Research (BER) released in early September, the BCI for the third quarter of 2010 has rebounded to 47. This is an improvement from the first quarter, which reported a BCI of 43, and to the much lower BCI of 36 reported in the second quarter of 2010...

CPA will make it essential for property marketers to be fully understood

All three pieces of the legislation that form the much discussed King III package – the National Credit Act, the New Companies’ Act and the Consumer Protection Act – place greater still importance on protecting the individual and his rights...

Call for real estate industry ‘development plan’

Qualified and experienced agents are becoming like top soccer players – an elite band increasingly to be found only in the “big name” teams in the real estate industry, or operating in niche markets...

House price growth slowing down rapidly

Year-on-year (y/y) price growth in the value of middle-segment homes for which Absa approved mortgage finance (see explanatory notes), slowed down significantly in recent months up to September this year...

A buyers market

The extent to which the conditions in the South African residential sector are now in favour of buyers has not as yet been fully appreciated by many people trying to sell homes, says Tony Clarke, MD of Rawson Properties...

Stressed homeowner FAQs

For many, the realities of the economic crisis are only being felt now, with many homeowners facing increasingly tough times financially. Says Peter Gilmour, Chairman of RE/MAX of Southern Africa...

It really pays to add a home office

If you’re making additions or alterations to your home, you should ensure that your plans allow for the creation of a home office...

Blaauwberg market bullish

Right now, says Mike Abrahamse, franchise principal for Rawson Properties Blaauwberg franchise, there are, in his estimation, close to 2 000 homes on the market in the greater Blaauwberg/Table View/Parklands area...

Efficient trustees and managing agents crucial to the success of estate and communal projects

Asrin Property Developers, says their Marketing and Sales Director, Shiraaz Hassan, have over the years received praise for their ability to handle the entire development process...

ST trustees have to be familiar with a body of laws

Sectional title schemes in South Africa are surrounded by a plethora of legislation of which many of the trustees are hardly conscious, says Michael Bauer, General Manager of IHFM, the sectional title managers...

What happens if a body corporate does not pay its creditors

What happens when a body corporate runs into financial difficulties due to unpaid levies by one or more owners – and is then unable to pay its creditors including the local municipality or its insurance company...

Keep your cool when lenders ask questions

More and more financial institutions rely on automated credit scoring systems when making lending decisions, but even these sophisticated systems can have trouble processing certain parts of your credit history, and it’s then that you’re likely to get a call from a human asking for an explanation...

Improve your chances for a bond approval

“Even with the worst of the recession behind us, combined with the fact that the banks are starting to marginally relax their lending criteria, getting a bond application approved remains a challenge for many,” says Adrian Goslett, CEO of RE/MAX of Southern Africa...

Focus On

Vredefort, Free State, South Africa

Vredefort Dome

The Vredefort Dome, a World Heritage Site, is the oldest and largest meteorite impact site in the world. Formed an estimated 2000 million years ago when a gigantic meteorite (asteroid) hit the earth...

>> Property in Vredefort
>> Property in the Free State

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In the Area

The areas we are going to take a closer look at this week are;

  • The Bluff
  • Rustenburg
  • Paulshof and Sunninghill
In the area 1 - The Bluff

The Bluff is Durban's hidden gem

Renovations are the order of the day in Durban’s older areas, according to Hein de Lange, Broker/Owner of RE/MAX Advance which operates in the Bluff, Wentworth, Treasure Beach, Brighton Beach, Austerville and Fynnlands...

In the area 2 - Rustenburg

Starter home demand spurs Rustenburg developers

Developers are “back in business” in Rustenburg, working hard to meet strong demand for starter homes at prices between R299 000 and R420 000...

In the area 3 - Paulshof and Sunninghill

Rawson Properties expand into Paulshof and Sunninghill

David Wright, a former banker who specialised in asset based finance at WesBank has bought the franchise rights to the Paulshof/Sunninghill franchise in the northern suburbs of Johannesburg...

News on Dale Capital

Dale Capital Executive Director looks ahead

The United States’ recession, say the U S Federal Reserve, is now ‘officially over’, but the entire First World economy is still struggling to emerge from the worst downturn since 1929-32 and in the tourist sector turnovers are down by 30% to 35% on those of 2007 peaks...

To the editor

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Local News Continue

How to attract student tenants

Off-campus student housing has become a very important market for developers in university towns such as Stellenbosch and Potchefstroom, and a comfortable niche for buy-to-let property investors in cities with large student populations such as Cape Town, Pretoria and Johannesburg...

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