Institute Of Estate Agents Of South Africa
The Institute of Estate Agents of South Africa was formed in July 1937 by amalgamating four provincial estate agency associations, to promote industry interests and standards at a time when there was no government regulation.
The IEASA's many achievements include a fidelity fund; standard legal documents; training and qualifications; and guidelines on fees and commissions (which were discontinued in 2004). The Institute helped to introduce government regulation, in the form of the Estate Agency Affairs Board, in the 1970s.
The IEASA took the lead in introducing professional qualifications, and have been actively involved in the creation of the new national qualifications for our industry. The Institute regularly gives input on proposed legislation and other matters affecting the estate agency industry.
The IEASA is organised into autonomous regional institutes, coordinated by a national office. Each is a Section 21 not-for-profit company, with its own membership, its own board of directors, its own chairman and staff, its own training programme, regionally tailored benefits and events, and its own fee structure.
IEASA National consists of a board of directors and three advisory councils (past presidents, corporate groups, and regional representatives), supported by a head office based in Cape Town. It chooses a president and vice-presidents from among its members. National and regional directors serve voluntarily and are not paid for their services.
On behalf of the regions, IEASA National publishes Standards of Practice and a Code of Ethics. It represents the industry in dealing with government, the Estate Agency Affairs Board, and other official bodies both locally and internationally.
Membership of the Institute is open to all registered estate agents, both individuals and firms. Associate membership is open to attorneys and banks. There is only one grade of membership, and members are entitled to place the letters MIEA behind their names.
Since 1994, membership has been regional and not national. Each regional institute therefore has its own membership, and its own subscription rates. Some differentiate between individual and corporate members.
The IEASA provide services to its members including:
- training courses, workshops, and seminars
- empowerment opportunities
- a code of ethical standards
- dispute resolution services
- relations with other property-related organisations
- networking and social events
Some regions supply property listing services and monitoring of showhouse boards
Empowerment: The IEASA is a signatory to the Property Sector Transformation Charter, and actively promotes transformation of the industry.
In 2012 South African estate agents were reorganised into separate representative bodies for "business" (i.e., principals) and "labour" (i.e., non-principals). In February 2013 IEASA signed a Memorandum of Understanding with the Real Estate Business Owners of South Africa (REBOSA). IEASA and REBOSA are united in the goal to professionalise and transform the industry in a way that is beneficial to both bodies' stakeholders. The need for separate bodies is to comply with government in order to be recognized as the representatives of the profession.