Human Settlements Minister Tokyo Sexwale has summarily dissolved the dysfunctional Estate Agency Affairs Board, it's been mired in controversy for some time now. The Board was established more than three decades ago to see to it that estate agents in the country are properly registered and that they abide by a strict code of conduct.
All over the world, estate agents play a central role in bringing together buyers and sellers of land and houses and they make lucrative commissions in the proccess. But recently, the industry has been rocked by high profile scandals involving allegations of fraud and failure to keep proper records.
In his address to Estate Agents this morning, Tokyo Sexwale did not mince his words. He said: "You're are making headlines for all the wrong reasons, your house is in disorder, there is the Wendy Mechanick issue."
The Estate Agency Affairs Board is in disarray itself. Three Acting Board Chairpersons have resigned over the past few months. The Board, which is supposed to be made up of 15 members, is now left with only three. All this has forced Sexwale to take decisive action. "Here are my decisions, the Board, who ever is remaining, is dissolved and that's not all, I've also decided that the Special Investigating Unit must come in," he said.
Sexwale will convene a summit of all estate agents in the country in September to discuss the best way forward for the industry.